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The VAT rate increase and real estate transactions
9 March 2018 Tax & Exchange Control

The VAT rate increase and real estate transactions

On 21 February 2018, former Finance Minister Malusi Gigaba delivered the annual budget speech. During this speech, what proved to be a very controversial decision was revealed: the Value Added Tax (VAT) rate would be increased from 14% to 15%, effective 1 April 2018. This marks the first VAT increase since 1993 (when we saw an increase of 4%).

Do you even have a contract? Public entities and “future financial commitments” under the PFMA
7 March 2018 Administrative & Public Law

Do you even have a contract? Public entities and “future financial commitments” under the PFMA

Given the renewed focus on ensuring accountability in government spending, and the enhanced judicial scrutiny of public contracts, clarity from the courts on the meaning and scope of key provisions of the Public Finance Management Act, No 1 of 1999 (PFMA) is most welcome for public and private actors alike. The Supreme Court of Appeal has recently offered such clarity in relation to agreements for goods and services that have multi-year contractual terms.

A tale of two cinemas
7 March 2018 Competition

A tale of two cinemas

The Competition Tribunal recently dismissed a market division complaint against Ster-Kinekor and Nu Metro arising from an agreement prescribing the genre of film which each could exhibit at the Victoria & Alfred Waterfront (V&A Waterfront) in Cape Town.

Penalties for jumping the merger gun
7 March 2018 Competition

Penalties for jumping the merger gun

In terms of the Competition Act, No 89 of 1998 (Act), the Competition Tribunal (Tribunal) may, among other things, impose an administrative penalty on firms that either fail to give notice of a merger or proceed to implement the merger without the approval of the Competition Commission (Commission) or the Tribunal as the case may be (also known as “gun jumping”). Such an administrative penalty may not exceed 10% of the firm’s annual turnover in South Africa during the previous financial year.

The VAT increase is real
7 March 2018 Real Estate

The VAT increase is real

On 21 February 2018, former Finance Minister Malusi Gigaba delivered the annual budget speech. During this speech, what proved to be a very controversial decision was revealed: the Value Added Tax (VAT) rate would be increased from 14% to 15%, effective 1 April 2018. This marks the first VAT increase since 1993 (when we saw an increase of 4%).

FAIS exams updated – what you need to know
7 March 2018 Finance & Banking

FAIS exams updated – what you need to know

Previously, the key individuals and representatives (as defined in the Financial Advisory and Intermediary Services Act, 2002 (FAIS)) of authorised financial services providers licensed under FAIS, were required to comply with the fit and proper requirements set out in The Determination of Fit and Proper Requirements for Financial Services Providers published under Board Notice 106 of 2008 (Old Fit and Proper Requirements). One such compulsory requirement was to write and pass the relevant regulatory examination.

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Key Changes to Preferential Procurement Law: Part 1
30 August 2017 Dispute Resolution

Key Changes to Preferential Procurement Law: Part 1

The first three key changes occasioned by the 2017 Preferential Procurement Regulations (Revised Regulations) pertain to the preference point system, the requirement of a market-related bid price and the requirement of sub-contracting as a tender condition.

Historical debts are just that – historical!
30 August 2017 Real Estate

Historical debts are just that – historical!

In the eagerly anticipated judgment of Jordaan and Others vs City of Tshwane Metropolitan Municipality and Others [2017] ZACC 31, the Constitutional Court upheld the constitutional validity of s118(3) of the Local Government: Municipal Systems Act, 2000 (Act) but declared that upon transfer of a property, a new owner is not liable for the historical debts of the previous owners arising before transfer from the charge upon the property under s118(3).

Margin requirements for OTC derivatives - 8 September 2017 deadline
28 August 2017 Finance & Banking

Margin requirements for OTC derivatives - 8 September 2017 deadline

Banks, financial institutions and other over-the-counter derivatives providers (ODPs) have until 8th September 2017 to submit comments on the latest margin requirements for non-centrally cleared OTC derivatives published under the auspices of the Financial Markets Act, No 19 of 2002 (Margin Requirements).

Employment equity crackdown: A wakeup call to employers
28 August 2017 Employment

Employment equity crackdown: A wakeup call to employers

The Department of Labour has announced that a National Director General Review has been initiated whereby 72 JSE listed companies are to be inspected to ensure that they have complied with the preparation of an Employment Equity Plan between the periods of July to December 2017. The Department of Labour’s Inspection and Enforcement Services has declared that six JSE listed companies have already been found to be non-compliant and have been referred for prosecution for failing to prepare Employment Equity Plans and other offences.

Customs and Excise Highlights
25 August 2017 Tax & Exchange Control

Customs and Excise Highlights

Herewith below selected highlights in the Customs and Excise environment since our last instalment (the Customs & Excise Act, No 91 of 1964 will be referred to herein as ‘the Act’):

25 August 2017 Tax & Exchange Control

"There is a crack, a crack in everything. That’s how the light gets in."

In June 2017, during a ceremony hosted in Paris by the Organisation for Economic Co-operation and Development (OECD), 68 jurisdictions, including South Africa, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) (MLI). The MLI was formulated under BEPS Action 15 (the multilateral instrument or MLI).

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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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Nicholas Preston comments on Shakes Mashaba and Isegund Gordan having a contract at the same time.
6 August 2014 Employment

Nicholas Preston comments on Shakes Mashaba and Isegund Gordan having a contract at the same time.

Newly appointed Bafana Bafana coach Shakes Mashaba arrives back in South Africa after a tour of Mali as the official coach of the senior national team. Isegund Gordan’s contract with SAFA runs until the end of the month, but a employment lawyer says this is perfectly legal that both men can be contracted for the same position at the same time. Director, Nicholas Preston gives comment.

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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.