This is particularly relevant to taxpayers, practitioners and courts alike, given the complexity surrounding what constitutes a deductible “loss” in these circumstances and the timing of when such a deduction may properly be claimed. The case examines whether the loss of a statutory refund claim through prescription can amount to a deductible loss for income tax purposes.
The court found that SARS failed to demonstrate that it had properly considered evidence submitted by QI and did not provide adequate reasons for its decisions, rendering the process procedurally irrational.
The April 2026 Western Cape High Court judgment in Ocean Ark Shipping Ltd and Another v Commissioner for the South African Revenue Service [2026] is likely to attract considerable attention within the maritime, logistics and energy sectors.
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