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Social media vulnerability: A headache for employers?

01 May 2024,  André van Niekerk, Dr Damian Viviers, Mark le Riche

Personal information has become the currency of the digital economy. Despite growing awareness of the importance of protecting one’s right... to privacy, many people find themselves sharing, providing, conveying and divulging information across multiple platforms and devices as part of their daily ritual of engaging, trading and communicating with others. Unfortunately, it is exactly this carefree mindset which plays into the hands of lurking cybercriminals and can also impact employers.

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Personal device use - a red flag for cybersecurity

01 May 2024,  Dr Damian Viviers, Mark le Riche

With Covid-19 having fast-tracked the remote and hybrid working model in many businesses, these flexible methods of work have also... increased the scope for employees to use their personal devices to work and remain engaged with their clients and employer. As beneficial as this is for employees and employers, it is not without risk. In this article, we look at personal device use and the potential impact this may have on the cybersecurity environment of a business.

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Why dispute resolution provisions matter in contracts

01 May 2024,  Mark le Riche, Millisanté de Wee

No one enters into marriage anticipating divorce. Similarly, when parties negotiate and conclude a commercial contract, the last thing on... their minds is a dispute that may arise in future. However, just as divorce happens, so contractual disputes are commonplace. Selecting suitable dispute resolution mechanisms in your contract is therefore crucial to navigating any future disputes. In this article, we touch on various dispute resolution mechanisms available to parties involved in commercial contracts. 

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The importance of securing your social media account

01 May 2024,  Ahmed Dhupli, Dr Damian Viviers

With social media and online platforms driving sales, client engagement and marketing in many businesses, it is small wonder that... cybercriminals are increasingly targeting social media and other accounts of businesses. In this article we look at some of the risks businesses may face and basic steps a business can take to make their social media accounts safer.

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Putting ethics and social responsibility back into corporate governance

29 April 2024,  Millisanté de Wee

The King IV Report published in 2016 (“King IV”) remains essential to understanding the concept of good corporate governance in... South Africa. In today’s times when the media is littered with disreputable reporting and inefficient governance, it is worthwhile to perhaps circle back to King IV and what it holds out as the standard for entities to ensure their corporate governance is ‘above board’.

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Blazing changes in the National Veld and Forest Fire Amendment Bill

24 April 2024,  Eldon Ward

In early April 2024, President Cyril Ramaphosa signed the National Veld and Forest Fire Amendment Bill.  

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Three’s a crowd? SARS, Trusts and Beneficial Ownership

22 April 2024,  Dr Candice Reynders, Elani van Coller

The General Laws Amendment Act 22 of 2022 (“Amendment Act”) promulgated as part of legislative framework changes by South Africa... to curb money laundering, has introduced key changes to the trust environment, requiring extensive beneficial ownership and other reporting by trusts. SARS is also aligning its tax and data collection imperative with these changes by requiring similar reporting as part of trust tax submissions. In this article, we review the impact of these changes on trusts.

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Is the trust dead? Long live the trust!

22 April 2024,  André van Niekerk, Dr Candice Reynders

Many clients, when we suggest using a trust for their estate or corporate structuring, enquire whether a trust is still... a safe option to consider. This question likely stems from the negative publicity trusts have received over the last few years, along with the high taxation imposed by SARS. However, our answer is always the same, if used correctly and for the right purpose, then 'Yes’, a trust is still a good option to be considered. In this article, we explain why we still consider a trust to be relevant.

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Income Tax Act: Keep an eye on the definition of 'exchange item’

22 April 2024,  Tanya Strauss

In the recent 2024 National Budget speech, Finance Minister Enoch Godongwana made mention of a possible change to the definition... of an “exchange item” for determining taxable exchange gains given that certain financial arrangements are eroding the tax base due to a mismatch in exchange losses and gains when it comes to taxable income.

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Tax collection efficiency trumps wealth taxes in the short-term

22 April 2024,  Tanya Strauss

Speculation surrounding the introduction of formal wealth taxes in South Africa has subsided for the time being. The South African... Revenue Service (SARS) appears to have reconciled itself to the recommendations outlined in the "Feasibility of a Wealth Tax in South Africa" Report by the Davis Committee, which underscores deficiencies in wealth information and tax collection as requiring attention and not necessarily additional ‘wealth taxes’ in the short term. SARS's intensified focus on collecting clearly indicates its intentions to address this information and tax compliance gap.

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Is a global corporate minimum tax the death knell for offshore structuring?

22 April 2024,  André van Niekerk, Francois Fouché

Despite uncertainties surrounding global tax reforms, no additional restrictions on exchange control have been proposed in South Africa during the... 2024 National Budget speech. However, amidst this positive news, concerns linger among taxpayers regarding the introduction of a new effective minimum tax rate of 15% on multinational corporations, sparking questions about its impact on offshore structuring and international estate planning structures, as well as the continuing effectiveness of low tax jurisdictions also known as financial centres. This article delves into the implications of these developments specifically offshore structuring and estate planning strategies.

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2024 National Budget tax proposals? Uneventful… or are sharks lurking…?

22 April 2024,  André van Niekerk, Francois Fouché

The 2024 National Budget did not provide any major tax surprises, but key observations reveal subtle strategies by SARS to... increase revenue. While the budget seemed rather vanilla, it is vital to recognise the hidden strategies and measures that can impact taxpayers' liabilities. In this article, we look at these strategies and measures.

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