Tax on the Receipt of Foreign Pensions
South African tax residents are taxed in South Africa on amounts received by or accrued to them from worldwide sources and includes pension benefits, irrespective of where these amounts are paid. However, section 10(1)(gC) of the Income Tax Act exempts the following receipts and accruals: Any amount received by or accrued to a tax resident […]
Withholding taxes: practical considerations and best practices
Withholding taxes: practical considerations and best practices There are numerous considerations one must keep in mind when dealing with entities in foreign countries. One of these considerations is withholding taxes on services rendered in foreign countries and the various ways to claim these back, which we will discuss in more detail below. South African tax […]
Shareholder Relationships: Shareholder agreements, Memorandum of Incorporation and Memorandum of Understanding explained.
Shareholder Relationships: Shareholder agreements, Memorandum of Incorporation and Memorandum of Understanding explained. When starting a business, certain essential documents set the foundation and boundaries on how the internal relationship will be managed and the Company’s powers. One of these documents is a Memorandum of Incorporation (“MOI”), which, is the essence of each Company. It is […]
All you need to know about shareholders’ agreements
A shareholders’ agreement sets out how a private company should be operated and regulates the various shareholders’ rights and obligations. It is therefore important that a shareholders’ agreement be concluded at the beginning of the relationship to prevent disputes later on. The Companies Act No. 71 of 2008 (“the Act”) expressly recognises shareholders’ agreements. Section […]
What is a management buyout?
A management buyout (“MBO”) is a form of acquisition where a company’s existing management team acquire a large part, or all of the company, from either the parent company or from the private owners. MBO’s are conducted by management teams as they want to get the financial reward for the future development of the company […]
Is it possible to backdate an agreement?
A popular question which comes up during a consultation with a client when the drafting of commercial documents is discussed is, “what is the effective date of the transaction?” It is common practice that the effective date be expressly defined in the agreement, this is to indicate when the agreement will come into force and […]
Is dit moontlik om ‘n ooreenkoms terugwerkend van krag te maak?
’n Gewilde vraag wat opduik tydens konsultasie met ’n kliënt wanneer die opstel van handelsdokumente bespreek word, is “wat is die effektiewe datum van die transaksie?” Dit is gebruiklik dat die effektiewe datum uitdruklik in die transaksie bepaal word om aan te toon wanneer die ooreenkoms van krag en effektief sal word. Die effektiewe datum […]
Under what circumstances can a private company and/or close corporation be deregistered?
During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the directors and/or members decide to deregister the entity. A company or close corporation can be deregistered in one or more of the following ways: by means of a request from the […]
Onder watter omstandighede kan ’n privaatmaatskappy en/of beslote korporasie gederegistreer word?
Gedurende die registrasie van ’n maatskappy en/of ’n beslote korporasie verkry daardie entiteit regspersoonlikheid, welke regspersoonlikheid tot ’n einde kom wanneer die direkteure en/of lede die besluit neem om die entiteit te deregistreer. ’n Maatskappy en/of beslote korporasie kan gederegistreer word in een of meer van die volgende gevalle: deur middel van ’n versoek vanaf […]
Het ’n elektroniese handtekening op ’n dokument dieselfde regsgeldigheid as ’n handgeskrewe handtekening?
Die wêreld beweeg voortdurend na meer digitalisering en organisasies implementeer toenemend elektroniese en outomatiese oplossings om papiergebaseerde prosesse te verminder. Een van die vele oplossings is die elektroniese ondertekening van dokumente. Ondertekening van dokumente Daar kan na ’n handtekening verwys word as ’n merk wat deur ’n persoon gemaak word met die bedoeling om bepaalde […]