Income Tax Act: Keep an eye on the definition of 'exchange item’
22 April 2024, Tanya Strauss
In the recent 2024 National Budget speech, Finance Minister Enoch Godongwana made mention of a possible change to the definition... of an “exchange item” for determining taxable exchange gains given that certain financial arrangements are eroding the tax base due to a mismatch in exchange losses and gains when it comes to taxable income.