What a Wicked Web We Weave, When We Issue Bogus VAT Invoices To Deceive!

Author: PwC Cash-strapped companies that are staring liquidation in the face sometimes resort to desperate measures to convince the court hearing an application for winding-up that they are not, in fact, insolvent and should not be wound up. A novel and imaginative method was adopted by the company, a VAT vendor, in ITC 1865 (2013) [...]

Carbon Credits (and a Little VAT Fraud)!

Alastair Morphet, Director, Tax, Cliffe Dekker Hofmeyr In July 2012, a matter came before Sir Andrew Morritt in the Chancery Division in England, concerning the trading in carbon credits in the European Union. The case was referenced as Bilta (UK) Ltd (In Liquidation) v Nazir [2012] EWHC 2163 (Ch). Bilta, a company incorporated in England [...]

Avoiding insolvency

ISSUED ON BEHALF OF THE IoDSA BY PR REPUBLIC.  What you need to know about Business Rescue under the New Companies Act South Africa is one of the few countries without a well-established business rescue regime. However, according to the Institute of Directors in Southern Africa (IoDSA), this is all set to change in April [...]

Getting your money back from an insolvent estate…

Steven Jones Moneywebtax … and the tax pitfalls you need to watch out for. So you`ve sent out the nasty letters, paid thousands in legal fees, and having reached the end of your tether, you have put your debtor into liquidation. Finally, you will get what is owed to you, right? Well, it`s not quite [...]

THE PRIME CUTS

By Matthew Lester Personal Finance News The R1 million capital gains tax exemption on profits from the sale of privately-owned primary residences was not enough to persuade many taxpayers with residences owned by companies, close corporations and trusts to transfer ownership into their own names. But since Finance Minister Trevor Manuel tweaked the tax laws [...]

New rules apply on profit from liquidation

Sanchia Temkin Business Day Companies in the process of winding down now have to pay secondary tax when they realise capital profit on the sale of their assets. The Revenue Laws Amendment Act 2002, which came into effect last year, means that companies realising capital profit on the sale of their assets or deregistration will [...]

Bankrupt companies to pay taxman more

By Sanchia Temkin Business Day The taxman will in future get a bigger slice of the cake when companies are liquidated, leaving less money to distribute to other creditors, writes Sanchia Temkin. Companies now in the process of winding down have only to pay the SA Revenue Service (SARS) outstanding taxes, with SARS ranking as [...]