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South Africa

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In Corporate Compliance

South Africa: Important CIPC notices for companies and close corporations

by and 7 Mins Read

The Companies and Intellectual Property Commission (CIPC) has issued several notifications that are of high importance to businesses with operations in South Africa.
The notifications concern:
• A security compromise as per section 22 of the Protection of Personal Information Act (2013)
• Processes regarding the proof of physical address of companies and close corporations in South Africa
• More information concerning the Annual Return Deregistration Process of Companies and Close Corporations
• Details of the delays expected in processing company and close corporation re-instatement applications and responding to enquiries
• Information concerning the Beneficial Ownership Reviewer System
• Details regarding integration of the Foreigner Assurance Process with Beneficial Ownership.

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In AML & Financial Services Regulatory

Africa: The African Continental Free Trade Area Investment Protocol – The start of a new era in sustainable trade and investment

by and 7 Mins Read

The African Continental Free Trade Area (AfCFTA) is expected to boost intra-African trade by more than 81 percent in the next decade. To ensure such advantages are obtained, a number of AfCFTA Protocols have been developed to facilitate sustainable investment and harmonize policy and regulations across African Union member states, including a Protocol on Investment. The Investment Protocol provides the continent with a clear set of guidelines and principles to expedite financing and investment across the continent’s new free trade zone. With trade finance considered a critical enabler of cross-border investment in Africa, the Investment Protocol is also assisting development finance institutions, increasingly important in bridging Africa’s trade finance gap, to more seamlessly support such investment.

In Tax

South Africa: A different perspective – Lance Dickson Construction CC v. Commissioner for the South African Revenue Service

by 11 Mins Read

In the case of Lance Dickson Construction CC v. Commissioner for the South African Revenue Service, the High Court had to determine whether the Tax Court’s confirmation of SARS’ decision to levy understatement penalties was correct. This article discusses the decisions made by the Tax Court and, subsequently, the High Court, which have important implications for taxpayers, SARS, the courts, and tax practitioners in South Africa.

In Tax

South Africa: Breaking the code – Crypto and tax compliance

by and 4 Mins Read

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.

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In Employment

South Africa: A woman’s place is in business

by 5 Mins Read

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.

In Employment

South Africa: Do we really have stringent labour laws?

by 7 Mins Read

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.

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