Medical scheme trustees cannot take a business as usual approach during the COVID-19 pandemic. Boards should be giving thought to the value of their reserves and whether using such reserves would be of benefit to members. At a minimum, trustees need to understand the options available to them when considering using scheme reserves.
In terms
The Minister of Finance announced tax relief measures in an attempt to assist small to medium businesses in the face of COVID-19. But what tax relief is available to taxpayers who fall outside the ambit of these new measures?
Instalment payments
Taxpayers unable to pay tax debts due to economic instability caused by the pandemic
Businesses across the country are facing serious headwinds.
South African law requires that directors must exercise their powers in the best interests of the company, and with the degree of care, skill and diligence that may be reasonably expected of a person carrying out those functions. Directors can be held personally liable, and are now
Limiting risk in a pandemic
The effects of COVID-19 on the economy has led to many companies facing the possibility of being declared financially distressed. The mounting pressure on directors to appropriately fulfil their duties in response to this crisis will continue into the foreseeable future.
Risk advisory: Practical considerations and steps for directors
While
Where a director has taken reasonable steps to become informed of a matter and has made, or supported, a decision in relation to that matter (which they rationally believed was in the best interests of the company), then that director cannot be seen to have breached their fiduciary duties if the decision later turns out
On 26 March 2020, the Minister of Employment and Labour issued a Directive that set out the requirements for the newly established COVID-16 TERS benefits (the Temporary Employer/Employee Relief Scheme). These benefits were provisioned to alleviate the economic impact of the national disaster by assisting employers to pay their employees during the closure of their
COVID-19 is affecting businesses globally. However, its impact on the broad-based black economic empowerment (BEE) status of a business is an effect which is unique to South Africa.
Here are 10 things to know about the potential effects of COVID-19 on BEE and your business:
1. BEE verifications can still be conducted
The South African
The answer to this question posed by the media, probably lies in the National Health Act (the Act).
The Act provides that all information concerning a patient, including their health status, treatment or stay in a health establishment, is confidential. This information may not be disclosed unless:
A clear and unambiguous exclusion clause may be relied upon to avoid liability for damages arising from the negligent failure to fulfil a contractual duty. The wording of the exclusion clause must, however, specifically mention the extent to which liability is excluded. The courts generally interpret an exclusion clause as not covering negligent conduct if
The content of a recent Companies and Intellectual Property Commission (CIPC) practice note in which the CIPC committed not to exercise its powers relating to temporarily insolvent companies must not be confused with the solvency and liquidity test. The board of a company is still obliged to fully apply the solvency and liquidity test wherever