August 7, 2018

UNDER WHAT CIRCUMSTANCES CAN A PRIVATE COMPANY AND/OR CLOSE CORPORATION BE DEREGISTERED?

During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the directors and/or members decide to deregister the entity. A company or close corporation can be deregistered in one or more of the following ways: by means of a request from the directors and/or members of the company or close corporation or a similar request by a third party in instances where the entity is no longer trading, has no assets or liabilities and there is no reasonable likelihood that it will be liquidated; by means of […]
April 11, 2017

INTEREST FREE LOANS WITH COMPANIES

The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. The increased rate brings into renewed focus what anti-avoidance measures exist in the Income Tax Act[1] that seeks to ensure that the dividends tax is not avoided. Most commonly, the dividends tax is levied on dividends paid by a company to individuals or trusts that are shareholders of that company. To the extent that the shareholder is a South African tax resident company, no dividends tax is levied on payments to such shareholders.[2] In other words, […]
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