The South African tax provisions applicable to real estate investment trusts (“REITs”) were introduced by way of the insertion of section 25BB of the Income Tax Act, 1962 (the “Act”), as well as consequential insertions in various sections of the Act during 2013. These provisions relating to REITs have been subject to various changes and refinements over time in order to resolve various issues and legislative anomalies ...
The recent decision of the Ugandan Court of Appeal to uphold a 12-year custodial sentence against a former managing director of the National Social Security Fund (“NSSF”) has sparked much debate among finance and legal professionals. Speculation is rife on the impact the decision will have on fund managers (falling within the scope of the Anti-Corruption Act, 2009), as they trade on the secondary bond market ...
Surviving the transition to a 15% VAT rate The South African Minister of Finance, Malusi Gigaba, tabled the 2018/19 Budget in Parliament on Wednesday, 21 February 2018. Government announced a lower than predicted 1% increase in the value-added tax (“VAT”) rate from the current 14% to 15% with effect from 1 April 2018 ...
Every now and then, a dispute comes along that adds an extraordinary amount to the law. One such dispute is the Clearvu trade mark case.We have reported on the case of Cochrane Steel Products (Pty) Ltd v M-Systems Group (Pty) Ltd on a number of occasions. This was the case in which a South African court had to consider whether or not it is unlawful for a company to bid on the trade mark of a competitor as a keyword/search term ...
In South Africa, the song Akanamali, sung by the artist Sun-El Musician and featuring Samthing Soweto, was one of the most popular songs of 2017. Towards the end of the year, South African financial services giant First National Bank (“FNB”) ran a campaign to promote its products and services. It called this campaign Akanamali and featured the hook of the song, which was about a lack of money ...
A South African judgment dealing with joint ownership of copyright in databases has recently come to light. The judgment was handed down almost a year ago, but it seems to have slipped under the radar. This judgment will, however, be of interest to those involved in IP.The case is The Philanthropic Collection (Pty) Ltd v Girls & Boys South Africa ...
It’s interesting how often trade marks and politics intersect, especially in South Africa!In the most recent example, the issue was whether a political party that had broken away from the ruling African National Congress (“ANC”) – the African Democratic Change – had infringed the rights of the ruling party. As is commonly known, the logo of the ANC features the colours black, green and gold, as well as an image of a hand grasping a spear ...
In an effort for the South African government to assess the state of transformation of publicly listed companies, the Broad-Based Black Economic Empowerment Act, 2003 (the “B-BBEE Act”), read together with the B-BBEE Regulations, requires that all companies listed on the Johannesburg Stock Exchange (“JSE”) report to the B-BBEE Commission annually on their compliance with broad-based black economic empowerment (“B-BBEE”) ...
Since 1 January 2013, section 19 of the Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act (the “Eighth Schedule”) have determined the tax implications where a debt owing by a taxpayer is cancelled, waived, forgiven or discharged for no consideration (or for consideration that is less than the amount of the debt) ...
Broad-based black economic empowerment (“B-BBEE”) is a policy of the South African government that is aimed at increasing participation by previously disadvantaged South Africans in economic activities. The Broad-Based Black Economic Empowerment Act, 2003 (the “B-BBEE Act”) is the primary legislation through which this B-BBEE policy is implemented ...
In an increasingly connected world, the protection of privacy and personal data has become a key concern for legislators in a number of jurisdictions. In South Africa, an attempt to give effect to the constitutional right to privacy resulted in the Protection of Personal Information Act, 2013 (“POPI”), which was gazetted on 26 November 2013 ...
The recent end of the value-added tax (“VAT”) relief period for property developers in South Africa, who temporarily let their residential units, may have a significant impact on their cash flow. BackgroundOrdinarily, property developers acquire or develop fixed property (including residential properties) for the purpose of resale ...
On 15 December 2017, the South African Department of Trade and Industry (the “DTI”) published a memorandum of understanding entered into between the Companies and Intellectual Property Commission (the “CIPC”) and the Broad-Based Black Empowerment Commission (the “B-BBEE Commission”) (the “CIPC MOU”) ...
The recent decision of the Labour Court in National Union of Metalworkers of South Africa obo members and Aveng Trident Steel (A division of Aveng Africa (Pty) Ltd) may provide some cheer to employers facing the challenges of restructuring their workforce in difficult economic times. Since 2014, the employer in this matter has faced strong economic headwinds caused by a downturn in sales and increased costs ...
The end of 2017 saw a number of changes in the regulatory framework of the Rwandan financial sector, the most significant of which included a change in the law governing the regulator of the financial sector (the National Bank of Rwanda) and the enactment of the New Banking Act governing the organisation of banking, both of which were gazetted in October 2017 ...
The past year has seen a number of high-profile instances of employees resigning, allegedly to avoid disciplinary proceedings against them. This issue was dealt with in the case of Mtati v KPMG Services (Pty) Limited.The employee in this matter was informed by her employer that an investigation was being conducted into allegations of misconduct levelled against her. She then provided her employer with a letter in which she tendered her notice of resignation ...
On 17 November 2017, the National Minimum Wage Bill was gazetted for public comment. Given that the Bill was the subject of negotiation and agreement at the National Economic Development and Labour Council (“NEDLAC”), its progress through the legislative process is likely to be fairly smooth. The Bill envisages that it should be in force by 1 May 2018. We highlight its most important provisions below ...
The 41st session of the administrative council of the African Regional Intellectual Property Organization (“ARIPO”) recently took place in Lilongwe, Malawi. Several documents on the administrative aspects of the organisation were discussed at the meeting, including the proposed programme of activities for 2018, and proposals to amend some ARIPO treaties to continually keep them in line with international trends ...
If you have ever received a trade mark letter of demand, the chances are that you thought one or more of the following things: long, scary, legalistic, absurd, incomprehensible. It is far less likely that you thought any of these things: perfectly reasonable request, clearly explained, a tricky issue handled with charm and tact – but things may be changing. Recently, the trade mark counsel of US company TGI Fridays sent a letter of demand to a bar in Chicago called Moneygun ...
The trade mark laws of many countries specifically mention product shapes among the items that can enjoy trade mark protection – shape trade marks are often referred to as “3D trade marks”. Yet, registering and enforcing 3D trade marks can be very difficult, particularly in Europe. This is evident from the latest UK court decision regarding London taxis ...
Black Friday tends to lead to unseemly physical scuffles, but, somewhat unexpectedly, this year’s Black Friday also resulted in some interesting trade mark scuffles! Black Friday, the retail and marketing phenomenon that originated in the US before spreading to much of the world, officially happened earlier this year, although many readers will have noted that this particular Friday seems to go on for the best part of a week ...
