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WHEN INTEREST BECOMES A DIVIDEND: HYBRID DEBT INSTRUMENTS As of 1 April 2014 the Income Tax Act 58 of 1962 (the Act) was amended to regulate “hybrid debt instruments” more closely.  A “hybrid debt instrument” now includes much more than it did before.  This circular looks at the revised section 8F and the new section […]

This is the first of a few circulars examining directors’ duties under the Companies Act (the Act). Prior to the commencement of the Act and in terms of sections 234 to 238 of the old Companies Act, directors, managers, the managing director and the secretary of a company were obliged to disclose their direct or […]

The Companies Act No. 71 of 2008 (New Companies Act) commenced on 1 May 2011, and introduced the concept of the public interest score of a company. This is an important new development, as it will be crucial in determining the financial reporting standards that the company must adopt (these provisions apply equally to close […]

This is the first of a series of short circulars which will highlight practical issues arising when applying and working with the Companies Act No. 71 of 2008 (“Companies Act”). The focus of this circular is on “how to” lawfully appoint the members of the board of a private company or a public company with […]

With effect from 31 December 2011, all private bodies will be obliged to prepare a manual which complies with the Promotion of Access to Information Act. Private bodies include any individual or partnership which carries on a trade, business or profession and any juristic person (such as a trust, company or close corporation). The Promotion […]

The final regulations to the Consumer Protection Act 68 of 2008 (Consumer Protection Act), published on 1 April 2011 (Final Regulations), have changed the scope of some of the consumer rights which were regulated in the draft regulations published on 28 October 2010 (Draft Regulations).  Whilst a full-scale comparison of old against new is beyond […]