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Day Zero: The ever-looming crisis
26 February 2018 Employment

Day Zero: The ever-looming crisis

The Western Cape is currently in the grips of the worst drought it has suffered in 100 years. Dams in the Western Cape are currently at an average 24.2% of capacity and Level 6B water restrictions are currently underway. This requires that businesses reduce their monthly consumption of municipal drinking water by 45% compared to the corresponding period in 2015.

OTC derivatives regulations are final and in force
26 February 2018 Finance & Banking

OTC derivatives regulations are final and in force

On 9 February 2018, the Minister of Finance enacted into law the final version of the Regulations to the Financial Markets Act, 2012 (FMA Regulations). In summary, the FMA Regulations govern the provision of securities services under the Financial Markets Act, 2012 (FMA) including in respect of over-the-counter derivatives (OTC derivatives). The enactment of the FMA Regulations will come as no surprise to the financial services market (other than in respect of timing) as market participants were given the opportunity to comment on the draft versions of the FMA Regulations first in 2014, again in 2015 and once more in 2016. Following the enactment of the FMA Regulations, market participants will be required to comply with the new licensing, trade reporting and clearing requirements for OTC derivatives transactions.

Asset managers beware
22 February 2018 Tax & Exchange Control

Asset managers beware

There has always been a very fine line between what constitutes trading and what constitutes a careful management of an asset or share portfolio and/or the rebalancing thereof from time to time. Our courts have indicated that prudence and foresight cannot be equated with an intention to speculate. Neither in law nor in logic can dogged adherence to a counter or carelessness in the management of a share portfolio be posited as pre-requisites for qualification as a capital investor.

Extending the application of controlled foreign company rules to foreign trusts and foreign foundations
22 February 2018 Tax & Exchange Control

Extending the application of controlled foreign company rules to foreign trusts and foreign foundations

Section 9D of the Income Tax Act, No 58 of 1962 (Act) provides for the rules applicable to controlled foreign company (CFC). Section 9D of the Act provides for the imputation of the net income of a CFC to its resident shareholder in proportion to that resident’s participation rights or voting rights in the CFC. A CFC is defined as a foreign company where more than 50% of the participation rights in that foreign company are directly or indirectly held or more than 50% of the voting rights in that foreign company are directly or indirectly exercisable by one or more South African residents.

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Ubi ius, ubi remedium: Proposed amendments to the Tax Administration Act
11 August 2017 Tax & Exchange Control

Ubi ius, ubi remedium: Proposed amendments to the Tax Administration Act

Currently, in terms of section 9 of the Tax Administration Act, No 28 of 2011 (TAA) a decision made by a South African Revenue Services (SARS) official and a notice to a specific person issued by SARS, excluding a decision given effect to in an assessment or notice of assessment is regarded as made by a SARS official, authorised to do so or duly issued by SARS, until proven to the contrary. Furthermore, s9 makes provision for such a decision to be withdrawn or amended by the SARS official, a SARS official to whom the SARS official reports or a senior SARS official, at the request of the relevant person.

Permanent Court of Arbitration (PCA) sets up office in Singapore
10 August 2017 Dispute Resolution

Permanent Court of Arbitration (PCA) sets up office in Singapore

On 25 July 2017, the Singapore Ministry of Law announced that the PCA will set up a staffed office in Singapore, being its first office in Asia. The decision to open up this office is testament to the number of disputes involving states, heard in the region in recent years.

What International Arbitration is not
10 August 2017 International Arbitration

What International Arbitration is not

There is no doubt that the imminent promulgation of the International Arbitration Act has created equal levels of excitement and confusion in the South African legal fraternity. South Africa does not have a particularly long history in resolving disputes by means of international arbitration. While the courts are undoubtedly “arbitration friendly”, South Africa was never really regarded as a choice seat for international arbitrations, mainly due to outdated legislation. This is expected to change with the promulgation of new Act.

The rise of restraints: An inevitable reality during junk status
7 August 2017 Employment

The rise of restraints: An inevitable reality during junk status

South Africa has been unfortunate over recent months to experience more than one ratings downgrade to sub investment grade, otherwise known as junk status. This has not only resulted in an all-time low in investor confidence but has demanded that employers take an active role to protect their slice of the pie, so to speak.

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An agent's right to commission
2 January 2008 Dispute Resolution

An agent's right to commission

An agent will have a claim for commission on a sale agreement if he introduced the parties to one another, thereby being the effective cause of the sale.

Beware the bogeyman
6 November 2004 Black Economic Empowerment (BEE)

Beware the bogeyman

The macro-economic rationale that lies at the heart of black economic empowerment (BEE) is to address the...

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Tax Law Amendment Act
16 May 2016 Tax & Exchange Control

Tax Law Amendment Act

The ministry of finance says that the 2015 Tax Law Amendment Act provisions relating to retirement will come into force on 1 March 2016, however the annuitization requirement for provident fund will be postponed to the 1 March 2018 but some tax experts are concerned that the delays will hit consumers in the long term. Ruaan van Eeden, director in the Tax and Exchange Control practice explains the implications of this latest development.

Johan Jacobs talks about the budget speech
16 May 2016 Trusts & Estates

Johan Jacobs talks about the budget speech

Johann Jacobs, national practice head and director in the Trust and Estates practice talks about the budget speech which was delivered by the finance minister from trusts tax perspective.

Employment tax incentives
10 March 2016 Tax & Exchange Control

Employment tax incentives

Nicole Paulsen, associate in the Tax and Exchange Control practice speaks about employment tax incentives and how it expires.