A Short Case Study of Successful Collaboration Between Moore Stephens Cyprus and Moore Stephens South Africa.

Andrew Pitt a Director of Moore Stephens Cape Town Inc. wrote a simple email to George Stylianou of Moore Stephens Nicosia on the 3rd October 2016 introducing himself and asking whether MS Nicosia would be interested in taking part in a due diligence project for an acquisition which would potentially take place in Cyprus. Within minutes of receipt George responded positively and an hour later an NDA was sent by Andrew to establish confidentiality in place.

Internal Audit – To Outsource or to Insource?

We are regularly asked this question by clients who are looking to establish an internal audit function.

As professional service providers of internal audit services on an outsourced basis, there is obviously a case to be made that we are not in a position to provide independent advice, as it relates to this question. We do, however, like to think that we put our ethics before our wallets.

IFRS 17: A Synopsis

In a distant kingdom, many years ago, the International Accounting Standards Board (IASB) wanted to achieve consistent accounting for all insurance contracts by all companies around the world (although the US has opted out and US GAAP will persist), to enable comparability with non-insurance products. In May 2017, the International Financial Reporting Standard (IFRS) 17 on Insurance Contracts was released with an effective date of 1 January 2021, with prior-year comparative reporting required.

Moore Stephens Insurance Advisory 

The level of disruption in the Insurance Industry has highlighted insurance companies’ need for affordable, efficient and high quality advisory services.

Continuing pressure to be efficient, reduce costs and increase profitability are an ongoing challenge for the market. As the insurance sector has evolved, so has our service offering. With the breadth and depth of our insurance expertise and experience, we are ideally positioned to help our insurance clients overcome their challenges.

Recession: Surprise!!

South Africa plunged into its second recession in eight years during the first quarter of 2017. Africa’s most industrialised economy contracted by 0.7% in the first three months of the year after a 0.3% drop at the end of 2016.

The New Mining Charter – The Good, the Bad and the Ugly

On 15 June 2017, the Minister of Mineral Resources published the reviewed Mining Charter.  In theory, the Charter seeks to address the issue of black economic empowerment within the mining sector. In practice, though, the Charter has already induced panic in the financial markets and is likely to discourage investment, complicate shareholding matters and reduce employment within the mining sector.

For Internationally Mobile Investors, a Second Citizenship Provides a Passport to the World

As the world becomes ever more globalised and people live and conduct business on a progressively more international scale, freedom to move within the global market provides a decided edge. Increasingly, a valuable asset in the portfolios of wealthy investors has become a second passport.

Ethics in Valuations

Some of these are rather simple. You are engaged by the shareholders of a business and asked to value the business, as the shareholders wish to take out buy-and-sell cover.

It appears straightforward. However, at times there is an acrimonious split or a sale situation where the buyer and seller have very different values in mind. Emotions of the parties are running high and you are under pressure by one party to achieve a certain result.

Proposal to Amend Foreign Employment Income Tax Exemption

Currently, if a South African resident is employed and works abroad for more than 183 days of which 60 days are continuous within a 12 month period, the employment income earned is exempt from tax in South Africa. This is commonly called the section 10(1)(o) exemption. Following the Budget announced on 22 February, this is now under attack.

Heads up Trusts: Section 7C Has Arrived!

Many of us, especially those who have a significant number of assets and want some form of protection, have created Trusts over the years to benefit and administer our estates in such a way to minimise risk and as a consequence of common law and legislation, draw on the tax benefit it offers.
At the beginning of the year, the presidency signed into law the Taxation Laws Amendment Act, No. 15 of 2016, noted in the government gazette number 40562 on 19 January 2017 (the “Act”) which will change estate planning and how trusts are used.

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