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South Africa decisions
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CSARS v Capstone 556 (Pty) Ltd (20844/2014) [2016] ZASCA 2; [2016] 2 All SA 21 (SCA); 2016 (4) SA 341 (SCA); 78 SATC 231 (9 February 2016)
The court held that Capstone’s share-sale proceeds were capital, not revenue, and that a R55 million indemnity payment formed part of the shares’ base cost.
South African Reserve Bank and Another v Shuttleworth and Another (CCT194/14, CCT199/14) [2015] ZACC 17; 2015 (5) SA 146 (CC); 2015 (8) BCLR 959 (CC); 78 SATC 23 (18 June 2015)
The Constitutional Court held that the exit charge imposed under regulation 10(1)(c) of the Exchange Control Regulations was a regulatory charge, not a tax. Its dominant purpose was to regulate and discourage the export of capital, not to raise revenue for the State. The charge was imposed on a discrete group—those externalising capital above R750,000—and was not collected through the ordinary tax machinery. The fact that it incidentally raised revenue did not alter its regulatory character. Therefore, the charge did not require compliance with the money Bill procedure under sections 75 and 7…
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