The write-off of debts has become more common than what creditors would prefer, as the economy and circumstances often do not allow for any other option.
Before considering whether to follow through on such an arrangement, one must first confirm the possible tax effects of this debt waiver, which might not be as beneficial as the write-off itself.
This course aims to equip you with the knowledge to make an informed decision going forward.
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❖ What constitutes a debt benefit, concession and compromise
❖ What would be excluded from the debt waiver provisions
❖ The income tax (including capital gains tax) implications of a debt waiver on both the creditor and debtor
❖ The possible VAT and donations tax implications of debt waivers
❖ The impact that interest on and structure of financing arrangements might have on debt waivers
❖ Administrative provisions for the tax return
