publication . Doctoral thesis . 2014

The taxation of foreign exchange differences

Open Access
  • Published: 16 Apr 2014
  • Country: South Africa
Abstract
M.Com. (Taxation) One of the canons of context requires that a liability will be in 1986:para 4.47). taxation is certainty. "Certainty taxpayer be reasonably certain of what any given set of circumstances" (Margo in this his tax Report, It is submitted that, at present, there is not the desired certainty regarding the treatment of unrealised foreign exchange differences. This is proven by the internal memorandum circularised by the Commissioner of Inland Revenue, advising local Receivers of Revenue to put on hold all income tax returns with unrealised foreign exchange losses and all objections to the disallowance of these losses until such time that it has, in c...
Subjects
free text keywords: Foreign exchange, Taxation, Income tax - Foreign income
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