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On the way to Parliament: National Treasury’s response to submissions received regarding the Draft TLAB and Draft TALAB
4 October 2019 Tax & Exchange Control

On the way to Parliament: National Treasury’s response to submissions received regarding the Draft TLAB and Draft TALAB

On 30 October 2019, the Minister of Finance (Minister) will deliver the Medium-Term Budget Policy Statement (MTBPS) in Parliament. It is anticipated that the Minister will also table several bills on the same day, including the Taxation Laws Amendment Bill, 2019 (TLAB) and the Tax Administration Laws Amendment Bill, 2019 (TALAB), pursuant to which the TLAB and TALAB will be considered by and eventually adopted by Parliament.

Vicarious liability of an employer when an employee commits an intentional wrong entirely for his/her own purpose
2 October 2019 Dispute Resolution

Vicarious liability of an employer when an employee commits an intentional wrong entirely for his/her own purpose

Since as early as Roman times, it has been the case that an employer is vicariously liable for a wrong committed by an employee during the course or scope of his or her employment. The liability of an employer, however, under circumstances where an employee commits an intentional wrong entirely for his or her own purpose, is a very different kettle of fish. There have been many judgments, over the years (both in South Africa and abroad), which have developed the policy and principles applied in such matters.

Termination of negotiations: Do you have a claim if the proposed deal goes south?
2 October 2019 Dispute Resolution

Termination of negotiations: Do you have a claim if the proposed deal goes south?

Parties to commercial transaction negotiations can be falsely naïve in their early management of the process, with the misguided belief that everything will work out positively, resulting in one or both parties failing to take business decisions in anticipation of a deal being struck. This article considers what legal remedies, if any, are available to an aggrieved party against the party withdrawing from negotiations, and what precautions may be taken to ensure the other party continues to negotiate in good faith.

Section 44 of the Companies Act and Post Acquisition Finance
2 October 2019 Corporate & Commercial

Section 44 of the Companies Act and Post Acquisition Finance

Often the provisions of s44 of the Companies Act, No 71 of 2008 (Act) are overlooked when companies who previously obtained the requisite s44 financial assistance shareholder approval (in connection with the acquisition of shares of the company or of a related company) decide to vary the terms of such financial assistance post the relevant share acquisition.

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Constitutional damages and grief – the SCA will soon say
11 September 2019 Dispute Resolution

Constitutional damages and grief – the SCA will soon say

The issue of constitutional damages was first raised in Fose v Minister of Safety and Security 1997 (3) SA 786 (CC), when the Constitutional Court held that there was, in principle, no reason why an award of damages could not be made to protect constitutional rights, where damages would constitute “appropriate relief” considering the circumstances and the particular right infringed.

Renewable energy – a source of economic growth for South Africa
11 September 2019 Corporate & Commercial

Renewable energy – a source of economic growth for South Africa

On 27 August 2019, Finance Minister Tito Mboweni released an economic Strategy Report (Strategy Report) prepared by National Treasury (Treasury) which detailed the structural reforms that could assist in reversing the downward trend in South Africa’s growth potential and competitiveness.

Further steps towards enhanced regulation – trade reporting of OTC derivatives
9 September 2019 Finance & Banking

Further steps towards enhanced regulation – trade reporting of OTC derivatives

As a G20 member country, South Africa has begun implementing robust new financial markets regulations aimed at promoting the safe and transparent trade of over-the-counter derivatives transactions (OTC derivatives or OTCs). For the first time in South Africa, sellers of OTC derivatives (also known as OTC derivatives providers (ODPs)) will have to be licensed with the South African Financial Sector Conduct Authority (FSCA).

Binding Private Ruling: Roll-over relief can also apply to transactions involving non-resident companies
5 September 2019 Tax & Exchange Control

Binding Private Ruling: Roll-over relief can also apply to transactions involving non-resident companies

The Income Tax Act, No 58 of 1962 (Act) provides for roll-over relief in respect of any capital gains that would normally be realised pursuant to the disposal of an asset, provided the requirements of the relevant roll-over relief provision in the Act are met. For example, in terms of s47 of the Act, transactions relating to the liquidation and winding-up of companies, can qualify for roll-over relief so that the capital gains liability that may arise in the normal course of the transaction will be deferred and no capital gains tax (CGT) will be payable at the time that the transaction in concluded.

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Exclusivity concerns must be merger-specific
2 September 2014 Competition

Exclusivity concerns must be merger-specific

In two separate merger decisions, issued by the Competition Tribunal (Tribunal) days apart, the Tribunal deviated from the Competition Commission's (Commission) recommendations that the transactions concerned be conditionally approved.

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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.