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Publisher: Sabinet Online Ltd   (Total: 184 journals)

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Showing 1 - 184 of 184 Journals sorted alphabetically
ACCORD Occasional Paper     Open Access   (Followers: 5)
Acta Academica     Full-text available via subscription   (Followers: 6, SJR: 0.124, CiteScore: 0)
Acta Classica : Proceedings of the Classical Association of South Africa     Full-text available via subscription   (Followers: 7, SJR: 0.133, CiteScore: 0)
Acta Criminologica     Full-text available via subscription   (Followers: 1)
Acta Germanica : German Studies in Africa     Full-text available via subscription   (Followers: 1)
Acta Juridica     Full-text available via subscription   (Followers: 7)
Acta Patristica et Byzantina     Full-text available via subscription   (Followers: 8)
AFFRIKA J. of Politics, Economics and Society     Full-text available via subscription   (Followers: 4)
Africa Conflict Monitor     Full-text available via subscription   (Followers: 5)
Africa Insight     Full-text available via subscription   (Followers: 16)
Africa Institute Occasional Paper     Full-text available via subscription   (Followers: 2)
AfricaGrowth Agenda     Full-text available via subscription   (Followers: 1)
African Entomology     Full-text available via subscription   (Followers: 9, SJR: 0.374, CiteScore: 1)
African Finance J.     Full-text available via subscription   (Followers: 15, SJR: 0.184, CiteScore: 0)
African J. for Physical, Health Education, Recreation and Dance     Full-text available via subscription   (Followers: 7)
African J. of Business and Economic Research     Full-text available via subscription   (Followers: 3)
African J. of Democracy and Governance     Full-text available via subscription   (Followers: 5)
African J. of Herpetology     Full-text available via subscription   (Followers: 7, SJR: 0.468, CiteScore: 1)
African J. of Research in Mathematics, Science and Technology Education     Full-text available via subscription   (Followers: 8, SJR: 0.178, CiteScore: 0)
African J. of Rhetoric     Full-text available via subscription   (Followers: 5)
African J. of Wildlife Research     Full-text available via subscription   (Followers: 5, SJR: 0.411, CiteScore: 1)
African Plant Protection     Open Access   (Followers: 2)
African Renaissance     Full-text available via subscription   (Followers: 3)
African Safety Promotion     Full-text available via subscription   (Followers: 4)
African Yearbook of Rhetoric     Full-text available via subscription   (Followers: 4)
Africanus     Full-text available via subscription   (Followers: 3)
Agriprobe     Open Access  
Akroterion     Full-text available via subscription   (Followers: 5)
Annals of the Ditsong National Museum of Natural History     Full-text available via subscription   (Followers: 3)
Ars Nova     Full-text available via subscription   (Followers: 2)
Article 40     Open Access   (Followers: 2)
BER : Architects and Quantity Surveyors' Survey     Full-text available via subscription   (Followers: 6)
BER : Building and Construction : Full Survey     Full-text available via subscription   (Followers: 10)
BER : Building Contractors' Survey     Full-text available via subscription   (Followers: 2)
BER : Building Sub-Contractors' Survey     Full-text available via subscription   (Followers: 2)
BER : Capital Goods Industries Survey     Full-text available via subscription  
BER : Consumer Confidence Survey     Full-text available via subscription   (Followers: 3)
BER : Consumer Goods Industries Survey     Full-text available via subscription  
BER : Economic Prospects : An Executive Summary     Full-text available via subscription  
BER : Economic Prospects : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Intermediate Goods Industries Survey     Full-text available via subscription   (Followers: 1)
BER : Manufacturing Survey : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Motor Trade Survey     Full-text available via subscription  
BER : Retail Sector Survey     Full-text available via subscription   (Followers: 1)
BER : Retail Survey : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Survey of Business Conditions in Building and Construction : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Survey of Business Conditions in Manufacturing : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Survey of Business Conditions in Retail : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Trends : Full Survey     Full-text available via subscription   (Followers: 1)
BER : Wholesale Sector Survey     Full-text available via subscription  
Building Women     Full-text available via subscription  
Bulletin of Statistics     Full-text available via subscription   (Followers: 3)
Business Tax and Company Law Quarterly     Full-text available via subscription   (Followers: 8)
Cabo     Full-text available via subscription  
Cardiovascular J. of Africa     Full-text available via subscription   (Followers: 4, SJR: 0.494, CiteScore: 1)
Cardiovascular J. of South Africa     Full-text available via subscription   (Followers: 1)
Child Abuse Research in South Africa     Full-text available via subscription   (Followers: 1)
Civil Engineering = Siviele Ingenieurswese     Full-text available via subscription   (Followers: 4, SJR: 0.101, CiteScore: 0)
Clean Air J.     Full-text available via subscription   (Followers: 1)
Clean Air J. = Tydskrif vir Skoon Lug     Full-text available via subscription  
Climate Summary of South Africa     Full-text available via subscription   (Followers: 1)
Commonwealth Youth and Development     Full-text available via subscription   (Followers: 4)
Communicare : J. for Communication Sciences in Southern Africa     Full-text available via subscription   (Followers: 4)
Comparative and Intl. Law J. of Southern Africa     Full-text available via subscription   (Followers: 1)
Conflict Trends     Full-text available via subscription   (Followers: 12)
Conspectus : The J. of the South African Theological Seminary     Open Access   (Followers: 3)
Current Allergy & Clinical Immunology     Open Access   (Followers: 8, SJR: 0.145, CiteScore: 0)
De Arte     Full-text available via subscription   (Followers: 4)
De Rebus     Full-text available via subscription   (Followers: 1)
Die Kerkblad     Full-text available via subscription  
Educare     Full-text available via subscription   (Followers: 1)
Emergency Services SA     Full-text available via subscription   (Followers: 2)
English in Africa     Full-text available via subscription   (Followers: 3)
Ergonomics SA : J. of the Ergonomics Society of South Africa     Full-text available via subscription   (Followers: 3)
ESR Review : Economic and Social Rights in South Africa     Open Access   (Followers: 3)
Evidence Based Summaries in Dentistry     Full-text available via subscription   (Followers: 1)
FarmBiz     Full-text available via subscription  
Farmer’s Weekly     Full-text available via subscription  
Farmlink Africa     Full-text available via subscription  
Food Manufacturing Africa     Full-text available via subscription  
French Studies in Southern Africa     Full-text available via subscription   (Followers: 1)
Fundamina : A J. of Legal History     Open Access   (Followers: 7)
Gender and Behaviour     Full-text available via subscription   (Followers: 9)
Gender Questions     Full-text available via subscription   (Followers: 2)
Ghanaian J. of Economics     Full-text available via subscription  
HR Future     Full-text available via subscription   (Followers: 2)
IFE Psychologia : An Intl. J.     Full-text available via subscription   (Followers: 1)
Image & Text : a J. for Design     Full-text available via subscription   (Followers: 17)
IMFO : Official J. of the Institute of Municipal Finance Officers     Full-text available via subscription   (Followers: 1)
IMIESA     Full-text available via subscription  
Indilinga African J. of Indigenous Knowledge Systems     Full-text available via subscription   (Followers: 4)
Inside Mining     Full-text available via subscription  
Institute for Security Studies Papers     Full-text available via subscription   (Followers: 2)
Interim : Interdisciplinary J.     Open Access   (Followers: 4)
Intl. J. for Religious Freedom     Full-text available via subscription  
J. for Christian Scholarship = Tydskrif vir Christelike Wetenskap     Full-text available via subscription   (Followers: 4)
J. for Contemporary History     Full-text available via subscription   (Followers: 16)
J. for Islamic Studies     Full-text available via subscription   (Followers: 16)
J. for Juridical Science     Full-text available via subscription  
J. for Language Teaching = Tydskrif vir Taalonderrig     Full-text available via subscription   (Followers: 1)
J. for New Generation Sciences     Open Access   (Followers: 4)
J. for Semitics     Full-text available via subscription   (Followers: 8)
J. of African Elections     Full-text available via subscription  
J. of African Foreign Affairs     Full-text available via subscription   (Followers: 2)
J. of African Union Studies     Full-text available via subscription  
J. of Contemporary Management     Full-text available via subscription  
J. of Gender, Information and Development in Africa     Full-text available via subscription   (Followers: 4)
J. of Minimum Intervention in Dentistry     Full-text available via subscription  
J. of Public Administration     Full-text available via subscription   (Followers: 26)
J. of Somali Studies     Full-text available via subscription  
J. of Strategic Studies : A J. of the Southern Bureau of Strategic Studies Trust     Full-text available via subscription   (Followers: 1)
Kleio     Full-text available via subscription   (Followers: 1)
Learning and Teaching Mathematics     Full-text available via subscription   (Followers: 4)
Litnet Akademies : 'n Joernaal vir die Geesteswetenskappe, Natuurwetenskappe, Regte en Godsdienswetenskappe     Open Access  
Management Dynamics : J. of the Southern African Institute for Management Scientists     Full-text available via subscription   (Followers: 1)
Medical Technology SA     Full-text available via subscription  
Meditari : Research J. of the School of Accounting Sciences     Full-text available via subscription   (Followers: 1)
MNASSA : Monthly Notes of the Astronomical Society of South Africa     Full-text available via subscription  
Monographs of the Transvaal Museum     Full-text available via subscription  
Musicus     Full-text available via subscription  
Neotestamentica     Full-text available via subscription   (Followers: 9, SJR: 0.119, CiteScore: 0)
New Coin Poetry     Full-text available via subscription   (Followers: 2, SJR: 0.103, CiteScore: 0)
New Voices in Psychology     Full-text available via subscription   (Followers: 1)
Obiter     Full-text available via subscription   (Followers: 1)
Obstetrics and Gynaecology Forum     Full-text available via subscription   (Followers: 2, SJR: 0.111, CiteScore: 0)
Occupational Health Southern Africa     Full-text available via subscription   (Followers: 1)
Old Testament Essays     Full-text available via subscription   (Followers: 16)
Personal Finance Newsletter     Full-text available via subscription   (Followers: 1)
Perspectives in Education     Full-text available via subscription   (Followers: 1, SJR: 0.137, CiteScore: 0)
Politeia     Full-text available via subscription  
Professional Accountant     Full-text available via subscription   (Followers: 1)
Professional Nursing Today     Full-text available via subscription   (Followers: 5)
Progressio     Full-text available via subscription   (Followers: 2)
Psycho-analytic Psychotherapy in South Africa     Full-text available via subscription   (Followers: 2)
Quest     Open Access  
ReSource     Full-text available via subscription  
Retail and Marketing Review     Full-text available via subscription   (Followers: 1)
Rostrum : Newsletter of the Entomological Society of Southern Africa     Open Access   (Followers: 1)
SA Irrigation = SA Besproeiing     Full-text available via subscription   (Followers: 1, SJR: 0.283, CiteScore: 1)
SA Mercantile Law J. = SA Tydskrif vir Handelsreg     Full-text available via subscription   (Followers: 1)
SABI Magazine - Tydskrif     Full-text available via subscription  
Scriptura : Intl. J. of Bible, Religion and Theology in Southern Africa     Open Access   (Followers: 8)
Scrutiny2     Full-text available via subscription  
Servamus Community-based Safety and Security Magazine     Full-text available via subscription  
Shakespeare in Southern Africa     Full-text available via subscription   (Followers: 4)
South African Actuarial J.     Full-text available via subscription  
South African Computer J.     Full-text available via subscription   (SJR: 0.264, CiteScore: 1)
South African Food Review     Full-text available via subscription  
South African Gastroenterology Review     Full-text available via subscription   (SJR: 0.104, CiteScore: 0)
South African Health Review     Open Access   (Followers: 2)
South African J. for Research in Sport, Physical Education and Recreation     Full-text available via subscription   (Followers: 6, SJR: 0.164, CiteScore: 0)
South African J. of Art History     Full-text available via subscription   (Followers: 2)
South African J. of Chemistry     Open Access   (Followers: 2, SJR: 0.216, CiteScore: 1)
South African J. of Criminal Justice     Full-text available via subscription  
South African J. of Cultural History     Full-text available via subscription   (Followers: 1)
South African J. of Diabetes and Vascular Disease     Full-text available via subscription   (Followers: 1)
South African J. of Economic History     Full-text available via subscription   (Followers: 2)
South African J. of Education     Open Access   (Followers: 2, SJR: 0.416, CiteScore: 1)
South African J. of Higher Education     Full-text available via subscription   (Followers: 5)
South African J. of Labour Relations     Full-text available via subscription   (Followers: 2)
South African J. of Sports Medicine     Open Access   (Followers: 7)
South African J. of Wildlife Research     Open Access   (Followers: 1)
South African J. on Human Rights     Full-text available via subscription   (Followers: 10, SJR: 0.117, CiteScore: 0)
South African Music Studies : SAMUS     Full-text available via subscription   (Followers: 2)
South African Ophthalmology J.     Full-text available via subscription  
South African Pharmaceutical and Cosmetic Review     Full-text available via subscription  
South African Radiographer     Full-text available via subscription  
Southern African Business Review     Open Access  
Southern African Forestry J.     Full-text available via subscription   (Followers: 1)
Southern African Humanities     Full-text available via subscription   (Followers: 2, SJR: 0.659, CiteScore: 1)
Southern African J. of Accountability and Auditing Research     Full-text available via subscription  
Southern African Review of Education with Education with Production     Full-text available via subscription   (Followers: 2)
Stilet : Tydskrif van die Afrikaanse Letterkundevereniging     Full-text available via subscription   (Followers: 1)
Studies in Economics and Econometrics     Full-text available via subscription   (Followers: 4, SJR: 0.11, CiteScore: 0)
Suid-Afrikaanse Tydskrif vir Natuurwetenskap en Tegnologie     Open Access   (Followers: 1)
Tax Breaks Newsletter     Full-text available via subscription   (Followers: 5)
TAXtalk     Full-text available via subscription   (Followers: 4)
The Dairy Mail     Full-text available via subscription   (Followers: 2)
Transport World Africa     Full-text available via subscription   (Followers: 2)
Unisa Latin American Report     Full-text available via subscription  
Veld & Flora     Full-text available via subscription   (Followers: 1)
Water & Sanitation Africa     Full-text available via subscription   (Followers: 3)
Without Prejudice     Full-text available via subscription  
Word and Action = Woord en Daad     Full-text available via subscription  

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Journal Cover
Business Tax and Company Law Quarterly
Number of Followers: 8  
 
  Full-text available via subscription Subscription journal
ISSN (Print) 2219-1585
Published by Sabinet Online Ltd Homepage  [184 journals]
  • Editorial
    • Authors: Michael Rudnicki
      Abstract: Another year-end is fast approaching. This is the seventh completed year of Business Tax and Company Law Quarterly. It's been a privilege to work with such esteemed co-authors, editors and publisher. The journal continues to focus primarily on relevant tax and company law in South Africa and has remained practical in its approach to unpacking complex changing tax and company law associated with commercially relevant market features and trends.
      PubDate: 2016-12-01T00:00:00Z
       
  • Dissenting minority shareholders' appraisal rights : reappraising the
           appraisal remedy in section 164 of the Companies Act 71 2008
    • Authors: Milton Seligson
      Abstract: A recent report in Business Day dealt with a dissenting minority shareholder who had invoked what was described as an 'obscure' and 'little-used' section of the Companies Act (viz section 164 of the Companies Act 71 of 2008), in applying to court for a determination of the fair value of his KWV shares after the sale of the company's operational assets. Prompted by that report and by the limited use that has been made of this important provision and the absence of any reported decisions applying it, the present article seeks to investigate more closely the scope and purpose of section 164. The article initially discusses the purpose of section 164, which is essentially to provide an appraisal remedy to dissenting minority shareholders, by allowing them to realise their investment and exit the company at a fair value, which is mutually agreed with the company, or fixed by the court if the shareholder is dissatisfied with the company's fair valuation of the shares. The article then explores the detailed provisions of section 164, which has 21 sub-sections, and the requirements that a dissenting shareholder must satisfy before the appraisal remedy can be invoked. The remedy is triggered only if a company gives notice to its shareholders of a meeting to consider the adoption of a resolution (a) to amend its Memorandum of Incorporation by altering the preferences, rights, limitations or other terms of any class of its shares in a manner materially adverse to the rights and interests of holders of that class; or (b) to enter into a fundamental transaction contemplated in sections 112(proposals to dispose of all or the greater part of the assets or undertakings), 113 (proposals for amalgamation or merger) or 114 (proposals for scheme of arrangement) of the Act.A dissenting shareholder seeking to invoke the appraisal remedy is obliged to follow precisely the correct procedure and time limits laid down in the section. These include objecting to the resolution, voting against it and, after the adoption of the resolution, making a demand for payment by the company of the fair value of the dissenting shareholder's shares. The company is thereupon obliged to make an offer in respect of such shares which the directors consider to be their fair value. Such offers may be accepted by the dissenting shareholder. A dissenting shareholder who is dissatisfied with the company's offer, however, may apply to a court to determine the fair value of the shares. There are rules governing such an application to court and the company to apply to the court for relief where its fair value payment obligations would result in the company being unable to pay its debts as they fall due and payable for the ensuing 12 months. A number of ancillary rules further regulate the appraisal remedy. The article next discusses the effect of the important provision in section 164(16) according to which the fair value in respect of any shares must be determined as at the date on which, and time immediately before, the company adopted the resolution that gave rise to the shareholder's rights under the section. The result of this restrictive provision is that any increase (or decrease) in the fair value of the shares that is attributable to the triggering company action itself must be disregarded. The article points out that this is consistent with the traditional approach to the valuation of shares involved in take-over bids and discusses the leading case in this regard. The article further examines the meaning of the expression 'fair value' and how it is arrived at, including the use of expert appraisers to assist in assessing such value, and what valuation methodologies they can be expected to apply. The article concludes that the appropriate valuation methodology will vary, depending on the nature of the company, whether it is listed or not, and the size, scope and circumstances of the company at the time it adopts the relevant resolution. Where the Court must decide the issue, it will have a wide discretion to determine a fair price which is fair to both the dissenting shareholder and the company. Finally, the article explores the possible reasons as to why section 164 has so seldom been invoked during the five-year period of its existence.
      PubDate: 2016-12-01T00:00:00Z
       
  • Early termination of contracts : the tax implications
    • Authors: Des Kruger
      Abstract: It is a reality of everyday commercial life that parties agree bilaterally to terminate contractual arrangements prior to their stipulated termination dates. In most circumstances, the party wishing to withdraw from the arrangement is required to pay an amount of compensation to the counter-party. The payment of this compensation and the agreement by the counter-party to surrender certain of its rights trigger tax implications. This article explores the income tax, capital gains tax (CGT) and value-added tax (VAT) implications that may arise in consequence of the early termination of a contractual arrangement. As regards the income tax implications, the issue is whether the compensation will constitute a receipt of a capital or revenue nature in the hands of the counter-party. While a number of tests have been adopted over the years, the test most often applied is whether the compensation fills the hole of therecipient's profits or assets, the former being revenue in nature and the latter capital in nature. The payment of the compensation by the party wishing to withdraw from the contractual arrangement may be deductible depending on whether it can be said that the payment (expenditure) is closely related to the party's income-earning operations. The author ventures that the debate regarding whether expenditure incurred in avoiding expenditure (i.e getting-out of an onerous arrangement) can be said to have been incurred in the production of the party's income is now moot the expenditure cannot be disallowed on that basis.Should the receipt of the compensation by the counter-party constitute a receipt of a capital nature, the issue arises as to whether the compensation can be said to constitute 'proceeds' for the 'disposal' of an 'asset' by the counter-party.The view of SARS is that the personal rights held by the counter-party under the contractual arrangement constitute an 'asset' for CGT purposes and a disposal of such 'asset' takes place when the right is surrendered in exchange for payment of the compensation. It is difficult to identify any base cost of such 'asset'. The surrender of a right (the personal rights held by the counter-party under the contractual arrangement) constitutes the supply of services by the counter-party and the counter-party will be required to account for VAT in respect of the compensation received.
      PubDate: 2016-12-01T00:00:00Z
       
  • Highlighted 2016 tabled tax amendments : their application
    • Authors: Michael Rudnicki
      Abstract: The 2016 Taxation Laws Amendment Bill includes a number of proposed amendments pursuant to the 2016/2017 Budget Speech delivered by the Minister of Finance in February 2016. This year's Bill contains a number of amendments that have been recently flagged by the Davis Tax Committee as well as National Treasury. The amendments referred to in particular are the deemed donations tax rules in respect of interest-free or low-interest yield loans to related-party trusts and remedying the currently favourable tax consequences of perpetual employee share schemes. A new provision, section 7C of the Income Tax Act, 1962 ('the Act'), introduces rules with effect from 1 March 2017 that deem interest-free or low interest- bearing loans to related-party trusts as a donation for donation tax purposes. The deemed donation is calculated based on the difference, per tax year, of interest on related party loans to trusts and the 'official interestrate' and is determined on the last day of the year of assessment of the trust. Various exemptions apply to the deemed donations tax liability most notably trusts that qualify as Public Benefit Organisations in terms of section 30 of the Act and loans to trusts that are funded by a natural person or his or her spouse to acquire a primary residence for use, wholly or partly, by that natural person or his or her spouse. Various amendments have been proposed to sections 8C and 10(1)(k) of the Act that deem returns on perpetual employee share schemes to be taxed at the recipients' marginal rate of tax. The main amendments are proposed to section 10(1)(k) of the Act with the introduction of proviso (jj) to the said section. The proviso applies to dividends in respect of Restricted Equity Instruments ('REI') defined in section 8C of the Act. The tax exemption of dividend income will not apply to dividends derived (i) in respect of share buy-backs or share redemptions, (ii) amounts derived in anticipation of or in the course of the winding up, liquidation or de-registration of a company, or (iii) dividends constituting non-REI's that vest in terms of section 8C of the Act. The latter proviso seems inequitable as it appears to include the dividend constituting the non REI in taxable income as well as taxing the gain upon the vesting of the non-REI in terms of section 8C.
      PubDate: 2016-12-01T00:00:00Z
       
  • Editorial
    • Authors: Milton Seligson
      Abstract: This edition of the BTCLQ features a mélange of tax topics, dealing with issues of tax substance as well as tax administration and policy.
      PubDate: 2016-06-01T00:00:00Z
       
  • Foreign capital losses and taxable income
    • Authors: David Clegg
      Abstract: An assessed loss from trade carried on in South Africa can be set off in determining the taxable income arising from an aggregate capital gain on the disposal of assets, whether within our outside South Africa. However, according to SARS, an assessed loss from a trade carried on outside South Africa cannot be set off against an aggregate capital gain from the disposal of assets outside South Africa. This asymmetrical result is argued to arise out of the wording of the definition of 'gross income'. But is that correct? This article analyses the law and arrives at a different conclusion.
      PubDate: 2016-06-01T00:00:00Z
       
  • Information-gathering by SARS under the TAA : trumping the taxpayer's
           right to tax finality - part II
    • Authors: Milton Seligson
      Abstract: The first part of this article, which appeared in the March 2016 issue of the BTCLQ, explored in depth the nature and extent of SARS's powers under the Tax Administration Act, No 28 of 2011 ('the TAA') to gather information from taxpayers in connection with their tax affairs, as well as the limitations imposed on the exercise of such powers. The article concluded that the breadth of SARS' powers under the TAA to gather 'foreseeably relevant' information from taxpayers, requiring only a reasonable possibility that the requested information will prove relevant, opens the way to potential abuse of its powers by SARS, or at least to protracted delays in finalising a taxpayer's tax position. Based on an analysis and interpretation of the relevant statutory provisions, it was accepted that SARS's information-gathering powers under the TAA in effect 'trumped' the taxpayer's right to tax finality. However, the article pleaded for a more efficient, expeditious and systematic approach to information-gathering by SARS, with the aim of minimising delays and promoting the genuine interests of taxpayers in their quest for tax finality, without prejudicing tax collection. Part II of the article which appears in this issue of the BTCLQ contains a discussion of a range of specific problems that may well be encountered by taxpayers in relation to the exercise of its information-gathering powers by SARS. The article analyses how these issues are likely to be resolved in the light of the relevant provisions of the TAA and with reference to pertinent judicial decisions. This analysis indicates that, though the TAA may load the dice in favour of SARS, taxpayers are entitled to expect that SARS will perform its duties diligently and without unreasonable delay. It also shows that there are limits to the far-reaching powers conferred by the TAA. Part II of the article reiterates the call for SARS to assist taxpayers in achieving tax finality by using its information-gathering powers under the TAA as efficiently and expeditiously as possible.
      PubDate: 2016-06-01T00:00:00Z
       
  • The Franchise Industry : a more complicated tax landscape than perceived
           at first glance
    • Authors: Jenna Mason; Lesley Isherwood
      Abstract: The South African franchise industry is growing at a rapid rate. Against this backdrop, SARS has issued a Draft Guide on the Taxation of Franchisors and Franchisees. This article summarises the character of payments under franchise agreements as well as the recommended treatment as set out in the guide. The tax principles as set out in the Draft Guide are generally well-established and undisputed. However, in practice, often payments under franchise agreements are composite payments which are not broken down into the categories designated in the guide. This, coupled with the generic nature of the analysis within the guide, is discussed in this article, as well as the concerns raised from industry stakeholders that the tax implications as summarised in the guide are in reality far more complex than presented. The article then goes on to highlight certain of the complexities not explored within the guide. Firstly, the deduction of initial franchise fees by franchisees under section 11(f) of the Income Tax Act is discussed, specifically in the context of what constitutes a 'premium' as considered by our courts. To claim a 'premium' in terms of section 11(f) of the Income Tax Act, the franchisee would in the first instance need to evidence from the agreement what portion of the initial franchise payments relate to the ongoing right of use of the franchisors' intellectual property. Often franchise fees are not itemised in the standard agreement templates used by franchisors. To the extent such itemisation is agreed to by the franchisor, the franchisee would also be required to prove that the amount to be deducted is over and above the payments being made by the franchisee for the ongoing right of use of the intellectual property. This would require valuation and benchmarking exercises which the franchisee would again be reliant on the franchisors to provide. The ability of the franchisee to obtain the required information would therefore be determined by the franchisee's ability to place the matter on the agenda with the franchisor and the franchisor's appetite to support the franchisee in this regard, which it is submitted may prove unlikely. The article concludes that whilst there may be a foundational basis for such a deduction by a franchisee, in practice, the ability of the franchisee to obtain the required information and influence the terms and structure of the underlying franchise agreements to claim such a deduction may be difficult. The deduction of royalty payments by franchisees is then discussed, again having regard to case law. It is concluded that whilst there may be a basis for the deduction, this will depend on the nature of the payment as evidenced in the underlying franchise agreements. A franchisee's ability to have the franchise agreement drafted to specifically itemise the composition of payments made in terms thereof and to reflect the true intention of the payment is questioned. In addition, this article considers the need for tax incentives within the franchise industry and how such incentives may be structured, including deductions for franchisees of franchise payments or access by franchisees and franchisors alike to learnership allowances.
      PubDate: 2016-06-01T00:00:00Z
       
  • Editorial
    • Authors: Des Kruger
      Abstract: Another Budget has come and gone. No huge surprises, but as the old adage goes, the devil is in the detail. So, once again numerous technical amendments are proposed to the various tax Acts and we will have to wait to see the impact of those changes until the amending Acts are released for comment. But I would venture to suggest that the seemingly innocuous sounding proposals will give rise to complex and far-reaching changes once again. Watch this space.
      PubDate: 2016-03-01T00:00:00Z
       
  • Information-gathering by SARS under the TAA : trumping the taxpayer's
           right to tax finality
    • Authors: Milton Seligson
      Abstract: Taxpayers or their tax administrators have increasingly to deal with requests from SARS for tax information arising from their tax returns and from investigations or audits relating to their tax affairs. This may result in protracted correspondence and prove frustratingly costly and time-consuming for taxpayers. The article explores the nature and extent of SARS's powers to gather relevant information from taxpayers under the provisions of the Tax Administration Act 28 of 2011 ('the TAA') and the limitations on the exercise of such powers. In addition, the article seeks to provide guidance to corporate tax administrators in dealing with specific practical issues that may arise when SARS seeks to exercise its powers to gather tax information by way of investigation or audit from the taxpayer concerned. The article surveys in detail the powers conferred on SARS under the provisions that comprise Parts A and B of Chapter 5 of the TAA. It analyses the concept of 'relevant material' which is central to such powers and examines the legislative background and the SARS Guide to the TAA for clarification and context of the relevant statutory provisions. There is also a discussion of the OECD Model Tax Convention provision from which the foreseeable relevance test for relevant material is derived. Finally, there is a discussion of a range of specific problems that may arise in relation to SARS's exercise of its information-gathering powers, and an analysis of how these issues are likely to be resolved in the light of the relevant statutory provisions.The article concludes that while SARS's powers under the TAA to extract relevant tax information may impede the taxpayer's right to finality in its tax affairs, and indeed in most cases trump any such right, there is room for improvement in the manner and time-frames in which SARS exercises its information-gathering powers vis-à-vis taxpayers. The article calls for SARS to take into account the interests of taxpayers by adopting a more concerted, systematic and less fragmented approach in its legitimate pursuit of relevant tax material from taxpayers.
      PubDate: 2016-03-01T00:00:00Z
       
  • Weak currency and the taxation of foreign exchange gains
    • Authors: Michael Rudnick
      Abstract: Foreign exchange gains and losses in respect of debt, units of currency, forward exchange contracts ('FECs') and foreign currency option contracts ('FCOCs') denominated in foreign currency (defined as 'exchange items') are taxed within the provisions of section 24I of the Income Tax Act 58 of 1962. The depreciating rand against other international currencies has shed light on the tax consequences of exchange items, in particular where exchange items in the form of debt is due to a taxpayer but because of liquidity constraints, the debtor is unable to pay. This aspect was highlighted in the recent 2016 Budget Proposals. For foreign loans and claims receivable that are irrecoverable, the spot rate at year-end is applied to determine the foreign exchange gain or loss. With the depreciating rand, a taxable gain will arise if the foreign loans and claims are denominated in a foreign currency. On the face of it the irrecoverable nature of the claim is ignored for tax purposes, and it is only upon waiver or write-off of the loan ('realisation') that the spot rate at the time is applied to the foreign currency amount resulting in a taxable gain. The legislative change foreshadowed in the Budget Proposals are to be welcomed and will likely deal with matters such as debtor irrecoverability and the taxation of attendant foreign exchange gains. The depreciating rand will diminish the market value of the FEC contracts which will result in foreign exchange losses at year-end and upon settlement of the FEC. These losses are likely to offset taxable foreign exchange gains on foreign claims that are hedged.The tax treatment of FCOCs at year-end and upon realisation (i e exercise or expiration) is determined with reference to the market value of the option at that point in time. Market value is deemed to have regard to the value applied for accounting purposes or the 'intrinsic value', being the difference between the strike price of the option and spot rate at the time of the exercise of the option. The depreciating rand will reduce the value of an option contract. This means that options completely out-of-the-money will result in a zero gain/loss for the option holder at year-end or upon close out of the option. It seems apparent that the tax treatment in a depreciating rand environment has been favourably legislated for exchange items other than foreign debt. Legislative change is required to govern the latter, however, caution is suggested in dealing with the respective tax consequences.
      PubDate: 2016-03-01T00:00:00Z
       
  • Contract manufacturing across borders - selected South African tax
           implications
    • Authors: Des Kruger; Carmen Moss-Holdstock
      Abstract: Where a contract-manufacturing arrangement involves a local manufacturer and a nonresident customer, a number of South African VAT and income tax implications are triggered. This article seeks to address the most important South African tax considerations. From a VAT perspective the most important issue is whether the contractual arrangement between the local manufacturer and the nonresident customer gives rise to a supply of goods or services. The authors conclude that the most usual type of contract manufacturing arrangement, where the contract manufacturer undertakes to manufacture goods using its own inputs and infrastructure, in fact gives rise to a supply of goods by the South African manufacturer to the nonresident customer. That being the case, the supply by the local manufacturer of the finished goods to the nonresident customer will only be zero-rated if it meets the requirements of the direct or indirect export rules provided for in section 11(1)(a), read with the definition of 'exported' in section 1(1) of the Value-Added Tax Act, 1991 ('VAT Act'). These rules provide for significant evidentiary proof of export as well as time limits for the removal of the manufactured goods from South Africa. The article concludes as regards income tax that the nonresident client will not be subject to any South African income tax on the sale of the finished goods acquired from the local contract manufacturer.The article also explores the less common contract manufacturer arrangement, that is, where all the necessary inputs are provided to the South African manufacturer by the nonresident customer. The authors argue that this contractual arrangement gives rise to a supply of services by the South African manufacturer to the nonresident customer. The VAT implications of such a contractual arrangement are complex - and become even more complex if the nonresident customer decides to sell some of the finished products to customers in South Africa. The conclusion is that the local manufacturer may zero-rate the supply of the services rendered to the nonresident customer provided the goods in respect of which the services are supplied will either be exported, or the goods in respect of which the services have been rendered will form part of a supply by the nonresident customer to registered vendors in South Africa.
      PubDate: 2016-03-01T00:00:00Z
       
 
 
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