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Duty clampdown

29 March 2006

The South African Revenue Service (SARS) is clamping down on people who have torn up their property sale and purchase agreements signed before March 1 - the offenders will be charged with fraud. According to SARS, the legally binding date when transfer duties are calculated is the date on which both parties have signed the agreement.

The date on which finance is approved has no bearing on the date on which transfer duties are applicable, yet despite beingtricky to prove, SARS will follow a paper trail from the time a bond was applied for. SARS will be monitoring the dates when bond applications were approved, and carry out further investigations if the paper trail results in something suspicious.

Article on Moneyweb

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