Donations Tax Flashcards
1
Q
What is donations tax?
A
20% tax levied on net transfer of assets between 2 persons
2
Q
Does donations tax apply to non-residents?
A
No
3
Q
When is donor liable to pay donations tax?
A
Within 3 months of effective date
4
Q
Who is liable for donations tax after 3 months?
A
Donor and donee are jointly liable, however the donee can recover the tax from the donor
