Category: Business Legislation
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Recent legislative changes relating to Trusts
Important information relating to recent legislative changes relating to trusts There have been significant changes made to legislation that affect trusts of which all trustees should be aware of. The majority of these came about after the recent grey-listing of South Africa by the Financial Action Task Force (FATF) and Treasury introduced measures to improve…
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Basic Registrations and Compliance for Businesses
It is a challenge for any business in South Africa to stay abreast of all registrations and compliance prescribed by law and other regulations. Following is a summary of the most common registrations and compliance applicable to most businesses. 1. Annual returns and annual duties (Companies): Any company that wants to remain registered with the…
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Directors could be liable for company’s tax debts
Although companies or close corporations, as legal entities in their own right, bear the responsibility of debts incurred, and although directors, shareholders and members of these entities generally are not personally liable for such debts if the entities should become incapable of settling them, the Tax Administration Bill, 11 of 2011, contains several provisions in…