Proposed tax relief for debtors in the event of debt cancellations

In the 2011 budget speech, the Minister of Finance announced that the Government will consider exempting taxable capital gains or ordinary revenue imposed on an insolvent debtor if the debt owing by the debtor is cancelled or reduced.

Filed under:
South Africa, Company & Commercial, Insolvency & Restructuring, Tax, ENS, Debtor, Waiver, Income tax, Taxable income, Consideration, Debt, Capital gains tax, Liquidation, Bankruptcy discharge
Authors:
Arnaaz Camay
Location:
South Africa
Firm:
ENS