On 16 August 2021 SARS issued the second issue of its Guide on the Taxation of Franchisors and Franchisees which aims to assist in clarifying uncertainties that may arise on the application of the income tax laws to a franchise arrangement.
SARS has issued interpretation note dealing with the interpretation of the phrase “readily apparent undisputed error” in draft. This phrase appears in section 93(1)(d) of the Tax Administration Act for pursposes of reduced assessments.
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