by VDT Attorneys | Apr 22, 2024 | Forest Fire, Forest management, National Veldfire Act, Public Liability, Veld and Forest Fire Amendment Bill, Veld Fire
The obvious question that comes to mind is, “What’s new in the National Veld and Forest Fire Amendment Bill?”. The bill seeks to amend the National Veld and Forest Fire Act, 1998, by amending and/or including certain definitions, to extend powers of entry,...
by VDT Attorneys | Apr 22, 2024 | AML, Beneficial Ownership, Reporting, SARS, Tax, Trust
The Amendment Act that came into effect on 1 April 2023 has introduced interesting changes relating to trusts in South Africa by amending amongst other things, the Trust Property Control Act (“Trust Act”), which now makes it a requirement for trusts to draw up a...
by VDT Attorneys | Apr 22, 2024 | Corporate, Corporate structuring, Estate Planning, Tax, Trust
A trust is a unique legal entity created to hold assets for the benefit of its beneficiaries. Trustees are entrusted to manage the trust’s affairs in favour of the beneficiaries according to the provisions of the trust deed. As a separate legal entity distinct...
by VDT Attorneys | Apr 22, 2024 | Currency gain, Exhange Item, Preference shares, SARS, Taxable gain, Taxable loss
Section 24I of the current Income Tax Act subjects realised and unrealised gains or losses on “exchange items” to normal income tax. As the act currently stands, an “exchange item” is confined to one of the following: a unit of foreign currency a debt in a foreign...
by VDT Attorneys | Apr 22, 2024 | Budget, Budget Speech, Estate Planning, Reporting, SARS, Wealth management
Over the past decade, there has been much speculation surrounding the potential introduction of formal wealth taxes in South Africa. Drawing parallels from international models, such a tax would be a percentage-based tax calculated on the market value of an...
