In terms of section 112(2) of the Companies Act, a company may not dispose of all or the greater part of its assets or undertaking (Disposal) unless the Disposal was approved by a special resolution of shareholders, in accordance with section 115 of ...
DEBT RELIEF FOR OVER-INDEBTED CONSUMERS
Borrowing money has become easy in today’s society. Many consumers are over-indebted in that they are unable to pay their financial obligations timeously. Many consumers over-commit themselves and repayments of debt become significantly difficult for ...
PRODUCT LIABILITY UNDER THE CONSUMER PROTECTION ACT
Section 61 of the Consumer Protection Act, 2008 (“CPA”) provides that producers, importers, distributors and/or retailers of goods (collectively the “Supplier(s)”) may be held liable for any harm caused as a result of the supply of unsafe goods, pr ...
VAT LIABILITY FOR NON-EXECUTIVE DIRECTORS
On 10 February 2017, South African Revenue Service (‘SARS’) passed a Binding General Ruling(VAT) 41 (‘BGR 41’) which deals with the VAT treatment of the activities conducted by Non-Executive Directors (‘NEDs’) and clarifies whether those activities ...
INCIDENTAL CREDIT AGREEMENTS: DEMYSTIFYING THE NATIONAL CREDIT ACT 34 OF 2005 (THE “NCA”)
The quagmire of the NCA The NCA was promulgated primarily with the intention of regulating the credit industry, as well as ensuring the protection of consumers in accessing credit. However, despite the laudable intention of the legislature, the NCA ...
NEW DEVELOPMENTS ON REGISTERING AS A CREDIT PROVIDER
Currently, a credit provider providing credit in excess of R500,000 must be registered with the National Credit Regulator (“NCR”) in terms of the National Credit Act (“NCA”). This R500,000 credit provider registration threshold is calculated by det ...
FOREIGN COMPANIES ESTABLISHING A BRANCH OR SUBSIDIARY IN SOUTH AFRICA
The Companies Act, 2008 (“Companies Act”) defines a company that is incorporated outside of South Africa as a “foreign company”. Should such foreign company wish to establish business operations in South Africa, it may be required either establish a ...
TAX LIABILITY OF AMERICAN MUSICIANS AND AGENTS DOING BUSINESS IN SOUTH AFRICA
South African retailers often use American musicians to endorse their brands on a number of advertising platforms in South Africa. Generally, South African retailers work through international agents in order to secure the services of international m ...
TAX TREATMENT – DONATING TO PUBLIC BENEFIT ORGANISATIONS
South African companies often seek to conduct corporate social investment initiatives for a number of reasons including, but not limited to, enhancing their Broad-based Black Economic Empowerment status. These initiatives are commonly conducted by wa ...
VALIDITY OF ANTENUPTIAL CONTRACTS
One must be careful when drafting and signing an Antenuptial Contract. Aside from ensuring that the contents is all correct, one must also ensure that all the necessary provisions are contained therein to make the contract valid. The consequences of ...