Material for the Working Group on the Civil Code (law of obligations), No.11-1 [translation] Items to be discussed for the Civil Code (law of obligations) reform (6) Part I. General principles on contracts 1. General discussion It is generally understood that there are basic rules on contracts which are recognized by interpretation such as the principle of the freedom of contract, even though the current Civil Code does not explicitly provides provisions on such rules. Accordingly, the following part (from 2 through 5) deals with the principles on which it is proposed that clarification through putting in a statutory ...
INTERPRETATION NOTE: NO. 78 DATE: 29 July 2014 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : SECTION 24C SUBJECT : ALLOWANCE FOR FUTURE EXPENDITURE ON CONTRACTS CONTENTS PAGE Preamble .............................................................................................................................. 2 1. Purpose ..................................................................................................................... 2 2. Background ............................................................................................................... 2 3. The law ...................................................................................................................... 3 4. Application of the law ................................................................................................. 3 4.1 Income ...................................................................................................................... 4 4.1.1 A contract .................................................................................................................. 5 4.2 Future expenditure .................................................................................................... 6 4.2.1 Expenditure which the Commissioner is satisfied will be incurred in a subsequent year of assessment (in performing the taxpayer’s obligations under the contract) ..... 6 (a) Expenditure ............................................................................................................... 6 (b) Will be incurred in ...
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