News

HIDDEN ASSETS IN DIVORCE CASES

Whilst the concealing, and uncovering, of assets is certainly not limited to divorce cases, it is one of the areas where issues commonly arise. A spouse/partner may be severely prejudiced if she/he is not aware of what is happening to her/his joint financial affairs.

MAURITIUS NAMIBIA DTA

Although the Namibian tax legislation is source based, its Income Tax Act does not define the term ‘source’. The meaning of the source is determined with reference to case law, which establishes the meaning to be ‘originating cause’. Thus where an ordinary resident of Namibia or a non-resident of Namibia receives income where the ‘originating cause’ is services rendered within Namibia, the income will be subject to Namibian tax.

CAMEROON ON THE RADAR

In March/April 2015, Jeff Blackbeard received a special invitation by the Prime Minister of Cameroon, Mr Philemon Yang and was requested to identify potential investors in the Energy, Construction, Agriculture, Retail and Manufacturing sectors for specifically identified opportunities.

POTENTIAL IMPACT OF PROLONGED LOW OIL PRICES ON AFRICA

The drop in oil prices over the past 12 months to levels in the vicinity of 50 USD is expected to have a major impact on Africa, which during 2014 and the first two quarters of 2015 has already been grappling with poverty, food shortages, HIV/AIDS, regional conflict and the Ebola virus in West Africa. These low prices are impacting economies that depend on exports, such as Nigeria and Angola where Moore Stephens network member firms and clients are experiencing various aspects of the pricing levels.  It is likely that financial institutions in countries across Africa are stress testing for operations in countries at 40 USD per barrel.

EMPLOYMENT EQUITY REPORT DEADLINE LOOMING

The deadline for the Employment Equity Reports to be submitted to the Department of Labour is approaching fast.

All reports that are manually submitted (by hand or post) need to be in by 1 October 2015. The deadline for online submissions via the Employment Equity Online Reporting System is 15 January 2016.

EIGHT KEY QUESTIONS TO HELP YOU CHOOSE AN INVESTMENT.... A FEW THINGS TO THINK ABOUT THIS SAVINGS MONTH

The investment universe can be complex to navigate without a good grasp of what your needs are. But once you understand why you're investing and what you'd like to achieve, the process becomes far simpler.
 
July is savings month, an initiative aimed at encouraging South Africans to adopt a savings culture and ultimately save more. To help you sort through the clutter, we have outlined key questions you should be asking yourself before choosing an investment.

MAURITIUS SOUTH AFRICA DTA CHANGES

Dear All,
 
Please find attached a copy of the MOU signed recently between the Government of Mauritius and South Africa with regards to the issue of ‘dual residence’ for DTA benefits under the revised Mauritius/RSA DTA. Your comments and views are most welcomed.

STRENGTHENING LINKS BETWEEN AFRICA AND CHINA

Moore Stephens China Africa Desk takes delegation to Beijing, China

A delegation from accounting and consulting firm, Moore Stephens, has been on a breakthrough visit to Beijing, and has signaled strong prospects of attracting more trade and investment between African countries and China.
 
The delegation of partners and clients from South Africa and Cameroon met with Moore Stephens Da Hua in Beijing, and interacted with partners and clients on business opportunities in Africa.
The visit is the largest ever undertaken by Moore Stephens (MS) partner firms in Africa to China.

IS YOUR FAMILY TRUST IN ORDER?

Trusts remain a valuable part of most long-term wealth management solutions. The estate planning opportunities and protection from creditors that they offer remain a compelling proposition for most clients.
 
During 2014, SARS overhauled the Trust Tax return. This is a clear indication of its intention to scrutinise trust affairs more closely.  We have embarked on a new project to assist you in proactively managing your trusts’ affairs with regard to administration, compliance and taxation. 

RENEGOTIATED DOUBLE TAXATION AVOIDANCE AGREEMENT BETWEEN THE REPUBLIC OF SOUTH AFRICA (SA) AND THE REPUBLIC OF MAURITIUS (MAURITIUS)

The revised SA/Mauritius Treaty will take effect from 1 January 2016. A Mutual Agreement Procedure (MAP) between the two countries will determine a single residency in cases of dual residency for legal persons other than individuals. The new Memorandum of Understanding (MOU) (see below) provides further guidance in terms of process.

INTERNAL AUDIT – ADDING VALUE OR ADDING PAPER?

Many internal audit functions within organisations fail to add practical value that exceeds their costs.  Why is this?
 
Firstly, it is our experience that an internal audit function is hard pressed to demonstrate and deliver value if not underpinned by a robust Enterprise-wide Risk Management (ERM) process.  In fact, where there is no ERM process in place, it is our recommendation that internal audit resources should first be applied in establishing an ERM process.  

CLARIFICATION ON TAX CLEARANCE APPLICATIONS FOR FOREIGN INVESTMENT PURPOSES

In the February Budget Review, National Treasury indicated that as from 1 April 2015 a South African resident’s (individuals only) foreign capital allowance would increase from R4 million to R10 million per calendar year.

In order to take funds offshore, individuals would have to obtain a foreign tax clearance certificate from SARS before they could transfer the funds offshore.

AN OPPORTUNITY TO AUGMENT YOUR ANNUAL TAX PLANNING

A TFSA is a long-term investment vehicle which can be a valuable addition to your existing plan, due to its significant tax advantages. Since the introduction of the TFSA legislation on 20 February 2015, you've probably been faced with a myriad of TFSA-related news and marketing messages. It may be tempting to make a decision hastily, but it's worth taking a step back and ensuring these decisions are fully informed and costs are fair, especially since high fee charges within some of the available options on the market could erode some of its tax benefits. We'd like to help you understand more about what to consider when making your selection.

TRUSTS - ROLE AND RESPONSIBILITY OF PROTECTORS

To Protect or Not to Protect
 
Whilst the role of a trust protector is more often raised in connection with offshore trusts, he/she may be appointed in domestic trusts both inter vivos and will trusts. His/her role and responsibility are often misunderstood or unclear.
 
A trust protector has nothing to do with nor has any connection with the “Public protector”, set up in terms of South Africa’s Constitution to investigate complaints against government agencies or officials.

SELLING YOUR BUSINESS

The preparatory steps, even if the thought hasn’t crossed your mind yet!
 
Are you a small to medium-sized business owner? Selling your business is possibly not your priority right now, but in order to achieve a successful sale, you should start preparing early in order to optimise the value that you could receive. Let’s run through ten practical steps to help you achieve the best value on the ultimate sale of your business. Please note that this article is not in any way intended to be a technical treatise. 

EXTENSION OF 2014 ROE DEADLINE

The deadline for the 2014 Return of Earnings form (W.As.8) has been extended to 29 May 2015.
 
The 2014 assessment period will be opened for transacting on the ROE website from 1 April 2015.
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