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* Students enrolled in these programmes, can apply, on successful completion, for exemption, based on recognition of prior learning,
for the equivalent module offered on a full-time qualification, when registering for selected IIE Programmes.
For further information, please contact a consultant at your nearest campus:
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10. Are you an entrepreneur looking to expand
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ECDC places special focus on improving and growing the value
trade from the province as well as the number of exporters. ECDC
provides various export support programmes aimed at improving
the competitiveness of local entrepreneurs to ensure the market
readiness of their products to compete on a global scale. In the last
financial year, ECDC assisted 207 existing and new exporters with
integrated export promotion support.
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information to HS (Harmonised System) codes; trade leads; informa-
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by various trade policies and to broaden trade within Africa. Beyond
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China, Hong Kong and Macau, the Middle East and in particular the
United Arab Emirates, whilst maintaining a presence and deepening
penetration in traditional markets such as Europe and the United
States of America.
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trade missions aimed at opening up opportunities for Eastern Cape
products. An ECDC/WESGRO mission to Nigeria was a resounding
success with a strong focus on ICT, film and energy. ECDC also par-
ticipated in a trade mission to Zimbabwe which focused on honey
products. Four local co-operatives showcased their products.
In Europe, the SIAL Global Food Show held in Paris also presented
a significant opportunity for six local companies who already meet
EU import requirements and standards in the export of specialities
such as game meat, frozen foods, sorbet and gourmet products.
ECDC also participated for the first time in the second edition ofAfrica’s
International Food & Drink Event (IFEA) which was held in Johannesburg
in November 2014. ECDC took along eight local companies.
In an endeavour to expand the footprint of Eastern Cape products
in China, ECDC presented a Food & Cultural Festival in Chengdu
City in March 2015. Participants through samples included products
from Carara, Hinterveld, Momentos, Barrynice, Sage Kitchen,
Makana Meadery. To bring a cultural twist and real experience of
the Eastern Cape culture and food, the ECDC took along one local
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ureVoice has recently
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34. Estate duty and trusts:
What the Davis Tax Committee had to say
The Davis Tax Committee, tasked with
reviewing our tax system, issued its first
interim report on estate duty for public
comment on 13 July 2015. The report deals
with a variety of topics related to estate duty
and trusts, and includes proposals that could
have a significant impact on estate planning
and trusts.
Proposals
The report contains proposals and
recommendations only, and it is
important to recognise that these
do not have legislative force yet.
One should guard against acting
impulsively based on the current
recommendations, but it is still
worthwhile keeping a close eye on
further developments.
The collection of estate duty
Estate duty collections comprise only
0.1% of total annual tax collections,
and the process of collection
is cumbersome. However, the
Committee believes that it would be
difficult to justify the complete repeal
thereof, considering the fact that,
besides donations tax, it is the only
direct tax on wealth in South Africa,
and taking into account the disparity
of wealth distribution in SA. It has
therefore recommended that the
current system be retained, with some
modification, rather than having a
new capital transfer tax introduced. It
has also recommended that the rate
of estate duty and donations tax be
retained at the current level of 20%. A
further suggestion is that enforcement
of the existing provisions could be
substantially improved through the
employment and training of expert
SARS estate duty assessors.
Inter-spouse bequests and
estate duty
Currently, bequests between
spouses qualify for deduction when
determining estate duty on death.
The Committee recommends that this
principle of inter-spousal exemptions
should be either withdrawn
completely or subjected to specific
limits. Several reasons are advanced
for this, including the view that the
inclusion of ‘permanent relationships’
in the definition of ‘spouse’ in the
Income Tax Act is open to widespread
manipulation, interpretation and
abuse.
Inter-spouse donations
The Committee recommends that the
inter-spouse donations tax exemption
be retained but that the exemption be
amended to exclude all interests in
either fixed property or companies.
Primary abatement on death
The Committee recommends that
the primary abatement be increased
from R3.5 million to R6 million per
taxpayer. A surviving spouse may
also elect to use his or her primary
abatement in the computation of the
estate of the first-dying spouse, i.e.
a total abatement of R12 million can
be used in the estate of the first-dying
spouse. This could for instance be
considered where there is insufficient
cash in the estate of the first-dying to
settle any estate duty payable. This
is a once-off abatement, so that the
option of the surviving spouse to use
it in the estate of the first-dying means
that the abatement would no longer be
available for use in the survivor’s own
estate.
Retirement funds
The Committee has recommended that
all retirement fund contributions made
on or after 1 March 2015, that have
been disallowed in the determination
of the taxpayer’s income tax, be
included in the taxpayer’s estate as a
deemed asset for estate duty purposes,
thereby potentially subjecting it to
estate duty.
Trusts
Some of the most significant proposals
are those relating to trusts. The key
recommendations are as follows:
• Trusts should have a commercial
benefit, as opposed to an estate duty
benefit.
• The flat rate of tax for trusts should
be maintained at its current level of
41%.
• The deeming provisions of sections
7 and 25B of the Income Tax
Act should be repealed. These
provisions allow trustees to cause
trust income (and likewise capital
gains) to vest, and be taxed, in
the hands of a beneficiary (the
so-called ‘attribution’ or ‘flow-
through’ principle). A repeal of
these sections would result in
income and capital gains effectively
being ‘trapped’ in the trust for tax
purposes, without trustees having
the option to distribute the income
or capital gains to the beneficiaries.
Coupled with the recommendation
to retain the flat rate of tax, this will
clearly have a significant impact on
the taxation of trust income and
capital gains.
• Trusts should be taxed as separate
taxpayers.
• Currently, assets are often
transferred to trusts, subject to the
transfer consideration remaining
outstanding by way of an interest-
free loan account. The Committee
has recommended that no attempt
should be made to implement
transfer pricing adjustments in
the event of financial assistance or
interest-free loans being advanced
to trusts. Interest-free loans can
thus continue to be used in this
manner.
Conclusion
The Committee’s report has certainly
provided estate planners with some
food for thought, and the final report is
awaited with interest.
www.pwc.co.za
For further information in this regard,
contact Leigh Petrie, PwC Port Elizabeth,
on 041-3914400.
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