CONTROLLED FOREIGN COMPANIES. The Company does not have and never has had an interest in a controlled foreign company within the meaning of section 747 of the TA such that all or any of the chargeable profits of the controlled foreign company have been or will or may be apportioned to the Company.
CONTROLLED FOREIGN COMPANIES. No notice of the making of a direction under section 747, ICTA 1988 has been received by the Company and no circumstances exist which would entitle the Inland Revenue to make such a direction or to apportion any profits of a controlled foreign company to the Company pursuant to section 752, ICTA 1988.
CONTROLLED FOREIGN COMPANIES. No notice of the making of a direction under section 747, TA 88 has been received by the Company and no circumstances exist which would entitle the Inland Revenue to make such a direction or to apportion any profits of a controlled foreign company to the Company pursuant to section 752, TA 88.
CONTROLLED FOREIGN COMPANIES. (1) The Company has no interest in the share capital of any company not resident in the United Kingdom for taxation purposes (or which is treated for the purposes of any double taxation convention as not being so resident) which is controlled by persons resident in the United Kingdom for taxation purposes and in which the Company has ten per cent (10%) or more of the voting rights (“controlled foreign company”).
CONTROLLED FOREIGN COMPANIES. 1.61 No notice of the making of a direction under ICTA s 747 (Imputation of chargeable profits and creditable Tax of controlled foreign companies) has been received by any of the Group members and no circumstances exist which would entitle the Inland Revenue to make a direction and to apportion any profits of a controlled foreign company to any of the Group members under ICTA s 752 (Apportionment of chargeable profits and creditable Tax).
CONTROLLED FOREIGN COMPANIES. 13.30 The Company has not been liable to Tax on the undistributed profits of any overseas subsidiary where the Company has a shareholding in excess of ten per cent. of such subsidiary. TAX SHARING
CONTROLLED FOREIGN COMPANIES. The net income earned by a Controlled Foreign Company (CFC) is imputed to and included in the taxable income of any resident taxpayer to the extent that such resident taxpayer holds qualifying participation rights in the CFC. A CFC is defined (subject to certain exclusions) as a foreign company in which South African residents (individually or collectively): • hold more than 50% of the total participation rights and/or voting rights in a foreign company (directly or indirectly); or • the financial results of a foreign company are reflected in the consolidated financial statements, as contemplated in IFRS 10, of any company that is a South African tax resident, other than a headquarter company. This will include any foreign company held through a trust or foundation that is not resident in South Africa and the financial results of which form part of the consolidated financial statements of the South African tax resident company. In determining whether South African residents hold more than 50% of the participation rights or voting rights in a foreign company, a person is deemed a non-resident if: • the holding is in a listed company or in a foreign company where the foreign company’s participation rights are held indirectly through a listed company, and that person holds less than 5% of the participation rights of that listed com- pany; or • the holding is in a foreign collective investment scheme or a foreign company where the foreign company’s participation rights are held indirectly through such a foreign collective investment scheme and less than 5% of the participation or voting rights are held. The foreign company or foreign collective investment scheme will nevertheless be deemed to be a CFC if a South African resident (together with any connected persons in relation to the South African resident) holds more than 50% of the participation rights or voting rights in that foreign entity. A proportional amount of the net income of the CFC, determined in the same ratio as the resident’s participation rights in the CFC, is included in, and is taxable as part of, the resident’s taxable income. Subject to certain exclusions and exceptions, the net income of a CFC is an amount equivalent to its taxable income, determined in accordance with the Income Tax Act as if the CFC had been a South African resident. The net income of a CFC will include the taxable portion of any capital gains made by that CFC. There are a number of exclusions from the application of th...
CONTROLLED FOREIGN COMPANIES. No Group Member has had nor had it had within the six year period ending on Completion an interest in a controlled foreign company as defined in Chapter IV of Part XVII of ICTA 1988 where an apportionment of the chargeable profits of the controlled foreign company has been made or is due to be made to that Group Member pursuant to section 747(3) of ICTA 1988.
CONTROLLED FOREIGN COMPANIES. J9.14.1 No direction has been made by the Inland Revenue under section 747 ICTA in respect of any controlled foreign company under the control of the Company.
CONTROLLED FOREIGN COMPANIES. 12.1 The Company has never been subject to an apportionment under Section 752 of the Taxes Act in respect of its interest in ALT Inc.
