The South African national budget speech was delivered on 25 February 2015 by the Minister of Finance, Minister Nene. Have a look at our tax team’s review of the South African National Budget 2015.
South African National Budget 2015
USA/SA FATCA agreement now prevents secret investments
In February 2014 SARS announced that the implementation date of the FATCA Agreement with the USA was 28 October 2014.
What does this mean?
FATCA is the international agreement imposed by the USA on all signatories (which in effect means any country wishing to remain on cordial financial terms with the USA) under which financial
Pre-incorporation contracts may bind you personally
This is a reminder that a person (company or individual) who enters into, or purports to act for, a company still to be incorporated under the Companies Act 2008 is jointly and severally liable for liabilities under the pre-incorporation contract if the entity is not incorporated or doesn’t fully adopt the pre-incorporation agreement.
House owners insurance: Cost of rebuilding on the original site
A New Zealand court discussed the question whether the right of an insured to an indemnity on the basis of the ‘cost of rebuilding on the original site’ has any meaning where it is not possible to build on that site because it had been devastated by an earthquake. In these circumstances, the notional full
Acknowledgement of debt is credit agreement but once-off loan does not require a registered credit provider
The high court has confirmed that a simple acknowledgement of debt is a credit agreement as envisaged in section 8(4)(f) of the National Credit Act, 2005.
But a credit provider who only enters into one such agreement does not have to register as a credit provider under the NCA even if the principal debt is
The disclosure test is in the insurance act
Section 59 of the Long-term Insurance Act and section 53 of the Short-term Insurance Act deal with misrepresentation and non-disclosure. The supreme court of appeal’s judgment in Visser v 1 Life Direct Insurance Limited correctly founded the entitlement of an insurer to reject a claim on statute.
The insurance acts say that a policy cannot
Intent is key to fidelity claim – US judgment
A New York appeals court referred a matter to trial on the issue whether a bank could seek coverage under a fidelity bond issued by an insurer for losses, after the bank’s employee mishandled a $20 million loan to a developer. The relevant issue is the employee’s intent.
There would have to be evidence that
US Regulators highlight importance of pre-acquisition due diligence to avoid liability for corruption
Increasing enforcement of anti-bribery and corruption regulations and an increased focus on compliance have made a pre-acquisition compliance due diligence a common feature of cross-border M&A transactions in Africa and elsewhere. Many experienced transaction attorneys and dealmakers will be aware of the limits of even the most thorough due diligence. This has led to concerns
Serious consequences if you use money mistakenly transferred into your account
In the digital age, more and more people are using electronic banking. The risks associated with electronic banking include typing errors which result in money being transferred to an incorrect account or more money being paid than is due. If a person receives money mistakenly transferred to their account and uses that money, knowing that
Credit providers who overcharge may have to repay consumers
The National Credit Act (NCA) sets out the maximum service fees allowed in credit agreements. The supreme court of appeal in Barko Financial Services v National Credit Regulator confirmed the National Consumer Tribunal’s power to order reimbursement by credit providers to consumers for service fees paid in excess of the statutory limits.
The extra fee