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Financial assistance by companies to issue shares

Financial assistance by companies to issue shares

Section 38 of the Companies Act, 61 of 1973 (now repealed) contained a prohibition against companies issuing shares to prospective shareholders on loan account.  This was identified as one of the hurdles in the way of BEE empowerment deals specifically (which quite often involves BEE participants requiring funding to be able to subscribe for sharesRead more about Financial assistance by companies to issue shares[…]

Threshold registration requirement for the skills development levy

Threshold registration requirement for the skills development levy

We have recently become aware of an increased level of audits being conducted by the South African Revenue Service in relation to taxpayers’ obligations in terms of the Skills Development Levies Act, 9 of 1999 (SDL Act). The focus appears to be specifically on non-compliant taxpayers who fail to register as required in terms ofRead more about Threshold registration requirement for the skills development levy[…]

Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?

Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?

Municipalities are required to issue rates clearance certificates without which a property cannot be transferred from a seller to a buyer. The rates clearance certificate certifies that outstanding debts owing to a municipality up to the date of transfer have been settled. Property buyers relied on these certificates as proof that all previous debt onRead more about Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?[…]