The past year has been challenging for South Africa’s construction industry, with some of the country’s best-known construction companies facing business rescue or liquidation. The unfinished business left behind when this occurs can be problematic for project employers in the private and public sectors alike.
Continue readingSouth Africa: Venture capital companies under attack – again
During 2018, the venture capital company (VCC) industry had to deal with a lot of uncertainty as a result of the changes to Section 12J of the Income Tax Act, 1962.
Continue readingSouth Africa: New export tax on scrap metal proposed
On 20 February 2019, Finance Minister Tito Mboweni announced that the National Treasury will work with the Department of Trade and Industry and the Department of Economic Development to explore the introduction of an export tax on scrap metal.
Continue readingSouth Africa: Further ‘dividend stripping’ tax avoidance provisions
SARS became concerned about a perceived ‘loophole’ in relation to share buyback and issue transactions, identifying certain share buyback and issue transactions as ‘reportable arrangements’ for tax purposes in 2015. The anti-avoidance legislation was only finally enacted in 2017.
Continue readingSouth Africa: No inflationary adjustment to medical tax credits, to help fund NHI
This year’s Budget Review on 20 February 2019 announced that in a bid to generate additional revenue of ZAR 1 billion in 2019/ 2020, there will be no change in the monthly medical tax credit rates for medical scheme contributions.
Continue readingSouth Africa: Supreme Court of Appeal decides on the status of protective writs
The decision confirms that the mere issuing of a writ at court is not sufficient to protect against legitimate changes in ship ownership.
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