The portfolio committee on trade and industry has proposed amendments to the National Credit Act (NCA) in a constitutionally impermissible way.
The portfolio committee is requesting permission from parliament to make further amendments to the NCA. On 13 February 2014 the committee invited public comment ‘in the event that this permission is granted’. On 14
Music, games, e-books and other digital products may soon be subject to value-added tax (VAT). According to the proposed Electronic Services Regulations, foreign suppliers who sell digital products online will be obliged to register as VAT vendors, and will be liable to pay VAT on equal footing with their South African counterparts.
iTunes, e-books
The fact that someone works as, say, a branch manager or agent for a bank does not mean they have express or implied authority to bind the bank to a transaction of any kind. They can only bind the bank to transactions which are the ordinary kind of business done by the branch manager or
If you choose an informal arbitration you will usually have to accept the outcome whether you like it or not.
In Reward Ventures 01 CC v Walker the arbitration agreement provided that the arbitration must be held “in a summary manner … on the basis that it shall not be necessary to observe or carry
Ruan Jooste’s interesting Business Day article raises the question whether tax structuring is under threat. Although it correctly reminds us that companies engaging in tax structuring need to proceed with caution, tax structuring is alive, well and lawful.
Getting advice on a balanced approach to tax structuring and implementing robust structures which achieve the best
Where the evidence demonstrates that a written contract does not express the true intention of the parties, the courts will read the contract as the parties intended it.
A US supreme appeal court found that Harleysville Insurance Company did not have to cover a police officer under a section of their policy covering law enforcement
A debtor who does not receive notice of a cession by the creditor to a third party is protected if the debtor continues to deal with the original creditor.
It is well-known that if the debtor pays the original creditor without notice of a cession the debt is discharged.
Principle not limited to payment
Anything
On 1 February 2013, the Financial Regulatory Reform Steering Committee published “Implementing a twin peaks model of financial regulation in South Africa” for public comment. This document sets out the proposed reforms to South Africa’s system of financial regulation. It proposes dividing the regulation of the financial sector into two bodies, the Prudential Authority, located
The guarantor must pay on demand
The appeal court has reaffirmed that an undertaking to make payment on receipt of a first written demand under a guarantee (in this case a construction guarantee) must be honoured by the guarantor as an autonomous obligation without question unless a fraud is being committed on it.
An on-demand
This is how you interpret a contract: