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Constitutional Court’s ruling in tax dispute a relief for SA multinationals
Coronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
Read moreCoronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
The decision could set a precedent for taxpayers seeking relief from interest after reaching a Voluntary Disclosure Programme agreement with SARS.
The bank also says it closed the accounts of some 190 clients in 2023 following ‘reviews of client activity and related reputational risks’.
The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.
The Equality Court makes an order in an application brought by six natural and juristic persons whose bank accounts were closed by Absa and FNB.
The appeal will leave it up to the Constitutional Court to decide whether the competition authorities can investigate and prosecute foreign-based firms.