A short summary of the Exchange Control Circulars issued by the Financial Surveillance Department on 23 February 2022
1. Introduction 1.1 With reference to the February 2022 Budget Speech of the Minister of Finance, wherein further exchange control reforms were announced in Annexure F of the Budget Review, the Financial Surveillance Department issued the undermentioned Exchange Control Circulars to amend the Currency and Exchanges Manual for Authorised Dealers in foreign exchange. 2. Short […]
Estate Planning 2022
As at the 1st March 2022 the relevant rates of tax are as follows: Estate Duty – Estate duty is payable at the rate of 20% of the net value of assets in the estate in excess of the sum of R3 500 000,00. The rate will increase to 25% for estates over R30 000 […]
Sequel to enforceability of adjudicators’ decisions
INTRODUCTION The Bulletin last week entitled “When is an Adjudicator’s Decision Unenforceable?” dealt with the decision of the Gauteng High Court in the Framatome case handed down on 30 September 2020. That decision was taken on appeal to the Supreme Court of Appeal in Bloemfontein (SCA) which has just handed down judgment. […]
When is an adjudicator’s decision unenforceable?
INTRODUCTION Adjudication is a dispute resolution process created by contract in many modern standard form construction contracts. A common feature of adjudication clauses is that an adjudicator’s decision is binding on the parties, albeit not final, unless neither party gives a notice of dissatisfaction in relation to the decision within a stipulated time […]
Challenge to 2018 Mining Charter
On 21 September 2021, the High Court, Pretoria, set aside various provisions of the 2018 Mining Charter (the Charter) following a review application brought by the Minerals Council of South Africa. The Court confirmed that the Charter is a policy document and is not legislation. It applies only when a decision is to be made […]
PAIA Manual
Our Manual in terms of Section 51 of the Promotion of Access to Information Act PREAMBLE The Promotion of Access to Information Act (Act 2 of 2000) ("the Act") came into operation on 23 November 2001. Section 51 of this Act requires that we as a private body compile a manual giving information […]
Can an Unsuccessful Tenderer Claim Damages
CAN AN UNSUCCESSFUL TENDERER CLAIM DAMAGES FOR LOSS OF PROFITS? The Supreme Court of Appeal had to recently consider whether an unsuccessful tenderer could claim damages for loss of profits as a result of an Organ of State’s breach of its constitutional duties. The tender concerned the award of a contract to a joint venture in […]
Expropriation and Public Trust
The final Constitution of 1996 brought about a compromise between the protection of private property and the need to achieve fundamental land reform. Section 25 of the Constitution protects the ownership of private property and provides that property may only be expropriated for a public purpose or in the public interest and the amount of compensation must be […]
Sasria Insurance Cover
The surge of civil unrest and public disorder in Gauteng and Kwazulu-Natal since Monday 12 July 2021, and the consequent destruction of property, has brought the issue of Sasria (South African Special Risks Insurance Association) insurance cover sharply into focus. Emergence of Sasria In 1979, and in response to increased incidents of damage to property arising out […]
The Land Question
The Freedom Charter was adopted by the Congress of the People in Kliptown in June 1955. It was, of course, a different time but the statements made on land remain important. The Charter stated that: “Restrictions on land ownership on a racial basis shall be ended, and all the land redivided amongst those who work […]