Charitable organisations and donors to such organisations should take note of the new SARS requirements regarding tax certificates issued to donors to enable them to claim tax deductions. A public benefit organisation that has been approved in terms of section 18A of the Income Tax Act 1962 (an 18A PBO and the ITA respectively) must ensure that these certificates contain the updated information as stipulated in section 18A.
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In the recent Constitutional Court judgment in the matter of Ledla Structural Development (Pty) Ltd and Others v Special Investigating unit, 2023, (Ledla judgment), the Court had to determine if the Special Tribunal established in terms of section 2 of the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), enjoys the status of a court of law and whether it has the power to adjudicate reviews.
Continue readingThe Minister of Finance approved and published new dispute resolution rules (new Rules) under section 103 of the Tax Administration Act 28 of 2011 (TAA) shortly before 16:00 on Friday, 10 March 2023. The new Rules came into effect on the date of publication and replace the previous set of Rules promulgated in 2014 (old Rules).
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When dealing with bankrupt ship owners, there is a fine line between the law of insolvency and admiralty in South Africa. While maritime creditors enjoy wide ranging rights to arrest and sell ships in the jurisdiction to satisfy their claims, as soon as an application is filed at court for the winding up of the ship owner, the property falls into the insolvent estate and under the control of a liquidator. Any arrest or attachment of a ship after the court filing for the winding up of the owner is void. The result is that the maritime claimant must stand in line with the general body of creditors without direct recourse to the vessel itself. Where then does that leave a maritime creditor who arrests a ship for a claim against an insolvent bareboat charterer? This question came before the High Court in Cape Town in the matter of Andre Van Niekerk v mv Madiba. Partner Jeremy Prain wrote an article for ILO on the decision.
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The withholding of pension benefits is a common recourse against employees who caused damage to their employers as a result of theft, dishonesty, fraud or misconduct. The recourse available to an employer is sanctioned by section 37D(1)(b)(ii) of the Pension Funds Act, 24 of 1956 (PFA) and in many cases, augmented by the rules of a retirement fund.
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On 24 February 2023, the Financial Action Task Force (FATF) placed South Africa on its ‘grey list’. This means that South Africa will be subject to increased monitoring by the FATF and is required to actively work to address identified deficiencies in its national legislation and regulations to counter money laundering, terrorist financing and proliferation financing (AML/CTF).
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