Blockchain’s interface with traditional institutions and financial systems provides revenue authorities with a digital trail, and with the growing risk of tax evasion and fraud in crypto-investments, authorities are incentivized to pursue recalcitrant taxpayers. Aside from good governance considerations, the financial risks of tax non-compliance are high. This article looks at recent developments in tax regulations for cryptocurrency in South Africa.
The Broad-Based Black Economic Empowerment Act and its regulations govern the effective participation of black people in the South African economy. They aim to redress the historic economic inequalities as a result of apartheid, which excluded a large portion of the South African population, being black people, from the primary economy. The impact of apartheid was particularly damaging to the ability of black women to meaningfully participate in the economy.
Baker McKenzie’s Sanctions Blog published the alert titled US issues new sanctions designations related to Russia and Iranian drones, signaling continuously increasing risks on 21 September 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
We are delighted to invite you to our Baker McKenzie Middle East Customs and Transfer Pricing Briefing.
Hosted at our Dubai International Financial Centre (DIFC) office on 12 October 2023 at 8:30 – 11:30 am GST, the session is designed to provide you with first-hand insights from our Middle East and international experts in the fields of Customs, Transfer Pricing and VAT.
Important amendments to the Companies Act, No. 71 of 2008, which came into effect on 1 April 2023 and the Companies Regulations, 2011, which came into effect on 24 May 2023, have implications for companies registered and incorporated in accordance with the laws of South Africa.
South Africa’s employment laws are viewed as more rigid than those in various other developing markets, but they are also not as stringent as those in many other markets. In addition, the country’s labour dispute resolution landscape is considered to be more effective than those in many other developing markets. Elements of stricter labour laws are needed when considering the country’s history of inequality, warranting a heightened need for measures to protect employees’ rights.
The law addresses for the first time the processing of personal data via autonomous and semi-autonomous systems
South Africa’s trade relationship with China is growing, resulting in several announcements regarding trade at the BRICS Summit in August 2023. Among the announcements was the news that Chinese companies had signed deals to buy South African products worth around USD 2.2 billion. Also announced were plans for China to import more South African beef and other South African agricultural products, as well as the donation of Chinese energy equipment worth USD 8.9 million to South Africa, in addition to a grant valued at USD 26.9 million to assist the country with its energy crisis.
We are delighted to invite you to the Baker McKenzie Middle East Tax Forum in Dubai on Wednesday, 18 October 2023 – a full day of interactive discussions on tax updates across the Middle East and a special focus on the impact of global tax policy developments such as Pillar 1 and Pillar 2 (Global Minimum Tax).
The Central Bank of Egypt recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of a growing Egyptian financial market.