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Repurchase of preference shares
9 May 2014 Tax & Exchange Control

Repurchase of preference shares

The South African Revenue Service (SARS) recently released an interesting binding class ruling (BCR 44) dealing with the tax consequences of the repurchase of certain non-redeemable, non-participating preference shares.

The Constitutional Court decision expands the reach of public interest and its meaning in terms of the Companies Act
6 May 2014 Corporate & Commercial

The Constitutional Court decision expands the reach of public interest and its meaning in terms of the Companies Act

In April 2014, the Constitutional Court ordered the South Africa Social Security Agency (Sassa) to initiate a new tender process for the payment of welfare grants and held that the current contract holder, Cash Paymaster Services, could not benefit from an unlawful contract and that its proceeds should not be above public scrutiny (Allpay Consolidated Investment Holdings (Pty) Ltd and Others v Chief Executive Officer of the South African Social Security Agency and Others (No 2) (CCT 48/13) [2014] ZACC 12 (17 April 2014)).

Corporate and Commercial Alert
5 May 2014 Corporate & Commercial

Corporate and Commercial Alert

One of the key features that the Companies Act introduced when it came into force in May 2011 is the substantially revised and simplified process for the implementation of a scheme of arrangement between a company and its shareholders (or other securities holders), in s114 of the Companies Act.

Successive corporate reorganisation transactions
2 May 2014 Tax & Exchange Control

Successive corporate reorganisation transactions

A number of advance tax rulings have recently been released by the South African Revenue Service relating to the corporate tax rollover relief rules contained in s41 to 47 of the Income Tax Act, No 58 of 1962.

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Social Ethics Alert
11 April 2011 Pro Bono & Human Rights

Social Ethics Alert

The new Companies Act No. 71 of 2008 (New Companies Act) introduces the requirement of a social and ethics committee for certain companies.

Tax Alert
8 April 2011 Tax & Exchange Control

Tax Alert

A long standing dispute was finally resolved in the Supreme Court of Appeal in the matter between...

Tax Alert
4 April 2011 Tax & Exchange Control

Tax Alert

The Upper Tribunal of the United Kingdom's Tax and Chancery Court considered an appeal on...

Human Rights Alert
1 April 2011 Pro Bono & Human Rights

Human Rights Alert

The final draft of the Guiding Principles was published on 24 March by the United Nations Special Representative of...

Tax Alert
25 March 2011 Tax & Exchange Control

Tax Alert

South Africa imposes exchange controls. I do not know what the economic effects of the controls are.

Tax Alert
18 March 2011 Tax & Exchange Control

Tax Alert

Bell's whisky is by all accounts a popular drink in South Africa. It recently featured prominently in two cases...

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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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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.