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PKF West Rand

Global expertise with local knowledge

Latest news from PKF West Rand

13 12 2016

Offshore companies and doing business in South Africa - A Companies Act Perspective

According to the most recent statistics released by the South African Revenue Service, South Africa remains a net importer of goods and services. Put differently, one could say that South Africans are more often clients in cross-border transactions than they would be the service provider. Many of our clients operate in this space, including foreign incorporated companies which are doing business in South Africa. This article is aimed at those specific clients of ours: those clients doing business in South Africa through companies incorporated outside of South Africa.

13 12 2016

New Transfer Pricing Documents Required

The transfer pricing regime in the Income Tax Act, 58 of 1962, is regulated by section 31 of that Act. It in essence requires that cross-border transactions be entered into on an arm’s length basis where connected persons transact with one another. The obvious mischief sought to be countered is for connected persons to charge fees between one another to ensure that the party in the most tax beneficial regime is more profitable than the taxpayer in the more onerous tax jurisdiction.

13 12 2016

Asset-for-share transactions: Tax Free Restructure

The Income Tax Act, 58 of 1962, contains several so-called ‘group relief’ provisions in terms whereof corporate restructures can take place on a tax neutral basis.  One of these is if a transaction comprises an ‘asset-for-share transaction’, or put simply:  where a company purchases an asset in exchange for which that company agrees to issue shares to the seller.

25 09 2016

PKF Newsletter Edition 3 2016

For many years government has been hostile to trusts. In the latest draft Bill of 2016 taxation amendments, a provision has been inserted on Trusts.

12 09 2016

SPECIAL VOLUNTARY DISCLOSURE PROGRAMME (SVDP)

As you will recall in the Budget Speech the Minister of Finance proposed a Special Voluntary Disclosure Programme (SVDP) to enable South African resident to regularise foreign exchange transactions and the income tax consequences arising therefrom.

12 09 2016

YOUR SME: KING IV CORPORATE GOVERNANCE CODE MAY APPLY TO YOU

The King reports over the last two decades have become locally and globally synonymous with good governance. To date the King Codes have had limited impact on small and medium enterprises (SMEs).

12 09 2016

A GOOD NEWS STORY: FARMING IS DOING BETTER THAN WE THINK

One of the stories that underpins the current wave of pessimism around our economy is farming. We read stories about:

12 09 2016

BE PREPARED AS GOVERNMENT TAKES AIM AT TRUSTS

For many years government has been hostile to trusts. In the latest draft Bill of 2016 taxation amendments, a provision has been inserted on trusts.

01 07 2016

THE COMPANIES ACT’S SOLVENCY AND LIQUIDITY TEST

The solvency and liquidity test in section 4 of the Companies Act, 71 of 2008, presents arguably one of the most important requirements of that Act. Without satisfying this test, a company cannot declare dividends, cannot provide loans and other forms of financial assistance to directors or to prospective shareholders to enable the latter to subscribe for shares in the company, to name but a few examples. Where directors act in contravention of the prohibition in considering whether a company may enter into a transaction, they may be held personally liable for damages or losses suffered as a result (see section 77(3)(e)).

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