Tax is a complex subject due to its nature, which embodies aspects of accounting, law and economics. Farming tax is even more complex, owing to the different methods of valuation of farm trading stock presented in tax laws and regulations. In this paper, we look at the valuation of livestock which is farm trading stock.
Disposal of motor vehicles to employees
It is possible that a firm (or the company or employer) may dispose of one or more vehicles to an employee during the employee’s tenure of employment or at termination of one’s employment contract. Such disposals may give rise to tax obligations for the firm and/or the employee and, consequently, the firm should be well positioned to mitigate the risk of non-compliance with the relevant tax regulations.
