corporate and commercial law

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TAX UPDATE - 2011 FOURTH QUARTER
Thursday, January 19, 2012

PUBLICATION OF THE ELECTRONIC COMMUNICATIONS AMENDMENT BILL, 2011
Tuesday, November 08, 2011
The Department of Communications (DoC) published the Electronic Communications Bill, 2011 for public comment on 4 November 2011. The notice indicates that the DoC wishes to submit the Bill to Parliament during the course of the 2012 Legislative Programme.

TAX UPDATE - 2011 THIRD QUARTER
Monday, October 17, 2011

TMT UPDATE: OWNERSHIP AND CONTROL IN THE TELECOMMUNICATIONS, MEDIA AND TECHNOLOGY SECTORS
Tuesday, October 11, 2011
Recent months have seen important developments in the development of the policy framework for the regulation of ownership and control in the Information and Communication Technology (ICT) sector with the publication of the draft ICT Sector Charter by the Minister of Trade & Industry for public comment on 10 June 2011 and the publication by the Independent Communications Authority of South Africa (ICASA) of its Findings Document on the Review of Ownership and Control of Commercial Services and Limitations on Broadcasting, Electronic Communications Services and Electronic Communications Network Services (Findings Document) on 15 September 2011.

BANKING AND FINANCE AUGUST 2011 NEWSLETTER
Monday, September 05, 2011
The Department of Trade and Industry recently announced that in accordance with section 5(4) of the Consumer Protection Act, 2008 (the CPA) certain industries are exempt from various specified sections of the CPA. In this regard various provisions of the CPA, including Chapters 3 (Protection of Consumer Rights and Consumer’s Voice) and 6 (Enforcement of the Act) are not to be applied to the Collective Schemes, Pension Funds and Security Services industries.

AUGUST 2011 TAX NEWSLETTER
Tuesday, August 30, 2011
A draft Taxation Laws Amendment Bill of 2011 was publicly released on 2 June 2011, which contained many far reaching changes. The Bill proposed provisions with retrospective effect, for example th 18-month suspension of section 45 (intra group transactions) of the Income Tax Act, no 58 of 1962 ("the ITA").

DRAFT CUSTOMS CONTROL BILL RELEASED FOR SHORT SECOND ROUND OF COMMENT
Tuesday, August 23, 2011
The Customs and Excise Act No. 91 of 1964 (“Act 91 of 1964”) is in the process of being re-written in its entirety. Once the re-write process is complete, Act 91 of 1964 will be superseded and will be replaced by a Customs Duty Act; a Customs Control Act and an Excise Duty Act. On 18 April 2011 a second draft of the Customs Control Bill (“Draft Customs Control Bill”) was released for a short round of comment. Comments are due by 16 May 2011.

REVISED PROPOSALS REGARDING HYBRID EQUITY INSTRUMENTS AND THIRD PARTY BACKED SHARES - SECTIONS 8E AND 8EA
Thursday, August 11, 2011
One of the proposed amendments was intended to increase the redemption period central to the application of section 8E from 3 years to 10 years. If the proposal became law, it would have meant that in order to avoid the application of section 8E, an investor would have had to hold a share for at least 10 years and a day before redemption, which usually would not be feasible. Another proposal relating to section 8E was intended to extend the application of section 8E to foreign dividends, with the consequence that both domestic and foreign dividends received or accrued in respect of a hybrid equity instrument would be deemed to be interest in relation to their recipient. The reaction to the proposal to increase the redemption period was that it would place many funding structures at risk.

INTEREST DEDUCTIBILITY ON SECTION 44, 45 AND 47 TRANSACTIONS
Friday, August 05, 2011
Section 45 allows the transfer of assets within a group of companies tax-free. The section gives companies “roll-over relief” and facilitates transfers between group companies.

LIQUIDATION AND PERSONAL INSOLVENCY FIGURES SHOW ECONOMIC RECOVERY
Tuesday, July 26, 2011
South Africa’s liquidations recorded for the second quarter of 2011 decreased by a solid 52.7% (from 1121 to 530) compared with the second quarter of 2010. The percentage change between June 2010 and June 2011 also showed a marked decrease of 58.8% (379 to 156) as recorded by Statistics SA.

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• Consumer Protection Act
• Proposed Labour Law Amendments
• New Companies Act
• NHI