Without Prejudice - Volume 11, Issue 11, 2011
Volume 11, Issue 11, 2011
Author David GleasonSource: Without Prejudice 11 (2011)More Less
As this issue, the last of 2011, was going off to the printer, Stats SA came out with a statement that we all take for granted. It was to the effect that corruption is fast becoming endemic to the country. Reading this in an official communiqué from a state institution brings home the gravity of the situation.
Author Myrle VanderstraetenSource: Without Prejudice 11 (2011)More Less
2011 proved a difficult year for many individuals, companies and countries; the global economy was dismal and the downward trend shows no sign of abating, as David Gleason graphically describes in from my window; the so-called Arab Spring that began in December last year is far from over; many people have lost their lives, and nearly 29 000 people died in the devastating tsunami and earthquake that hit Japan while hundreds of Americans lost their lives in tornadoes that hit the country.
Author Beric CroomeSource: Without Prejudice 11, pp 6 –7 (2011)More Less
The Tax Administration Bill (TAB) was introduced in the National Assembly in June. The Standing Committee on Finance (SCoF) was formally briefed on the TAB in August and, subsequently, in September SARS released its formal response document on the submissions received on the TAB.
Author Tumelo TshayaSource: Without Prejudice 11, pp 11 –12 (2011)More Less
The current s11D of the Income Tax Act (58 of 1962) provides for research and development (R&D) incentives which include a 150% deduction of operating expenses and accelerated depreciation of any building or part thereof, machinery, plant, implements, utensil or article.
Author Lesley MamanSource: Without Prejudice 11, pp 12 –13 (2011)More Less
In the case ITC 1835 the Tax Court in Kimberley deliberated on whether a debt due to a deceased estate had been discharged for no financial consideration and was therefore subject to Capital Gains Tax (CGT) on the full value of the claim in terms of paragraph 12(5) of the Eighth Schedule to the Income Tax Act.
Author Aimee GirdwoodSource: Without Prejudice 11 (2011)More Less
The codification of ESG considerations in responsible investment decision-making and the emphasis on transparency and good corporate governance in the new Companies Act have been endorsed by industry in the form of a number of non-mandatory codes including PRI, King III and CRISA.
Source: Without Prejudice 11, pp 19 –20 (2011)More Less
Can the results of a Muslim polygamous marriage prevent a bank from enforcing its security? This was at the core of a recent opposing affidavit. The bank in this instance is owed around R10m by a company which has, inter-alia, registered mortgaged bonds over three properties owned by the surety of the company.
Author Neil MackenzieSource: Without Prejudice 11, pp 21 –22 (2011)More Less
This article examines the incentives motivating whistleblowers when tipping off the competition authorities about cartel conduct. It suggests that, following the guidance of the European Courts, the statements that whistleblowers provide should be assessed cautiously and supported by corroborative evidence.
Author Susan BarronSource: Without Prejudice 11, pp 23 –24 (2011)More Less
When submitting a complaint to the Competition Commission, it is important that the prescribed form is used and that sufficient particulars are provided in respect of the respondent and the alleged anti-competitive conduct. If this isn't done the complaint may be found to be non-existent. This was the fate suffered by the Commission in the recent Competition Appeal Court (CAC) decision involving two fertilizer businesses, Yara and Omnia.
Author Gail SchimmelSource: Without Prejudice 11, pp 24 –25 (2011)More Less
Aaah - lucky me! The proud recipient of the very latest Code of Advertising Practice updates. No finer opportunity to stretch my lawyer's brain in the on-going business of trying to understand what the ASA intends with a particular update, why it was done, and what it will mean to my clients. And the latest changes (Service edition 19) give me some fine food for thought - in particular an innocuous looking little addition to Clause 4 which states, "All complaints, by consumers or competitors, regarding medicinal claims, excluding complementary medicines, must be lodged in terms of Appendix A".
Author Yaniv KleitmanSource: Without Prejudice 11, pp 26 –27 (2011)More Less
Under s311 of the previous Companies Act (1973), the scheme of arrangement was a very useful tool in corporate restructurings, reorganisations and takeovers. Its fundamental premise was that a scheme proposed by a company would, if supported by a certain majority of scheme members (being shareholders or creditors, or both) and if sanctioned by the high court, bind all scheme members, even those who did not vote in favour of the scheme.
Author Natasha BouwmanSource: Without Prejudice 11, pp 28 –30 (2011)More Less
Legally, the term "representative director" does not exist, nor does it form a special category of director. A "representative director" is a director as any other and legally has the exactly the same duties and responsibilities as all other directors. This article refers to "representative directors" to indicate those who may be expected to represent the interest of the appointing entity.