Thèse--Montpellier. / Includes bibliographical references.

Thesis (Ph. D.)--University of Texas at Austin, 2007. / Vita. Includes bibliographical references.

No description available.

No description available.

M.Com. (Taxation) / Please refer to full text to view abstract

Section 20 of the Income Tax Act, No 58 of 1962 allows a taxpayer that incurs an assessed loss to carry forward the balance of assessed loss incurred, to be set off against taxable income earned in or added to losses incurred in future years. The issues regarding the carry forward of assessed losses in terms of section 20 is complex and in terms of the said section, a company is only entitled to set off its assessed loss from the previous year against its taxable income in the current year, if the taxpayer has carried on a trade during the current year and has derived income from that trade. Under the provisions of section 20(2A), a taxpayer other than a company can utilise an assessed loss even if no trading has been conducted. Assessed losses of natural persons, may however be ring-fenced. The aim of this treatise was twofold. Firstly it was to gain clarity on the „trade‟ and „income from trade‟ issues and secondly to compare South African legislation with that of Australia, with a view to recommending a change in our rules regarding the treatment of assessed losses in the context of companies. The critical lessons to be learned from the cases presented, is that liquidators, creditors and others must ensure that the company continues trading in order to x keep the assessed losses valid. Realisation of assets (including stock), and the collection of outstanding debts during liquidation does not constitute the carrying on of a trade in terms of s 20(1). The continuity of trade is an important element in regard to the carry forward of assessed losses to be utilised in the current and future years. Therefore it is important that a company carries on some activity that falls within the definition of trade. In the landmark case of SA Bazaars, it was held that a company did not have to trade continuously throughout the year to qualify for the set-off of the assessed loss or carry forward of the assessed loss, that is, to trade for say part of the year. The court however left open the issue of whether it was necessary to derive income from that trade. In order to clarify the issues regarding assessed losses, SARS issued Interpretation Note 33 granting taxpayers a concession in certain cases where a company has traded, but not derived income from that trade. But in ITC 1830, the court ruled that a company must trade and must derive income from that trade in order to carry forward its assessed loss, which effectively means that SARS cannot apply Interpretation Note 33. SARS does not have the authority to make concession which is contrary to the wording of the Act. xi In Australia, operating losses can be carried forward indefinitely to be set-off against future income, provided a company meets the more than 50% continuity of ownership test. Where the continuity test fails, losses can be deducted if the same business is carried on in the income year (the same business test). From the research conducted and in order to solve the issues surrounding the carry forward of assessed losses it was suggested that one of the following be adopted :- The method used in Australia for the carry forward of assessed losses., or A decision of the Supreme Court of Appeal is needed for a departure from the literal meaning of the words pertaining to the requirements regarding the carry forward of assessed losses. Furthermore, to clarify the definition of „income‟, as used in the context of s20, is it gross income less exempt income or taxable income?. If section 20 relates to taxable income, then an assessed loss will never be increased, which it is submitted, is not what the legislature intended. Section 20 ought to be revisited to eliminate any uncertainty about the income requirement and in the context in which the word „income‟ is used in that section.

Taxpayers in the Canadian professions have expressed their opinions, individually, and through their professional association, that they are unfairly taxed under present taxation legislation. While they are able to deduct the expenses incurred to earn their professional income, they would like to be placed on an equal tax basis with merchants and other taxpayers in the service industries who are able to incorporate and take advantage of certain tax concessions available to corporate taxpayers. The British Columbia government enacted the Professional Corporations Act in 1970 which gave the option of incorporation to all taxpayers who previously, due to either law, tradition, or their professional code of ethics were unable to incorporate. Confusion arose as to whether the Department of National Revenue would recognize professional corporations and the British Columbia Act was subsequently suspended. The Canadian taxation system has been intensively investigated in recent years and extensive amendments have been proposed by the government. To achieve equity Canadian professionals should be subject to the same tax burden as other Canadian businesses. Professional incorporation should not be permitted due to the ethical problems it would raise. Instead professionals should be given the option under the Income Tax Act of having their income taxed at corporate rates and in addition being able to take advantage of the other tax planning mechanisms presently available to corporations. Equity will thus be established between taxpayers in the professions and other Canadian businesses. / Business, Sauder School of / Graduate

This thesis examines the impact of taxation on small businesses in Canada. It reviews the relevant economic and taxation literature from a historical perspective to provide appropriate background for policy analysis. Other nations' tax systems are also considered. The key elements of the existing system are examined in order to define the present status and to identify the strengths and weaknesses. The learned proposals of various academics, professionals and other parties are reviewed in order to seek new ideas, comments and criticism on the system. The final chapter defines the author's perceived objectives for small business tax policy and identifies some impediments to tax reform. Finally, general and specific recommendations are detailed. The author proposes that the tax definition of "small" be narrowed and that "medium-sized" businesses be given recognition in tax policy. Small business tax policy should recognize as its prime purpose the providing of financial assistance to counteract the natural prejudices that small businesses encounter in the capital markets. To achieve this, the small business tax rate should be lowered and loss provisions should remain liberal. The concept of integration with the personal tax system should attain greater integrity by changing the calculation of Part Two Tax on distributions. Various small business tax measures extant should be scrapped because they are ineffective. Temporary or specific tax incentives should be used sparingly. / Business, Sauder School of / Graduate

M.Com. / The income tax provisions relating to foreign currency transactions was the subject of this study. Uncertainty prevailed regarding the tax treatment of such transactions in years of assessment ending before 1 January 1994. In order to address these shortcomings, a new section, governing the tax treatment of foreign currency transactions in years of assessment on or after 1 January 1994, was introduced into the Act. In the first part of the study, the historical legislation was analysed. The legislation, as it was then applied, was explained and problem areas and areas of uncertainty, discussed. It has been shown that the historical legislation was inadequate and that there was a need for the new comprehensive legislation was justified. The second part of the study covers the new legislation. The new provisions are analysed in detail and their practical application was illustrated by means of examples. It is shown that the new legislation has made a vast improvement to the historical situation and that the areas of uncertainty have been eliminated. The current legislation is also critically analysed and it was found that, except for a few minor points of criticism, the legislation had succeeded in it's aim to bring certainty to this area in our tax law.

M.Com. (Taxation) / Please refer to full text to view abstract