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Belastingimplikasies van finansiële termyntransaksies15 April 2014 (has links)
M.Com. (Taxation) / Financial prices such as interest rates, currency exchange rates and equity prices have become more volatile In recent years making financial costs more difficult to predict and control. Just as commodity Mures exchanges grew out of the need for a mechanism to protect producers and users of commodities from the effects of fluctuations In prices, so the financial futures markets have developed to provide a means of lessening the Impact of fluctuations in interest rates, currency exchange rates and share Indices. A futures contract Is a transferable agreement to buy or sell a standardised amount of a commodity of standardised quality at a fixed price on a specific future date underterms and conditions ofarecognised exchange. A significant milestone was reached in the development of South Africa's financial markets with the simultaneous publication and the release to the public of the reports of the Stals and Jacobs Committees in July 1988. The road had not been all that smooth up to that point. The 1985 debt standstill and all the implications which flowed therefrom had made for a somewhat bumpy ride. However, by mid·1988 the markets were once again picking up the threads and making furtherstrides forward. Flowing from the recommendations of these two committees has been the establishment of the South African Futures Exchange and the South African Futures Clearing Company where financial Mures will be freely traded. The South African tax authorities could not provide the above committee with clear guidelines as to how Mures transactions would be treated for tax purposes In the South African context, except that Receivers of Revenue, having regard to decisions handed down by the courts In a variety of cases considered over a period of many years, would decide whether any particular transaction, or series of transactions, Is ofe~her a ·revenue" or "capital" nature. If the transaction is considered to be on "revenue" account, then the profit (or loss) Is taken Into account In the determination of taxable Income for Income tax purposes. The distinction becomes of paramount Importance when dealing In futures as no capital gains tax exists In South Africa and personal and company tax rates are relatively high.
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Die inkomstebelastinggevolge van die verkryging van 'n skuldbrief teen 'n diskontoDe Villiers, Deon Bernard Malan 12 1900 (has links)
Thesis (MComm)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: In this study, the income tax implications of the acquisition of a debenture at a
discount is investigated. The purpose of this study is determine whether the
proceeds from the redemption or disposal of the above-mentioned debenture
are of a revenue or capital nature.
It is customary for companies to issue debentures in order to obtain long term
finance. These debentures may be issued at a discount. There exists a
general uncertainty in the academic literature regarding the income tax
implications of the acquisition of a debenture at a discount to the face value
thereof.
Section 24J of the Income Tax Act includes a discount in the definition of
"interest". There is no general definition of the words "interest" and "discount" in
the Income Tax Act. The lack of a statutory definition of these words
contributes to the uncertainty regarding the income tax treatment of the sale or
redemption of a debenture.
The following aspects are discussed:
(a) the revenue or capital nature of the proceeds on redemption and transfer of
a debenture;
(b) the provisions of section 24J of the Income Tax Act; and
(c) the provisions of capital gains tax.
In order to determine the revenue or capital nature of the proceeds on
redemption or transfer of a debenture, the following aspects are discussed:
• The attributes of a debenture from an economic and legal perspective. The
factors that determine the value of the discount of a debenture are
considered from an economic viewpoint.
• The guidelines that apply in general to determine the revenue or capital
nature of accruals are considered with specific reference to the guidelines
laid down by the South African courts. A distinction is drawn between the
guidelines that consider the intention of the taxpayer and those guidelines
that operate independently of the intention of the taxpayer.
• The general guidelines are then applied to the proceeds on redemption or
transfer of a debenture. The ordinary meaning of interest and the meaning of
the interest in the Income Tax Act are considered. The relation between a
discount and interest is examined. Case law from England, Australia and
Canada are also considered.
The writer comes to the conclusion that a discount that realises on redemption
of a debenture is in the nature of interest. The discount is revenue derived from
capital productively employed and therefore not of a capital nature. The
proceeds from the transfer of a debenture is not of a capital nature if it is a gain
made by an operation of business in carrying out a scheme for profit making.
The writer is of the opinion that section 24J influences the application of the
general principles. The writer is of the opinion that the objective test should be
applied to determine the nature of the accrual amount in terms of section 24J.
The accrual amount will include a proportional amount of the discount. The
objective test should be applied irrespective of whether the debenture is held
until redemption or transferred before redemption.
The provisions of section 24J should be applied before the capital gain or
capital loss is determined in terms of the Eight Schedule to the Income Tax Act.
The proceeds from disposal must be reduced by any amount of the proceeds
that was included in gross income or taken into account in determining the
taxable income of a person. The base cost of a debenture acquired at a
premium must be reduced by the amount of the premium that was allowed as a
deduction in determining the taxable income of the holder of a debenture. / AFRIKAANSE OPSOMMING: In hierdie studie word die inkomstebelastinggevolge van die verkryging van 'n
skuldbrief teen 'n diskonto ondersoek. Die doel van hierdie studie is am te
bepaal of die opbrengs met die aflossing en verkoop van sodanige skuldbrief
van 'n inkomste- of kapitale aard is.
Een van die gebruiklikste metodes vir 'n maatskappy am
langtermynleningsfondse te bekom, is deur die uitreiking van skuldbriewe.
Skuldbriewe kan teen 'n diskonto uitgereik word. Daar bestaan "n algemene
onsekerheid in die beskikbare literatuur met betrekking tot die
inkomstebelastinggevolge van "n skuldbrief wat teen "n diskonto verkry is.
Artikel 24J van die Inkomstebelastingwet sluit spesifiek 'n diskonto by die
omskrywing van "rente" in. Die Inkomstebe/astingwet bevat egter nie 'n
algemene omskrywing van die woorde "rente" en "diskonto" nie. Die gebrek
aan 'n statutere omskrywing van bogenoemde woorde dra by tot die
onsekerheid van die inkomstebelastinggevolge van die aflossing of verkoop van
'n skuldbrief.
Die skrywer oorweeg die volgende:
(a) die inkomste- of kapitale aard van die opbrengs met aflossing en verkoop
van "n skuldbrief;
(b) die bepalings van artikel 24J van die Inkomstebelastingwet; en
(c) die bepalings van die kapitaalwinsbelasting-wetgewing.
Ten einde die inkomste- of kapitale aard van die opbrengs met aflossing en
verkoop van 'n skuldbrief te bepaal, word die volgende aspekte bespreek:
• Die eienskappe van 'n skuldbrief vanuit "n ekonomiese- en regsoogpunt. Die
faktore wat die waarde van die diskonto van "n skuldbrief be'invloed, word
vanuit In ekonomiese oogpunt oorweeg.
• Die riglyne wat algemeen ter sprake is by die bepaling van die inkomste- of
kapitale aard van toevallings. Daar word spesifiek na die riglyne soos deur
die Suid-Afrikaanse geregshowe neergele, verwys. In Onderskeid word
kortliks getref tussen die riglyne wat vereis dat In belastingpligtige se doel
met betrekking tot In bate vasgestel word en daardie riglyne wat onafhanklik
van In belastingpligtige se doel toegepas word,
• Die algemene riglyne word op die opbrengs met aflossing en verkoop van In
skuldbrief toegepas. Die gewone betekenis van rente asook die betekenis
van rente ingevolge die Inkomstebelastingwet word oorweeg. Die verband
tussen In diskonto en rente word ondersoek. Engelse, Australiese en
Kanadese regspraak word oorweeg.
Die skrywer kom tot die gevolgtrekking dat In diskonto wat met die aflossing van
In skuldbrief realiseer, rente van aard is. In Diskonto wat met aflossing realiseer
is In bedrag voortgebring deur kapitaal produktief aan te wend en dus nie van In
kapitale aard nie. In Opbrengs met die oordrag van In skuldbrief is nie van In
kapitale aard nie indien dit verkry is uit die beoefening van In
besigheidshandeling in die uitvoering van In skema van winsbejag.
Die skrywer is van mening dat artikel 24J die toepassing van die algemene
riglyne be'invloed. Die skrywer is van mening dat die objektiewe riglyn toegepas
moet word am die aard van toevallingsbedrae soos ingevolge. artikel 24J
bereken vas te stel. In Toevallingsbedrag sluit In proporsionele gedeelte van In
diskonto in. Die objektiewe riglyn moet toegepas word ongeag of 'n skuldbrief
tot op die aflosdatum gehou word of daarvoor oorgedra word.
Die bepalings van artikel 24J moet toegepas word voordat die kapitaalwins of -
verlies ingevolge die Agtste Bylae bereken word. Die opbrengs moet verminder
word met enige bedrag wat by bruto inkomste ingesluit word of in ag geneem
word by die vasstelling van belasbare inkomste. Die basiskoste van 'n
skuldbrief wat teen 'n premie verkry is moet aangepas word met die bedrag van
die premie wat reeds in ag geneem is am die belasbare inkomste van die houer
van 'n skuldbrief te bepaal.
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Industrial revenue bonds: tests of capital structure theory and segmentation of the tax-exempt bond marketAllen, David S. January 1988 (has links)
Industrial revenue bonds (IRBs) possess special tax characteristics which provide an opportunity to test the interest tax shield hypothesis of Modigliani and Miller [1963]. The announcement day excess returns for IRB issues reflect a positive significant market reaction. However, this excess return is unrelated to the tax shield on the debt. Nor is it a function of non-debt tax shields, a proxy for an interior optimal capital structure, or the risk of the issue. It is consistent, however, with the argument that lRBs provide a subsidy to issuing firms.
Miller's [1977] equilibrium model predicts that the tax rate of the marginal buyer of debt will be equal to the corporate tax rate. The Miller hypothesis is tested by comparing the yield spread between IRBs and taxable corporate debt. The empirical estimation indicates a segmentation of the market for tax-exempt debt. For short-term issues, the implied tax rate is not significantly different from the corporate tax rate, consistent with Miller’s prediction. For 1ong·term issues, the implied tax rate is significantly less than the corporate tax rate and decreases with maturity. This is consistent with the excess supply of tax-exempts being purchased by individuals in increasingly lower tax brackets. / Ph. D.
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