April 7, 2022

Are civil judgments susceptible to rescission?

On 11 March 2022, the Constitutional Court (CC) of South Africa granted leave to appeal and set aside an order from the High Court of South Africa (HC), Western Cape Division. The issue before the court in Barnard Labuschagne Incorporated v SARS was whether a certified statement filed by SARS that is treated as a civil judgment is susceptible to rescission. On 15 December 2017, SARS filed a certified statement in terms of section 172(1) of the Tax Administration Act, No. 28 of 2001 (TAA) with the Registrar of the HC, in which it recorded that Barnard Labuschagne Incorporated (BLI) […]
March 9, 2022

How to avoid exhausting your human resources

Everyone handles life’s pressures differently, which is no exception at the workplace. Some job-related stress may be unavoidable, such as leading a meeting for the first time, pitching new ideas to a client, or handling a difficult customer. However, as an employer, you might unintentionally contribute to your employees’ stress by overworking them, resulting in low staff morale, poor performances, fatigue, and more serious health issues. Unfortunately, many companies overlook these telling signs and act surprised when workers perform poorly due to exhaustion. If you want to avoid burnout among your staff and create an overall happier work environment, here are […]
March 9, 2022

How to become a DTMC

In 2013, the South African government introduced the Domestic Treasury Management Company (DTMC) regime to allow South African companies that are registered with the Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB) to expand into the rest of Africa and abroad. The DTMC Regime, in essence, allows unlisted companies to establish one subsidiary within the group as a DTMC, not only to hold offshore operations for foreign direct investment purposes but also domestic treasury management operations, without being adversely restricted by the exchange control regulations of the SARB. Incorporating a DTMC allows South African groups to avoid having […]
March 9, 2022

What to do if you suspect credit card fraud

Anyone who’s ever had the misfortune to fall prey to credit card fraud, knows that it’s a huge hassle. If you’re running a business, you should be aware that your business may be at an even greater risk of having its financial data compromised, which can have much more serious implications compared to that of an individual consumer. Unfortunately, even the most diligent business owner can become a victim. When illegal credit card transactions are performed, it is you who suffer the consequences. Not only do you have to foot the bill, but you also have to deal with the […]
March 9, 2022

How will the 2022 budget changes affect you?

The annual National Budget Speech was delivered on 23 February 2022 by Finance Minister Enoch Godongwana. Practitioners are getting to grips with some of the more pertinent changes that will become a reality for taxpayers, particularly in the individuals, employment and savings areas. Reviewing the timing of accrual and incurral of variable remuneration Section 7B of the Income Tax Act (1962) allows for the taxation of variable remuneration to be deferred to the date when the amount is paid to the employee rather than when it accrues to the employee. The act provides that any amount of variable remuneration paid […]
January 26, 2022

Do actions speak louder than words in the business world?

It’s one thing to claim your company is customer-orientated, but talk can be cheap regarding what matters most to your business. The businesses that serve their customers effectively don’t proclaim it on bold billboards; they prove it through offering efficient advice, paying consistent attention to detail, and delivering long-term quality results. These tangible actions create returning customers, leading to a healthy growing business. Whether you’re in the retail, financial, service, or medical industry, you’ll want to make a memorable impression on each customer passing through your doors. By implementing the following practices, you’ll be able to take your business to […]
January 26, 2022

Retirement saved from controversial tax proposal

When an individual ceases to be a South African tax resident prior to retirement from a South African retirement fund and becomes tax resident of another country, that individual’s interest in a retirement fund may, on payment of a lump sum or monthly pension, be subject to tax in the other country. The application of a tax treaty between South African and the country of tax residence may, in some instances, result in South Africa forfeiting its taxing rights – while the taxpayer benefited from tax concessions for contributions. Taxpayers who remain residents, only have access to their retirement interest […]
January 26, 2022

Is your disclosure “voluntary”?

In December 2021, the Supreme Court of Appeal (SCA) handed down a judgment dismissing an appeal against a decision of the Tax Court. The issue before the SCA was whether the South African Revenue Services (SARS) was correct in rejecting Purveyors South Africa Mine Services (Pty) Ltd’s (Purveyors) Voluntary Disclosure Programme application (VDP application) for non-compliance with the requirements for VDP relief, more specifically on the ground that it was not made voluntarily. In 2015, Purveyors entered into a dry lease agreement, in respect of an aircraft registered in the United States of America. Purveyors entered into an aircraft management […]
January 26, 2022

Make talent mobility work for your business

In today’s dynamic business environment, the need to adapt and keep up with client demands, changing market conditions, technology innovation, and increased globalisation, makes it imperative that companies proactively create a responsive workforce. This is where talent mobility comes into play. A talent mobility strategy enables high-performing employees to move around your organisation by strategically matching their individual skills with critical business needs. In other words, it allows you to move your best employees from one department or project to another as needed in order to maximise productivity and efficiency. The real value of talent mobility Consider the following: Talents are […]
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