Welcome to our blog

NON-EXECUTIVE DIRECTORS’ REMUNERATION: VAT AND PAYE

NON-EXECUTIVE DIRECTORS’ REMUNERATION: VAT AND PAYE

Two significant rulings by SARS, both relating to non-executive directors’ remuneration, were published by SARS during February 2017. The rulings, Binding General Rulings 40 and 41, concerned the VAT and PAYE treatment respectively to be afforded to remuneration paid to non-executive directors. The significance of rulings generally is that it creates a binding effect uponRead more about NON-EXECUTIVE DIRECTORS’ REMUNERATION: VAT AND PAYE[…]

OFFSHORE COMPANIES AND DOING BUSINESS IN SOUTH AFRICA – A COMPANIES ACT PERSPECTIVE

OFFSHORE COMPANIES AND DOING BUSINESS IN SOUTH AFRICA – A COMPANIES ACT PERSPECTIVE

According to the most recent statistics released by the South African Revenue Service, South Africa remains a net importer of goods and services. Put differently, one could say that South Africans are more often clients in cross-border transactions than they would be the service provider. Many of our clients operate in this space, including foreignRead more about OFFSHORE COMPANIES AND DOING BUSINESS IN SOUTH AFRICA – A COMPANIES ACT PERSPECTIVE[…]

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Section 38 of the Companies Act, 61 of 1973 (now repealed) contained a prohibition against companies issuing shares to prospective shareholders on loan account.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[…]

Financial Risk Management for your small business: Do you know how to do it?

Financial Risk Management for your small business: Do you know how to do it?

Is it really necessary to be able to manage financial risk? The answer is a definite “Yes!” It can make the difference between having a successful business or being forced to close down the business. Make sure you give your business the best chance to survive and thrive by understanding and implementing financial risk management.Read more about Financial Risk Management for your small business: Do you know how to do it?[…]

Provisions and Liabilities: Do you know the difference?

Provisions and Liabilities: Do you know the difference?

Provisions and liabilities – words that are often used interchangeably but for accounting purposes they are not the same. To determine whether expenditure is a provision or a liability depends on the certainty, timing and amount of the expenditure.The classification of provisions and liabilities depends on the answers to the questions as set out inRead more about Provisions and Liabilities: Do you know the difference?[…]

Discounts, loyalty awards and warranties: Are you recording them correctly?

Discounts, loyalty awards and warranties: Are you recording them correctly?

When you sell a product, a discount in the form of a volume discount or an early settlement discount may be given to the customer. Another way of encouraging customers to buy from you is to offer a loyalty award. The selling price of a product can also include a provision for a warranty forRead more about Discounts, loyalty awards and warranties: Are you recording them correctly?[…]