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Payment guarantees the life blood of commerce

In the past, our courts have called payment guarantees issued by banks in commercial deals 'the life blood of commerce' which should not lightly be subjected to judicial interference.

By Brigit Rubinstein 28 May 2015 06:27

SCA judgment brings end to interpretations of 'binding offer'

On 20 May 2015, the Supreme Court of Appeal (SCA) delivered judgment in the matter of African Banking Corporation of Botswana v Kariba Furniture Manufacturers & others, dealing decisively with (among other things) the proper interpretation of the words 'binding offer' as they appear in s153 of the Companies Act.

By Grant Ford and Lucinde Rhoodie 28 May 2015 06:20

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Possible removal of rebate evokes criticism

With effect from 1 January 2012, the South African government introduced s6quin of the Income Tax Act, No 58 of 1962, which provides for a rebate in respect of foreign taxes paid by a South African resident for services rendered within South Africa.

By Mareli Treurnicht and Heinrich Louw 27 May 2015 12:49

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Provisions in Act can defer payment of CGT

If a person disposes of an asset during the current tax year, but only becomes entitled to payment in future tax years, the Income Tax Act, 1962 provides that the amount is deemed to have accrued to that person during the current tax year.

By Graeme Palmer 25 May 2015 06:49

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Competition Commission to investigate retail sector

Following an authorisation by Ebrahim Patel, Minister of Economic Development, the Competition Commission will soon be publishing its terms of reference to launch a market inquiry into parts of the retail sector involving large supermarket chains, grocery stores and small retail outlets like spaza shops.

By Ahmore Burger-Smidt and Kriska-Leila Goolabjith 22 May 2015 11:44