South Africa Publishes Draft Interpretation on the Taxation of the Receipt of Deposits

The South African Revenue Service (SARS) has published a draft Interpretation Note – Taxation of the receipt of deposits, which is meant to provide guidance on the words "received by" in the definition of "gross income" and the treatment of the receipt of a deposit in the ordinary course of business. This includes an overview of the applicable law, the meaning of deposit, types of deposits, and other related matters.

The background and conclusion of the draft Interpretation Note are as fol…