'n Raamwerk vir Suid-Afrikaanse belastingwetgewing met betrekking tot intermediêre beleggingsvoertuie na die res van Afrika

Abstract

World-renowned countries that are well known by investors to incorporate their intermediary companies include the United Kingdom, Belgium, the Netherlands, Mauritius and Singapore. South Africa also implemented a new holding company tax regime in 2011 to attract foreign investors to invest in Africa by way of an intermediary investment vehicle in South Africa. The primary objective of this study was to determine whether the design of this South African intermediary company regime meets the fundamental objectives of an intermediary company regime. The secondary objective, which relates and builds on the primary objective, was to determine which aspects of the South African legislation may require further changes to improve its competitiveness for investment in Africa. Harmful tax practices and its impact on the fundamental objectives of an intermediary company regime were also considered. In order to achieve these goals, the history of and reasons why these regimes originated were investigated as well as the effect it had on harmful tax practices. The goals from the perspective of the ultimate holding company and source company were researched and used as basis to identify the fundamental characteristics of an intermediary company regime. These characteristics were thereafter verified by applying it to the legislation of the United Kingdom, Belgium, the Netherlands, Mauritius and Singapore. Additional characteristics were hereby identified and the fundamental objectives of an intermediary company were proposed. Thereafter, the history and development of the current South African legislation (more specifically section 9I of the South African Income Tax (58 of 1962)) was discussed, analysed and compared to the fundamental objectives of an intermediary company to determine to what extent the South African legislation comply with these principles. Suggestions for improving this regime was proposed. The South African regime was also quantitatively compared to the legislation of the United Kingdom, Belgium, the Netherlands, Mauritius and Singapore to determine the competitiveness of the South African regime by using a hypothetical case study approach. It was concluded that the South African headquarter company regime has overall been well designed to attract foreign investment in Africa. However, areas for improvement that need to be addressed to improve South Africa’s reputation as the gateway to investment in Africa were identified. These recommendations were discussed and areas for future research were identified. Wêreldbekende lande wat onder beleggers gewild is om tussengangermaatskappye op te rig, sluit die Verenigde Koninkryk, België, Nederland, Mauritius en Singapoer in. Suid-Afrika het ook in 2011 ’n nuwe belastingregime geïmplementeer om buitelandse beleggers te lok om in Afrika te belê deur middel van ’n intermediêre beleggingsvoertuig in Suid-Afrika. Die primêre doelwit van hierdie studie was om te bepaal of die ontwerp van hierdie Suid-Afrikaanse tussengangermaatskappyregime aan die fundamentele doelwitte van ’n tussengangermaatskappyregime voldoen. Die sekondêre doelwit, wat verband hou met en voortbou op die primêre doelwit, was om te bepaal watter aspekte van die Suid-Afrikaanse wetgewing verdere veranderinge vereis om die mededingendheid daarvan vir belegging in Afrika te verbeter. Skadelike belastingpraktyke en die impak daarvan op die fundamentele doelwitte van ’n tussengangermaatskappyregime is ook oorweeg. Ten einde hierdie doelwitte te bereik is die geskiedenis en redes waarom hierdie regimes ontstaan het, asook die uitwerking wat dit op skadelike belastingpraktyke gehad het, ondersoek. Die doelwitte vanuit die perspektief van die uiteindelike houermaatskappy en bronmaatskappy is nagevors en as basis gebruik om die fundamentele eienskappe van ’n tussengangermaatskappyregime te identifiseer. Hierdie eienskappe is daarna geverifieer deur dit op die wetgewing van die Verenigde Koninkryk, België, Nederland, Mauritius en Singapoer toe te pas. Bykomende kenmerke is hierdeur geïdentifiseer en die fundamentele doelwitte van ’n tussengangermaatskappy is voorgestel. Daarna is die geskiedenis en ontwikkeling van die huidige Suid-Afrikaanse wetgewing (meer spesifiek artikel 9I van die Suid-Afrikaanse Inkomstebelastingwet (58 van 1962)) bespreek, ontleed en met die fundamentele doelwitte van ’n tussengangermaatskappy vergelyk om te bepaal tot watter mate die Suid- Afrikaanse wetgewing daaraan voldoen. Voorstelle vir verbetering aan hierdie regime is ook gemaak. Die Suid-Afrikaanse regime is verder kwantitatief met die wetgewing van die Verenigde Koninkryk, België, Nederland, Mauritius en Singapoer vergelyk om die mededingendheid van die Suid-Afrikaanse regime te bepaal, deur gebruik te maak van ’n hipotetiese-gevallestudiebenadering. Daar is tot die gevolgtrekking gekom dat die Suid-Afrikaanse hoofkwartiermaatskappyregime oor die algemeen goed ontwerp is om buitelandse belegging in Afrika te lok. Tekortkominge is egter geïdentifiseer, wat aangespreek moet word om Suid-Afrika se reputasie as die poort tot belegging in Afrika te verbeter. Hierdie tekortkominge en voorstelle vir verbeteringe is bespreek en voorstelle vir verdere navorsing is geïdentifiseer.