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So far pietervdm has created 333 blog entries.

Who could qualify to have their debt written off in 2018?

On 24 November 2017, the draft National Credit Amendment Bill (“Amendment Bill”) was published for public comment.  The Amendment Bill is expected to have a significant impact on the lives of hundreds of thousands of South Africans, as well as large parts of the banking and finance sector in South Africa.  The Amendment Bill seeks [...]

National Minimum Wage – new territory for South Africa and the CCMA

On the 29th of May 2018, the National Assembly passed the National Minimum Wage Bill, which seeks to improve the lives of South African’s falling within the low-income bracket. The Bill proposes minimum wage set at R 20 per hour which, based on a 45-hour week equates to R 3 900 per month. A looming question [...]

Is an Acknowledgment of Debt regulated by the National Credit Act?

The purpose of the National Credit Act, No.34 of 2005 (“NCA”) is to promote a fair and non-discriminatory marketplace for access to consumer credit and in order to achieve such aims, the strict regulation of consumer credit and improved standards of consumer information is paramount. The NCA places the onus on the credit providers to [...]

Should South African businesses comply with the General Data Protection Regulations?

The General Data Protection Regulation (“GDPR”) is created by the European Parliament, the Council of the European Union and the European Commission, to consolidate and unite data protection for EU citizens. The GDPR governs any data processing activities performed by a controller in the European Union (“EU”).  The GDPR furthermore applies to all processing of [...]

Pacta servanda sunt v Ubuntu

Section 39(2) of the Constitution requires that the spirit, purport and objects of the Bill of Rights must be promoted when interpreting legislation, and when developing the common law or customary law. In the matter of Mohamed’s Leisure Holdings (Pty) Ltd v Southern Sun Hotel Interests (Pty) Ltd 2018 (2) SA 314 (SCA) (Mohamed’s v [...]

A Brief Introduction to BEE Compliance

The government of South Africa embarked on a comprehensive programme to provide a legislative framework for the transformation of South Africa’s economy. The Broad-Based Black Economic Empowerment (“B-BBEE”) Act provides a legislative framework for the promotion of black economic empowerment (“BEE”), empowering the Minister of Trade and Industry to issue Codes of Good Practice and [...]

How does taxation affect cryptocurrencies in South Africa?

Cryptocurrencies are increasing in popularity in South Africa. One of the key issues is how do taxation laws affect cryptocurrency in South Africa. Is the use of cryptocurrency legal in South Africa? Simple answer, yes, it is. The complicated part is, is whatever you are doing with the cryptocurrency legal? For most of us, the [...]

Tag and Drag

The importance of a water-tight shareholders’ agreement that is in line with the company’s memorandum of incorporation and the provisions of the Companies Act, No. 71 of 2008 (“Companies Act”) cannot be emphasized enough. A shareholders’ agreement that is not drafted in line with its own memorandum of incorporation and the Companies Act is void [...]

SARS is allowed to dig into your bank account

Be aware when you have outstanding tax debt as the Tax Administration Act 2011, as amended (TAA), empowers the Commissioner of the South African Revenue Service (SARS) to appoint a third party to withhold and pay over to SARS any amounts due by a taxpayer in terms of the relevant tax Act.  Such a third [...]

Thin Capitalisation

Companies are funded (“capitalised”) in two ways, namely through a mixture of debt and equity. In certain instances, interest payments incurred in the production of income are deductible for tax purposes, while distributions in the form of dividends are not tax deductible. The way in which a company is structured, ie the company’s debt to [...]

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