Tag Archiveswaiving debt

Writing off debt in dormant companies

Writing off debt, or better phrased, debt waiver is dealt with in Section 19 and paragraph 12A of the Eighth Schedule in the Income Tax Act 58 of 1962 (“ITA”).  When debts are waived, written off or reduced, there are tax implications on the part of both Debtor and Creditor in many instances. For example, […]

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