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TAX NEWS - may 2010

South Africa Tax: Treasury consults on tax issues relating to offshore captives

The Treasury is consulting on tax issues relating to offshore captives and protected cell companies. There have been concerns over the over-funding of offshore captives to artificially generate deductions and over the growth in numbers of offshore protected cell companies (each cell is a stand-alone company for limited liability purposes, so that creditors cannot look to the rest of the company for payment if funds fall short). Among the measures under consideration are a tightening of the controlled foreign company legislation and creating a deemed recoupment for "recycled" dividends. Comments are due by 16 July 2010.
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