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April 2016

What Is Skills Development?

The Skills Development Act and Skills Development Levies Act require businesses with yearly payrolls of R500 000 and over to register for Skills Development Levies (SDL).   The purpose of the Skills Development Act is to develop the skills of the South African workforce and to improve the quality of life of workers and their prospects of work.

Elizabeth Landsberg
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International Foreign Exchange Payments: What You Need to Know

South Africa’s uncertain economic and political climate has put unprecedented pressure on the Rand. From February to December 2015, the Rand weakened against the US Dollar from R12.50 to R17, more than 35%. This has resulted in an increased number of people who wish to diversify their assets in offshore safe haven markets, and therefore an increase of outflows of personal wealth.

Article by: Andre Claassen: Director - Offshore FX (Pty) Ltd
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Survival of The Fittest in A Battered Mining Sector

The slump in commodity prices over the past year has jolted the mining industry out of its comfort zone. The industry is in a different place right now, where everything is under scrutiny. The fittest and most well-managed companies will be those that survive. So where are the opportunities and how do companies in the mining industry rise above harsh times that have affected them? Mike Simms and Olivier Barbeau offer some advice.

Mike Simms & Olivier Barbeau
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Pervasive Political Interference

The Companies Act 2008 introduced the key concept that a provision in a shareholder’s agreement that is inconsistent with the Companies Act and the company’s memorandum of incorporation (MOI) is void to the extent of the inconsistency. This was an about turn from the position under the previous Companies Act and the previous practice of shareholders, including a number of substantive provisions in a shareholder’s agreement, with little regard to the company’s memorandum and articles of association.

By Charles Ancer and Emma Forbes - Norton Rose Fulbright
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Special Voluntary Disclosure Programme In Respect of Offshore Assets and Income

On 24 February 2016 the National Treasury released a Media Statement announcing a Special Voluntary Disclosure Programme (SVDP). According to the media statement, the purpose of the SVDP is to give non-compliant taxpayers an opportunity to voluntarily disclose offshore assets and income. The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.

Grant Ward
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