Acknowledgment of debt, even indirectly, halts prescription
The High Court confirms that an acknowledgment of debt, even if not directly made to the creditor, interrupts the time limit for legal action.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Another amendment coming to curb tax avoidance when making an interest-free loan to a non-resident trust
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
An update on beneficial ownership registration filings
Cliffe Dekker Hofmeyr unpacks the requirements provided by the Companies and Intellectual Property Commission in Customer Notice 5 of 2024.
Acrimonious divorce: wife seeks order for husband to be locked up for not paying private school fees
Her refusal to agree to move the children to a public school has resulted in the children not attending school at all.
FIC to host another free webinar on how to complete risk and compliance returns
The relevant accountable institutions must submit the RCRs to avoid additional scrutiny or administrative sanctions.
FIC webinars on reporting unusual and suspicious transactions
There is a webinar for legal practitioners, trust and company service providers, estate agents, and high-value goods dealers.
Budget brings very little cheer for the average consumer
Financial experts from Momentum weigh in on how the Budget may impact consumers and taxpayers.
Budget 2024: bad news for personal income taxpayers
Here are the government’s proposals for PIT, the medical tax credits, the fuel levies, and the duties on alcohol and tobacco.
SCA ruling highlights the legal pitfalls of loans among ‘friends’
The Supreme Court of Appeal’s recent decision underscores the critical importance of understanding ‘transactions at arm’s length’ under the National Credit Act.
MBSE’s NCA courses: three ways for credit providers to comply
Moonstone Business School of Excellence’s engaging and interactive National Credit Act courses are tailored for industry professionals.
Government to withdraw R150bn from SARB’s gold and forex account to get a handle on debt
A proposed reform will see half the account’s R500bn distributed to a SARB contingency reserve (R100bn) and to Treasury (R150bn).
Multinationals will be subject to a minimum effective tax rate of 15%
SARS will apply a top-up tax on profits reported by qualifying South African multinationals operating in other countries with effective tax rates below 15%.
Treasury anticipates tax windfall from two-pot retirement system
Many fund members are likely to withdraw the seed capital from their savings component.
Whatever happened to … NHI?
The Minister of Finance says the R1.4 billion allocation demonstrates the government’s commitment to National Health Insurance.
Whatever happened to … a basic income grant?
Changes are afoot to the qualifying criteria for the Social Relief of Distress grant, for which provisional expenditure has been allocated to 2027.
CEO ‘guilty of negligence’ after firm suffers R15m fraud
The loss equated to more than 20% of the company’s annual profit, based on the exchange rate at the time of the incident.
How much tax you may have to pay to fund NHI
The substantial tax increases would have to be implemented in an already tough economic environment, says a report by FTI Consulting.
