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Tax Funding Agreement

Tax Funding Agreement Template for South Africa

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Key Requirements PROMPT example:

Tax Funding Agreement

"I need a Tax Funding Agreement for my South African parent company and its three local subsidiaries in the manufacturing sector, to be implemented from March 2025, with standard payment terms and basic tax allocation provisions."

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Document background
The Tax Funding Agreement is essential for corporate groups operating in South Africa who wish to establish clear and legally compliant mechanisms for managing group tax obligations. This document becomes particularly relevant when a corporate group consists of multiple entities with interconnected tax obligations and seeks to implement efficient tax funding arrangements. The agreement addresses crucial aspects such as the timing and calculation of payments, allocation of tax liabilities, and administrative procedures while ensuring compliance with South African tax legislation, including the Income Tax Act and Tax Administration Act. It's commonly used alongside tax sharing agreements and is vital for groups implementing tax consolidation arrangements. The Tax Funding Agreement helps minimize tax-related risks, ensures proper cash flow management, and maintains transparent tax governance within the group structure.
Suggested Sections

1. Parties: Identification of the parties to the agreement, typically including the parent company (head entity) and participating subsidiaries

2. Background: Context of the agreement, including the group structure and purpose of the tax funding arrangement

3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation

4. Tax Funding Obligations: Core obligations regarding the calculation, payment and timing of tax funding amounts

5. Payment Terms: Terms and conditions for making payments, including timing, method, and currency

6. Tax Calculations and Allocations: Methodology for calculating tax liabilities and allocating them among group members

7. Records and Administration: Requirements for maintaining records, documentation, and administrative procedures

8. Representations and Warranties: Standard representations and warranties from each party

9. Dispute Resolution: Procedures for resolving disputes between parties

10. Termination: Circumstances and procedures for terminating the agreement

11. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.

Optional Sections

1. Tax Sharing Arrangements: Additional provisions for sharing tax benefits or credits within the group - used when tax sharing is part of the arrangement

2. Foreign Currency Provisions: Specific provisions for handling foreign currency transactions - required when cross-border elements exist

3. Security Arrangements: Provisions for security or guarantees - used when additional security is required for tax funding obligations

4. Transitional Provisions: Provisions handling the transition from previous arrangements - needed when replacing existing agreements

5. GST/VAT Provisions: Specific provisions for handling GST/VAT - required when significant VAT implications exist

6. Exit Arrangements: Detailed procedures for handling exit of group members - important for groups with frequent structural changes

Suggested Schedules

1. Schedule 1 - Group Members: List of all participating group members and their details

2. Schedule 2 - Calculation Methodology: Detailed methodology for calculating tax funding amounts

3. Schedule 3 - Payment Procedures: Specific procedures and timelines for making payments

4. Schedule 4 - Accounting Treatment: Agreed accounting principles and procedures

5. Schedule 5 - Forms and Notices: Standard forms and notices to be used under the agreement

6. Appendix A - Tax Allocation Examples: Worked examples of tax calculations and allocations

7. Appendix B - Compliance Checklist: Checklist of compliance requirements and deadlines

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
















































Clauses






























Relevant Industries

Financial Services

Mining and Resources

Manufacturing

Retail

Technology

Telecommunications

Professional Services

Construction

Healthcare

Energy

Agriculture

Transportation and Logistics

Relevant Teams

Finance

Tax

Legal

Treasury

Compliance

Corporate Governance

Accounting

Risk Management

Corporate Affairs

Relevant Roles

Chief Financial Officer

Tax Director

Financial Controller

Group Tax Manager

Corporate Treasurer

Finance Manager

Tax Accountant

Legal Counsel

Company Secretary

Compliance Officer

Financial Accountant

Tax Consultant

Corporate Finance Manager

Group Financial Controller

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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