South Africa Publishes Updated Guide on Capital Gains Tax

On 10 February 2017, the South African Revenue Service (SARS) published an updated guide on the basics of capital gains tax for companies. The guide covers:

• Core provisions of capital gains tax (CGT);
• Determination of a capital gain or loss, including definitions of:
  • Asset;
  • Disposal;
  • Proceeds; and
  • Base cost;
• Determination of base cost for assets acquired before 1 October 2001 (the date CGT was introduced):
  • "20% of proceeds" method;
  • Market-value method; and
  • Time-apportionment base cost meth…