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March 7, 2008

Tax blow to BEE deals

The sun could set on many future broad-based black economic empowerment (BEE) deals if a proposed amendment to section 45 of the Income Tax Act goes through in its current form.

Designed to flush out tax dodgers who have taken advantage of intragroup transaction tax relief, the proposed amendment threatens to make the leveraging of vendor assets in BEE deals a difficult, if not impossible affair. The leveraging of vendor (seller) assets has become an integral part of funding broad-based BEE deals.

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Posted by StaffWriter at March 7, 2008 1:39 PM