This article, written by Clara Hansen, Candidate Attorney, and Angelo Tzarevski in Antitrust & Competition Practice, Johannesburg provides details on the Draft Block Exemption Regulations (“Regulations”) for Small, Micro and SMMEsMedium-Sized Businesses (SMMEs), which were published on 31 August 2022 after consultation with the Competition Commission. The Regulations are intended to enable collaboration between SMMEs and promote the growth and participation of SMMEs in the South African economy.
The Ministry of Forestry, Fisheries and the Environment in South Africa has published a notice excluding the development and expansion of solar photovoltaic facilities, including any associated activity or infrastructure from the requirement to obtain environmental authorization in terms of the National Environmental Management Act. Members of the public have 30 days from the date of publication (8 September 2022) to submit comments on the draft notice. The proposed exclusion for solar photovoltaic facilities presents opportunities for independent, small-scale power producers and is considered to be a step forward for the government in terms of its commitment to energy transition and to securing a reliable supply of clean energy in the country.
The Financial Sector Conduct Authority (FSCA) in South Africa has issued a notice to request information relating to ownership from certain financial institutions in South Africa. The required information must be submitted online by 30 September 2022, and failure to do so will constitute an offense.
Carbon tax was introduced in 2019 to assist South Africa to deliver on commitments made in the Paris Agreement in 2015. This tax is expected to increase in the years ahead, and carbon-intensive businesses have spoken out about the negative impact of this tax on their bottom lines, especially as they continue to recover from the pandemic and invest in energy transition infrastructure. As the clean energy industry grows, so does the need for specific incentives or legislation to deal with certain spin-offs from the measures introduced to reduce exposure to carbon tax. As such, more policies that incentivize the reduction of carbon emissions and the transition to clean energy are likely to be announced in the coming years.
The Tax Administration Act in South Africa permits the warrantless search and seizure of a taxpayer’s property by the South African Revenue Service, which plays an essential role in ensuring that taxes are collected in an efficient and effective manner. However, this has been under scrutiny for many years due to its potential to infringe the right to privacy as enshrined in the South African Constitution. A recent case highlighted this matter and the circumstances under which such procedures may be carried out.
South Africa is an African fintech frontrunner, with several recent regulatory developments taking center stage as the country prepares to fully adopt fintech and its various sub-segments. South Africa also has specific compliance and due diligence issues that must be addressed before and during fintech transactions.
This article, by Francis Mayebe, Candidate Attorney in the Tax Practice in Johannesburg and Virusha Subban, Head of the Johannesburg Tax Practice, looks at the criteria and guidelines for voluntary tax disclosure in South Africa. The article outlines a recent case, and analyses the meaning of “voluntary” within the context of the voluntary disclosure program in South Africa.
The Kenyan Government, in its latest Finance Act 2022, has enacted some key changes in the area of direct tax. This article, written by Francis Mayebe, Candidate Attorney in Johannesburg, and Virusha Subban, Partner and Head of the Johannesburg Tax Practice, highlights an important update on the country-by-country reporting threshold for multinational companies.
The recently signed United States-Kenya Strategic Trade and Investment Partnership focuses on enhanced engagement, increased trade and investment, and sustainable and inclusive growth that is beneficial to both countries. The agreement aligns with the US’s renewed Prosper Africa initiative, announced a year ago.
The Partnership for Global Infrastructure Initiative (PGII) was launched in June 2022 at the G7 Summit in Germany. The PGII is a USD 600 billion lending initiative to fund infrastructure projects in the developing world, with a particular focus on Africa. One of the aims of the initiative is to help address the massive infrastructure investment gap in Africa.