South African companies have complained that the passing of the Second Revenue Laws Amendment Act, designed to introduce sweeping changes to the corporate restructuring process in the country, has created an administrative and logistical nightmare.
According to reports, tax experts and companies alike are struggling to make sense of the new rules - which affect how groups structure themselves, internal asset transfers, unbundling transactions, the exchange of shares, and liquidations, to name but a few - and their tax implications. The situation has been further complicated by the introduction of capital gains tax, which impacts on the new legislation.
Although international advisers were called in to assist the South African Government in the drafting of the Amendment Act, tax practitioners and consultants in South Africa are far from impressed with the finished result. Speaking to the South African newspaper, Business Daily earlier this week, Deloitte and Touche Partner, Mark Crisp described the new legislation as 'problematic'.
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