Cryptocurrencies and SARS

Increased interest regarding cryptocurrencies has prompted calls for SARS to provide direction as to the tax treatment of cryptocurrencies.

23 Jul 2018

New Rules for B-BBEE

Soon 51% black-owned large enterprises will be level 2; and "At least 30% black-women owned" finally means "at least" and not "more than"!

19 Jun 2018

Customs Treatment of Goods Lost in a Robbery of Hi-Jacking

The SCA has at last settled the uncertainty in relation to the application of rebate item 412.09 of Schedule 4 to the Customs and Excise Act 91 of 1964 when it handed down judgment in the case of SARS v Encarnacao N.O. on 29 May 2018.

18 Jun 2018

Data Protection "D-Day"

People were complaining about the dozens of emails they received last week informing them that international companies were updating their privacy policies and asking them to verify information due to the GENERAL DATA PROTECTION REGULATION taking effect in the E U.

29 May 2018

Netflix Controversy - Media Update

The Independent Communications Authority of South Africa (“ICASA”) held public hearings about TV subscription services and the “Netflix phenomenon” was firmly in the spotlight.

15 May 2018

Richards Bay Floating Dock and Ship Repair

Africa Ports & Ships Newsletter has today reported that the project to establish a ship repair facility including a floating dock at Richards Bay remains on track.

11 Apr 2018

You are fired - Social Media Update

We have been warning people for years that they should be very careful about the things that they post on their Facebook pages if they want to keep their job

09 Apr 2018

Understatement Penalties and Intentional Tax Evasion

The case of Mr A and XYZ CC versus the Commissioner for the South African Revenue Services, (judgment was handed down on 08 February 2018) dealt with the failure by taxpayers to submit income tax returns and VAT returns and the resultant understatement penalties imposed by SARS.

04 Apr 2018

Tax Update: Country by Country Reporting

In 2013, in order to address the differences in tax systems of multiple countries, the Base Erosion and Profit Shifting Action Plan was adopted by the Organisation for Economic Cooperation and Development and G20 countries, including South Africa. This resulted in the development of Country-by-Country reporting.

04 Apr 2018

VAT Increase effective 1 April 2018

From 1 April all taxable goods or services are subject to 15% VAT. Goods entered for home consumption on or after 1 April 2018 will be subjected to the higher VAT rate.

29 Mar 2018

Judicial Sales of Ships in English Common Law Jurisdictions

In February 2017, Hanjin Shipping Company was declared bankrupt by the South Korean courts, the largest bankruptcy for container shipping in 30 years. It is not always easy to choose between the insolvency process and the sale process. Insolvency can be costly, yet an orderly sale process is also difficult to achieve, given the high level of trade debts and potential maritime lien claims.

23 Mar 2018

Agreements of Sale of Immovable Property

In todays modern world, where most people have access to the internet, it is easy to obtain a template of a sale agreement for immovable property. However, certain legalities have to be complied with in order for the agreement concluded between the parties to be valid and binding.

22 Mar 2018

What's In Store For South Africa?

In February, Shepstone & Wylie Attorneys, in partnership with the South Africa Institute of Tax Professionals (SAIT), hosted a corporate insights breakfast. Being held on the morning after the Budget Speech, the objective of the breakfast was to provide companies with insight into what to expect both politically and financially in the coming year.

22 Mar 2018

Twitter Wars & the Hate Speech Bill

The new Prevention and Combating of Hate Crimes and Hate Speech Bill which has been approved by cabinet for consideration by parliament. In terms of this new Bill, the criminalisation of hate speech is introduced into our law which has far reaching consequences.

22 Mar 2018

Revoking University Degrees for Online Behaviour

We have all been warned that our current online behaviour may have a detrimental effect on our future, however there is now a possibility that it can have a disastrous effect on our past achievements.

06 Mar 2018

Productive Asset Allowance - Revenue or Capital in Nature

The issue which arises in the Appeal case of Volkswagen South Africa (Pty) Ltd / The Commissioner for the South African Revenue Service (1123/2016 ZASCA 190) is whether the accrual of rebates calculated with reference to capital expenditure, and to which the Appellant became entitled under a government scheme to support the local motor industry, should be regarded as accruals of a revenue or capital nature.

08 Feb 2018

Share Buy-Backs and Capital Gains

On 18 December 2017, the Taxation Laws Amendment Act, No. 17 of 2017 was promulgated, whereby amendments were made to paragraph 43A of the Eighth Schedule to the Income Tax Act. The amendment made to Paragraph 43 of the Eighth Schedule effectively provides that buy-backs that meet certain criteria are to be treated as proceeds for CGT purposes.

08 Feb 2018

What to Expect from February's Budget Speech

South African citizens and investors are feeling slightly more optimistic now that Cyril Ramaphosa is the President of the ANC. That being said, however, February’s budget speech is still going to be a tense affair.

08 Feb 2018

B-BBEE and Trusts

There have been many questions raised recently regarding the correct application of the principles of B-BBEE to ownership by trusts.

08 Feb 2018

Not So Sweet

As most people are aware, the Sugary Beverages Levy (“SBL”) will come into effect on 1 April 2018 and applies to consumers, manufacturers and importers of sugary beverages. It is a new Health Promotion Levy introduced in support of the Department of Health’s deliverables to decrease diabetes, obesity and other related diseases in South Africa.

08 Feb 2018

Second Draft Carbon Tax Bill

National Treasury published a second draft Carbon Tax Bill for introduction in parliament, as well as for public comment on 14 December 2017. The actual date of implementation of the carbon tax will be determined through a separate and later process by Minister Gigaba through an announcement during 2018 or at the Budget 2019, taking into account the state of the economy. Stakeholders are invited to submit written comments on the draft carbon tax bill by close of business on 09 March 2018 to

08 Feb 2018

The National Minimum Wage Bill

The purpose of the National Minimum Wage Bill is to improve the wages of the lowest paid workers and to protect them from being paid unreasonably low wages. The minimum wage will apply to all employees as defined in the The Basic Conditions of Employment Act, No. 75 of 1997, and only excludes independent contractors and members of the South African National Defense Force, the National Intelligence Agency and the South African Secret Service.

08 Feb 2018

Cause to be Concerned: The Competition Amendment Bill

On 1 December 2017, the Minister for Economic Development slipped the Competition Amendment Bill, 2017 into the Government Gazette allowing 60 days for comment........Make no mistake, if passed, these changes will have an enormous impact on the way firms do business in South Africa.

07 Feb 2018

Victory for Single Parents

More often than not, the mother of a child whose former partner or spouse refuses to co-operate, is called upon to account to the school for issues or problems related to the non-payment of school fees.

07 Feb 2018

Bribery and Corruption: Importer vs Agent Liability

There are many third-party business relationships the word over where bribery and corruption have been found. It is imperative that importers make use of third-party agents that they trust, and agents that have implemented strong anti-bribery and corruption practices across their business.

07 Feb 2018

Catfishing and Online Extortion - Urban Legend or Real Concern

It appears that there are syndicates operating in the country using this form of trickery to extract vast amounts of money from people. “Catfishes” will be removed by social media platforms if they have pretended to be you and you report them with the images that they have made.

06 Feb 2018

Mining Indaba 2018

Debbie Ntombela and Siya Mkhize are both moderating sessions at the 2018 Mining Indaba.

26 Jan 2018

Changing Terms and Conditions - An Automatically Unfair Dismissal?

Employers often want to change the way they run their businesses and this often requires employees to accept a change to terms and conditions of employment. When agreement cannot be reached on the proposed change, employers face a dilemma on how to persuade employees to accept the change.

24 Jan 2018

Social Media and Domestic Violence

The sad tale, which has become far too common place these days, of a relationship gone badly wrong resulting in the scorned lover turning to Facebook to humiliate his ex.

23 Jan 2018