Section 7C – A practical explanation
What is section 7C? This section of the Income Tax Act is an anti-avoidance measure aimed at transactions between connected persons and trusts, where a trust is funded by low interest or interest-free loans. This is usually done to ensure that assets form part of the trust’s capital, and the funder (who is usually a […]
South African Reserve Bank procedures
The South African Reserve Bank (“SARB”) is the central bank of the Republic of South Africa and the primary purpose is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. Part of the SARB’s functions is to maintain a database of all loan commitments by South African […]