Recent articles
Con Court Sets the Record Straight: Tax judgments can be rescinded
8th August 2022
If a taxpayer owes money to SARS and does not pay, SARS may file a certified statement with a competent court, which will be “treated as a civil judgment” (section 174 of the Tax Administration Act 28 of 2011 (“TAA”)).
Recently the Constitutional Court finally set the record straight in Barnard Labuschagne Incorporated v South African Revenue Service and Another [2022] ZACC 8 by finding that tax judgments are rescindable.
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More transparency or more trouble? A look at the Companies Amendment Bill, 2021
26th July 2022
If passed, the Companies Amendment Bill will be the first substantive amendment to the Companies Act since it came into force in 2011
The Bill includes a contentious requirement for large companies to disclose their executive remuneration policy to the shareholders for approval including a ratio comparing the compensation of the highest-earning employees with that of the lowest-earning employees
The Bill controversially imposes reporting requirements on large companies to make certain company records, such as annual financial statements and shareholder information relating to true share ownership, available to third parties including government institutions, labour unions and the general public
The Bill tightens the requirements relating to corporate disclosure of true share ownership by obliging companies to request from registered shareholders information about the persons who in fact control their shareholdings
There is no clear timing for the enactment of the Bill
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Electronic signature of sale of immovable property agreements – what’s new?
14th June 2022
Of course each case has to be tried on its own facts and merits based on the particular circumstances, but until there is absolute certainty on the matter in the form of an amendment to the relevant legislation to specifically cater for signatures of land sale agreements in this manner, or a Supreme Court of Appeal ruling confirming this stance, we strongly advise against signing any agreement for the alienation of land other than by way of the traditional wet ink on paper.
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Real change to the real estate industry: how does the Property Practitioners Act affect your firm?
22nd March 2022
The new Property Practitioners Act provides a substantive change to the real estate market in South Africa with a bigger focus on transformation and consumer protection
The Act introduces new restrictions on the conduct of ‘property practitioners’ in their interactions with consumers, including obligations relating to the display of Fidelity Fund certificates and the completion of a mandatory disclosure form
In line with its transformative aims, the Act requires property practitioners to be in possession of a valid BEE certificate for them to receive Fidelity Fund certificates
The Act imposes new requirements for the training of ‘candidate property practitioners’ and imposes heightened transparency in practitioners’ management of trust accounts and accounting records
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