INTERPRETATION NOTE: NO. 14 (Issue 3) ACT - SARS
INTERPRETATION NOTE: NO. 14 ( issue 3) DATE: 20 March 2013 ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : SECTIONS 8(1)(a); 8(1)(b) and 8(1)(c) AND PARAGRAPH 1 OF THE FOURTH SCHEDULE SUBJECT : ALLOWANCES, ADVANCES AND REIMBURSEMENTS CONTENTS PAGE Preamble ........................................ ........................................ ........................................ ...... 2 1. Purpose ........................................ ........................................ ..................................... 2 2. Background ........................................ ........................................ ............................... 2 3. The nature of allowances, advances and reimbursements ........................................ 3 Definition of the terms allowance , advance and reimbursement for the purposes of section 8(1).
Example 2 – Advance Facts: A works for ABC Ltd. The company has asked A to visit a key client to conduct a client satisfaction survey and, after completing the survey, to entertain the client by
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