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21 Dec 2018

Draft of new Expropriation Bill published

Public works minister Thulas Nxesi today published a draft of the new Expropriation Bill, with a 60-day comment period. Following this, agricultural association, AgriSA, acknowledged that the new Bill provided more clarity on expropriation without compensation (EWC), but it stated that the reach and definitions must urgently be clarified. “The Expropriation Act is not entirely separate...
21 Dec 2018

Restructuring of Edcon passes next hurdle: CEO

“The restructuring and recapitalisation of Edcon has passed its next hurdle,” the company’s CEO, Grant Pattison said in a statement today. “The Edcon Board has approved the structure of the proposed recapitalisation plan, and in response lenders have extended waivers to allow time for implementation. This will allow sufficient time for the number of necessary...
21 Dec 2018

Test for a simulated transaction avoiding the payment of tax

By Patrick Bracher, Norton Rose Fulbright. A transaction is not necessarily a disguised one because it is devised for the purpose of avoiding liability for tax. If the parties honestly intend the contract to have the effect stated in the contract then the only question is whether there is liability for the tax or not....
20 Dec 2018

Skill vs Luck: What makes a great investment manager?

When it comes to asset managers, is making the right investment choice due to skill or luck? Perhaps it’s a bit of both, says Allan Gray’s Vuyo Nogantshi. American financial strategist Michael Mauboussin argues that all investing sits on the spectrum between pure skill (no luck) and pure luck (no skill). What is not factored...
20 Dec 2018

New research on profit shifting and corporate tax avoidance

The largest 10% of multinationals are associated with as much as 98% of an estimated R7 billion tax loss. A new SA-TIED research study estimates that South Africa loses about 7 billion ZAR a year due to profit shifting by multinational corporations; amounting to about 4% of total current corporate income tax receipts. While this...
20 Dec 2018

Why 2019 might be a better year for investors

By Peter Harrison, Group Chief Executive, Schroders. 2018 has been a disappointing year for most investors. Almost all markets, both stocks and bonds, have fallen in value this year, under pressure from rising interest rates, political developments such as Brexit, and the trade dispute between the US and China. With hindsight, markets were priced for perfection at...
20 Dec 2018

OUTA welcomes Public Protector’s reports

The Organisation Undoing Tax Abuse (OUTA) has welcomed the Public Protector’s reports which implicates the Treasury director-general, Dondo Mogajane as well as former ministers Malusi Gigaba and Fikile Mbalula.
20 Dec 2018

How diversification can help you build wealth steadily over time

By Pearlene Govender, Junior Portfolio Manager at Novare Investments. We’ve all used the phrase “don’t put all your eggs in one basket” at some point or another, but this analogy could not be more apt when considered in an investments and portfolio construction framework. Stories about superstar investors making a fortune out of a single...
19 Dec 2018

Deciphering the price of a unit trust

The price of a product tells you a lot about what you are buying. So what does the price of a unit trust tell you? Allan Gray’s Ray Mhere explains how a unit trust is priced and what it means for you as an investor.
18 Dec 2018

FSCA takes enforcement action against STANLIB

The Financial Services Conduct Authority (FSCA) has taken enforcement action against STANLIB for contravention of Paragraph 1(i) of SCHEDULE 1 TO THE COLLECTIVEINVESTMENT SCHEMES CONTROL ACT, 45 OF 2002 (“CISCA”). STANLIB is a registered Manager in accordance with the CISCA. The FSCA said in a statement today that during an on-site visit conducted by the...

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