The Financial Sector Conduct Authority’s (FSCA) has exercised its powers in terms of section 93(2) of CISCA to include additional costs and fees as allowable deductions under section 93(1).

In addition to the amounts currently referred to in section 93(1), the following amounts may be deducted by a manager from a portfolio:  

• legal fees and costs incurred to protect the value of, or enforce the rights in, an asset held in a portfolio;  
• costs or fees payable to a delegated person for claiming and receipt of foreign taxes withheld and due to the portfolio (foreign tax reclaim costs); and 
• costs of a delegated person to recover value-added tax due to a portfolio. 

To read the FSCA’s Communication, click here.  

To read the Determination of Permissible Deductions from Collective Investment Scheme Portfolios, click here.