Articles

Richards Bay Floating Dock and Ship Repair

Africa Ports & Ships Newsletter has today reported that the project to establish a ship repair facility including a floating dock at Richards Bay remains on track.

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Coastal Bunker Barge/Tanker in Operation at Richards Bay, South Africa

Local online trade newspaper Africa Ports & Ships Newsletter has reported that SA’s first coastal bunker barge, AMBER II, is in operation at the port of Richards Bay.

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#Youarefired – Social Media Update

We have been warning people for years that they should be very careful about the things that they post on their Facebook pages if they want to keep their jobs.

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Understatement Penalties and Intentional Tax Evasion

The case of Mr A and XYZ CC versus the Commissioner for the South African Revenue Services, (judgment was handed down on 08 February 2018) dealt with the failure by taxpayers to submit income tax returns and VAT returns and the resultant understatement penalties imposed by SARS.

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Tax Update: Country by Country Reporting

In 2013, in order to address the differences in tax systems of multiple countries, the Base Erosion and Profit Shifting Action Plan was adopted by the Organisation for Economic Cooperation and Development and G20 countries, including South Africa. This resulted in the development of Country-by-Country reporting.

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Uncertainty Amongst Some VAT Vendors: What You Need to Know

We have recently noted the uncertainty amongst some VAT vendors regarding what rate of VAT to levy on some of their supplies in light of the VAT increase to 15% effective from 1 April 2018.

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SARS Outsourcing One of Its Core Functions: Is This Cause for Concern

Currently over 2.3 million taxpayers and traders owe SARS just under R150billion. SARS announced on 9 March 2018 that it has outsourced the older and relatively smaller amounts due to it to a number of debt collection agencies.

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VAT Increase effective 1 April 2018

From 1 April all taxable goods or services are subject to 15% VAT. Goods entered for home consumption on or after 1 April 2018 will be subjected to the higher VAT rate.

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#DeleteFacebook – The Backlash Against the Giant

The fact is that Facebook is voluntary and people consent to all sorts of outrageous privacy infringements willingly in order to get the service.

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Judicial Sales of Ships in English Common Law Jurisdictions

In February 2017, Hanjin Shipping Company was declared bankrupt by the South Korean courts, the largest bankruptcy for container shipping in 30 years. It is not always easy to choose between the insolvency process and the sale process. Insolvency can be costly, yet an orderly sale process is also difficult to achieve, given the high level of trade debts and potential maritime lien claims.

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