New Companies Act has ‘Ripple Effect’ on other laws

Published in www.fin.com Unanticipated and far-reaching effects on the Income Tax Act of provisions in the new Companies Act are now being realised, said Ernie Lai King, head of Tax at Deneys Reitz, in a Fin24.com report. He said there had clearly been an ‘information short-circuit’ in drawing up the new Act, when attention had [...]

Continuous professional development: stay current in a changing world

SAIPA Media release: PR Republic Given the continuous changes to the rules and regulations which surround the accounting profession, it is a professional necessity for effective accountants to stay abreast and up to date. Continuous professional development, says Shirley Olsen, board member of the South African Institute of Professional Accountants, ensures that you not only [...]

Six new tax changes that affect you

ENS Tax Flash Moneywebtax Treasury provides clarity. Some will make you weep others will be cause for celebration. The Draft Taxation Laws Amendment Bill, 2010 has been released for public comment. The Bill proposes various effective dates for the amendments contained therein. . In this note, we highlight some of the significant new changes. The [...]

Starting a new business

David Warneke Cameron & Prentice What is the best business entity for your tax needs? With the worst of the recession seemingly behind us, many South Africans are considering starting new businesses. There are a variety of reasons for this, ranging from retrenchment to bargain spotting, but regardless of the reason, the importance of getting [...]

Directors can expect heightened shareholder activism under new Companies Act

Chartis SA Directors and officers, charged with making difficult management decisions in the course of their work, may face heightened litigation once the new Companies Act comes into effect in later this year. Increased litigation may also cost directors millions in their personal capacity. Key provisions in the new Act will raise directors accountability to [...]

SA bucks global trend of rising tax controversy, litigation

Sanchia Temkin Business Day THE global economic downturn has highlighted the pressure on tax departments to manage risk and create value, according to a new study by KPMG International. Given the expanded public deficit and the ways in which tax authorities are trying to collect as much revenue as possible, increased tax controversy and litigation [...]

SAICA media release: New Companies Act’s “damaging” provision

Meropa Communications Johannesburg, Monday, 1 March 2010 – One of the most damaging provisions in the new Companies Act is the removal of the requirement for non-public companies to be audited. So contends Ashley Vandiar, Project Director of Auditing at the South African Institute of Chartered Accountants (SAICA). The new Companies Act removes the requirement [...]

Conduct and liability of directors in terms of the new Companies Act

Willie Coetzee marketing@wylie.co.za The new Companies Act 71 of 2008 is scheduled to come into operation by July this year, and although this appears to be increasingly unlikely, company directors including alternates, prescribed officers and members of board committees should ensure that they know the Act’s contents and their liability. Of particular importance is part [...]

Corporate governance: King III has arrived

Kabby Esat marketing@wylie.co.za On March 1 2010 the revised King Code of Governance for South Africa, 2009 – the King III report or simply King III – will come into effect. Based on an “apply or explain” approach, in the context of listed companies, in preference to the potentially mindless “comply or explain” or the [...]

THE FUTURE FOR CLOSE CORPORATIONS

SAI The new Companies Act, which is expected to come into operation during the year, will have a profound effect on the way business is done in South Africa, and in particular, on the future of close corporations (CC’s). A close corporation is an inexpensive and simple method to establish and maintain a business which [...]