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Personal income tax rates
21 February 2019 Tax & Exchange Control

Personal income tax rates

Many predicted that, given the already small tax base in South Africa, the already high personal income tax rates, the significant increases in tax rates over recent years and the current state of the economy, there would be very few changes to personal income tax rates in the Budget Speech. In recent years, South Africans faced an increase in personal income tax rates (refer for example to the 45% tax bracket introduced for individuals earning R1,5 million and above), the value-added tax rate, dividend withholding tax rate and the capital gains tax inclusion rates.

Deduction of interest in respect of debt incurred for the acquisition of shares
21 February 2019 Tax & Exchange Control

Deduction of interest in respect of debt incurred for the acquisition of shares

It has always been a contentious issue whether a purchaser of shares can claim a deduction of the interest that it incurs pursuant to monies borrowed by the purchaser in order to fund the acquisition of shares. The argument has traditionally been that the purchaser will only receive dividends in respect of the shares and these dividends are not taxable. Given the fact that the interest therefore does not generate income, the interest was traditionally disallowed as a deduction.

Anomalies arising from value-shifting rules
21 February 2019 Tax & Exchange Control

Anomalies arising from value-shifting rules

The Taxation Laws Amendment Act, No 22 of 2012 introduced a new s24BA into the IT Act, which deals with value mismatches involving the transfer of assets in exchange for the issue of shares.

A new dawn for dividend-stripping rules?
21 February 2019 Tax & Exchange Control

A new dawn for dividend-stripping rules?

National Treasury amended legislation governing share buy-backs and dividend stripping in 2017 and again in 2018. The specific anti-avoidance provisions can be found in s22B of the Income Tax Act, No 58 of 1962 (IT Act), which takes aim at shares held as trading stock, and paragraph 43A to the Eight Schedule to the IT Act, which applies if the shares are held on capital account.

CDH wins prestigious M&A Deal Flow award 10 years in a row
20 February 2019 Corporate & Commercial

CDH wins prestigious M&A Deal Flow award 10 years in a row

Advising on 69 M&A deals, CDH accounted for 24% of market share over the 2018 review period. It is this impressive flow of deals, totalling R55 billion in value, which saw CDH recognised by DealMakers as the law firm that has advised on the most M&A deals in South Africa for the tenth consecutive year at the annual DealMakers Awards held on 19 February 2019.

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Competition Amendment Bill signed into law
13 February 2019 Competition

Competition Amendment Bill signed into law

The Competition Amendment Bill was signed into law today, 13 February 2019, by President Cyril Ramaphosa. The Amendment Act introduces a new era of competition law enforcement in South Africa, focusing on economic inclusiveness and participation by Small, Medium and Micro-sized Enterprises (SMMEs) and businesses owned or controlled by historically disadvantaged persons (HDPs).

Beware of lost title deeds
13 February 2019 Real Estate

Beware of lost title deeds

The Department of Rural Development and Land Reform has recently amended Regulation 68 of the Regulations to the Deeds Registries Act, No 47 of 1937. Regulation 68 sets out the procedure to be followed when an original deed has been lost or destroyed and a certified copy thereof needs to be obtained (also referred to as a “VA application”). Regulation 68 also sets out the process to be followed for the cancellation of a lost bond. The amendments are set to become effective on 25 February 2019.

The curious case of consent: Google fined 50 million Euro for breaching the GDPR
13 February 2019 Technology, Media & Telecommunications

The curious case of consent: Google fined 50 million Euro for breaching the GDPR

French Data Regulator, Commission Nationale de l’Informatique et des Libertés (CNIL’), recently fined Google 50 million euro for breaching the provisions of the General Data Protection Regulation (‘GDPR’) which came into effect on 25 May 2018. This follows complaints brought by consumer organisations None of Your Business and La Quadrature Net against the tech giant in 2018.

Cybercrimes Bill – a positive step towards the regulation of cybercrimes in South Africa
13 February 2019 Technology, Media & Telecommunications

Cybercrimes Bill – a positive step towards the regulation of cybercrimes in South Africa

Technology has become an indispensable part of modern life – it has significantly changed the way people communicate and do business. In a world and country where technology is dynamic in nature and is continuously evolving, South Africa has struggled to keep up with these developments and in regulating cyber security and cybercrimes.

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Is South Africa ready for the Workplace of the Future?
5 February 2018 Employment

Is South Africa ready for the Workplace of the Future?

The “workplace of the future” has become a buzz phrase in conversations around how the face of employment will evolve over the next few years. While this phrase is used to describe several expected changes, two of the most important include the shift from full time employees to freelancers and dissolving traditional offices and headquarters to a more mobile workforce, aided by technology’s rapid development. There are many potential advantages to this new workplace environment, however there is a lot of work that needs to be done if South Africa is to be prepared for this evolution.

Alternative model to labour brokers in SA
5 February 2018 Employment

Alternative model to labour brokers in SA

This article was written prior to the recent Labour Appeal Court judgement in the NUMSA & Others v Assign Services, which held, inter alia, that the client becomes the sole employer if the TES employees have been employed for longer 3 months (and not the dual employer with the TES). We understand this judgement will be appealed to the Constitutional Court.

Partnerships key to solving issues in mining industry
5 February 2018 Corporate & Commercial

Partnerships key to solving issues in mining industry

The South African mining industry has long been an integral part of the country’s economy. Not only has it created much-needed employment opportunities for many South Africans, but it is also a key driver of sustainable economic growth and black economic empowerment.

SA obligated to arrest presidents charged with crimes against humanity
2 February 2018 Dispute Resolution

SA obligated to arrest presidents charged with crimes against humanity

On 6 July 2017 the International Criminal Court (ICC or Court) handed down its judgment in the case concerning South Africa’s failure to arrest Omar al-Bashir, the current President of Sudan. The dispute has its genesis in President al-Bashir’s presence in South Africa in June 2015 to attend the African Union (AU) Summit.

Doing Business in SA: Foreign investors still see value in SA while locals less optimistic
2 February 2018 Corporate & Commercial

Doing Business in SA: Foreign investors still see value in SA while locals less optimistic

Despite corporate South Africa witnessing an uptick in business confidence to the highest levels in six months off the back of improved vehicle sales and an interest rate cut, top South African listed companies still seem apprehensive and are stockpiling an estimated R1.4 trillion in cash, according to research done by the Centre for Competition, Regulation and Economic Development. While local business decision makers often overlook investment opportunity due to negative sentiment surrounding political and economic challenges, foreign investors continue to see value in the South African market.

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Chris Charter comments on the Massmart complaint
26 February 2015 Competition

Chris Charter comments on the Massmart complaint

Massmart has launched a complaint with the Competition Commission targeting Pick n Pay, Spar and Shoprite in a bid to end lease exclusivity clauses. Chris Charter, Head of our Competition practice comments.

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