South Africa Case Law

Commissioner for the South African Revenue Services v Volkswagen South Africa (Pty) Ltd (1028/2017)

Commissioner for the South African Revenue Services v Volkswagen South Africa (Pty) Ltd (1028/2017) [2018] ZASCA 116; [2018] 4 All SA 289 (SCA); 2019 (2) SA 362 (SCA); 81 SATC 24 (19 September 2018)

Court

Supreme Court of Appeal

Case number

1028/2017

Judges

Navsa, Seriti, Wallis, Willis, Mathopo

The Supreme Court of Appeal held that trading stock must generally be valued at cost for tax purposes, and rejected NRV under IAS 2 as a tax valuation method.

• Income Tax
• Valuation Of Trading Stock
• International Accounting Standards
• Net Realisable Value
• Deductions
• Interpretation Of Statutes