Does a change of the terms of a share constitute a new “date of issue” for purposes of section 8E of the Income Tax Act? In terms of section 8E of the South African Income Tax Act, 1962 (the “Act”), dividends received by or accrued to a person in respect of certain shares and “equity instruments”, as defined, must be deemed in relation to that person to be an amount of income if that share or equity instrument constitutes a “hybrid equity instru
Final changes to the Special Voluntary Disclosure Programme On 26 October 2016, the South African Minister of Finance tabled the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, Bill 19 of 2016, in Parliament when he introduced the so-called “Mini Budget”. This Bill contains the legislation regulating the Special Voluntary Disclosure Programme (“SVDP”), which commenced on 1 October 2016 and was to end on 30 June 2017 ...
Introduction of Section 7C to The Income Tax Act and its Effect on Estate Planning Section 25B(1) of the Income Tax Act provides that any amount received by or accrued to or in favour of any person during any year of assessment in his/her capacity as a trustee of a trust, to the extent to which such amount has been received for the immediate or future benefit any ascertained beneficiary who has a vested interest to that amount during that year, this shall be deemed to be an amount that
SARS Interpretation Note 94 – contingent liabilities assumed in the acquisition of a going concern Importantly, SARS’ application of the latter distinction appears to follow the reasoning put forward by the Privy Council in Commissioner of Inland Revenue v New Zealand Forest Research Institute Ltd, wherein it was held that expenditure incurred in respect of provisions taken over was incurred as part of the purchase price, which was capital in nature and therefore not deductib
Section 197 of the South African Labour Relations Act: The ebb and flow of what constitutes a going concern More recently, in 2016, in Rural Maintenance (Pty) Limited and Another v Maluti-A-Phofung Local Municipality, the Constitutional Court dealt with outsourcing and the impact of a transfer of assets by the outgoing entity in evaluating whether a transfer of a business as a going concern existed ...
As small and medium-sized businesses grow and expand, it is common for them to do business outside their home state; sometimes through the internet and other times by having “boots on the ground.” For example, having employees travel to other states to promote sales, providing assistance to customers, attending trade shows, and engaging in other business activities ...
The SEC’s Office of Compliance Inspections and Examinations recently announced its 2017 examination priorities for broker-dealers, investment advisers, and investment funds. OCIE, which serves as the “eyes and ears” of the Commission, identified the current staff’s priorities as a focus on (i) matters of importance to retail investors, (ii) risks specific to elderly and retiring investors, and (iii) assessing market-wide risks ...
Beginning on January 1, 2017, the State Labour Inspectorate has begun checking presence of the information on results of special evaluation of working conditions on employers’ official websites. Employers shall post on their official websites information concerning results of performed evaluation and the list of proposed actions on improvement of employees’ working conditions ...
On 15 December 2016, the South African Constitutional Court handed down a landmark judgment in Myathaza v Johannesburg Metropolitan Bus Services (SOC) Limited t/a Metrobus and Others, in which it held that arbitration awards issued in terms of the Labour Relations Act, 1995 (the “LRA”) do not prescribe ...
2017 looks set to bring about unprecedented change in South Africa when it comes to leave relating to the birth or adoption of a child. A fresh approach to maternity leave has already been sanctioned by the Labour Court, one that goes beyond the traditional notion that maternity leave should apply to biological mothers only. This groundbreaking development, which is already part of South African law, is discussed below ...
In this article, ENSafrica looks at a dramatic legislative shift which could soon see the following fundamental changes to South Africa’s employment law: · the effective recognition that fathers (or other parents, whether male or female, who may not otherwise be entitled to maternity leave) will be entitled to what is being referred to as “parental leave”; · the formal recognition of “adoption leave” by law; · the stat
Judgment of the Danish Supreme Court dated 19 January 2017 The case involved the issue of whether the Ministry of Employment had become liable in damages in regard to an employee in a company, due to the fact that the right to replacement holiday in the event of illness occurring during holiday had not been implemented in Danish law at the time at which the employee became ill during his holiday in the summer of 2010 ...
On January 20, 2017, in a case of first impression among the appellate courts, a panel of the Ninth Circuit concluded in Syed v. M-I, LLC (Case No. 14-17186) that an employer violates the Fair Credit Reporting Act (FCRA) when its background check disclosure/authorization document includes a sentence that releases the employer, the consumer reporting agency (the vendor), and their agents from liability for any violations of the FCRA ...
The False Claims Act, 31 U.S.C. §§ 3729, et seq. (FCA) continued to be a significant focus of government and whistleblower activity in 2016. ThisYear in Review highlights several key developments, including: The U.S. Department of Justice is continuing its strong enforcement of the FCA, including recovering more than $4.7 billion in settlements and judgments in FCA cases in 2016, as well as continuing its focus on individual culpability ...
The Educational Childcare Regulation1 (the "Regulation") requires every permit holder to ensure that each member of its childcare staff holds a certificate not older than 3 years which must have been obtained through the successful completion of an early childhood first-aid course of a minimum of 8 hours. Following the amendment of the Regulation of April 1, 20162, an additional component concerning the management of severe allergic reactions was added to this training obligation: 20 ...
At the end of 2016 the Serbian Parliament adopted changes to Serbian tax laws, introducing a number of important changes in the area of VAT, excise duties and general tax procedures. Amendments to the laws governing these areas were adopted at the very end of 2016 – on the 28th of December 2016 ...
The Board of Supervisors unanimously approved legislation on December 13, 2016 to provide developers of market rate projects with 24 or fewer dwellings with the option of contributing the required fees for off-site affordable housing (under the Inclusionary Housing Program) to a Small Sites Fund administered by the Mayor's Office of Housing and Community Development ("MOHCD") ...
As the American press focuses on the dismantling of the Affordable Care Act, the wheels have been set in motion to implement new health care legislation that enjoys strong bipartisan support. The 21st Century Cures Act (the “Act”), signed by President Obama on December 13, addresses a broad range of health care priorities, including drug innovation, biomedical research, and mental health reform ...
Under the wording of Art. 22 of the Business Freedom Act of 2 July 2004 in force until the end of 2016, in Poland a business making or accepting a payment worth in each instance over EUR 15,000 is required to route the payment through a bank account. The law imposes certain consequences for failure to comply with this requirement, primarily under the Foreign Exchange Law of 27 July 2002 and the Act on Combating Money Laundering and Financing of Terrorism of 16 November 2000 ...
On 23 November 2016, the Serbian Parliament adopted amendments to the Criminal Code. Changes made include, among other, criminal offence of tax avoidance. Prosecution of tax avoidance was a matter of much controversy in the recent practice, and some of the changes made by the latest amendments are aimed to address these controversies. Though generally welcome, the scope of changes made are unlikely to bring significant improvements in the prosecution of tax avoidance ...
Under the Affordable Care Act (“ACA”), large employers (generally those with 50 or more full-time employees or full-time equivalents) must report annually to the IRS information about the health coverage offered to their full-time employees during the prior year. Employers also must provide copies of the reports to their full-time employees ...
The December/January issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Philippines: Competition Law Updates”. The article was contributed by SyCipLaw partners Franco Aristotle G. Larcina and Arlene M. Maneja. The article discussed the new merger form issued by the Philippine Competition Commission on August 31, 2016. Read the article online at the IFLR website ...
As part of its continuing efforts to develop legislation regarding the taxation of non-Israeli persons providing digital services in Israel, the Israel Tax Authority recently published a proposed amendment to the Value Added Tax Law (the “Proposed Amendment”) ...
On January 1, 2017, most public works projects in California will be subject to new procedural requirements applicable to claims from contractors ...
On December 22, 2016, in Augustus v. ABM Security Services, Inc., Case No. S224853, the California Supreme Court issued a split decision on rest periods. In a decision in which four justices concurred, and two concurred and dissented, in part, the Court held that employers “must relieve their employees of all duties and relinquish any control over how employees spend their break time ...
