Commercial law

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Writing off debt in dormant companies

Writing off debt, or better phrased, debt waiver is dealt with in Section 19 and paragraph 12A of the Eighth Schedule in the Income Tax Act 58 of 1962 (“ITA”).  When debts are waived, written off or reduced, there are tax implications on the part of both Debtor and Creditor in many instances. For example, […]

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Returns Policy and the Consumer Protection Act

A supplier of goods usually dictates the terms and conditions of sale and includes the returns policy applicable. When constructing these terms and conditions, it is important to keep the provisions of the Consumer Protection Act (the CPA) in mind, as they apply irrespective of the store refund policy. There are a number of sections in […]

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commercial law

Spam email, Sales calls – Enough to drive anyone mad! What should you know as a business owner on the giving end?

The Consumer Protection Act No 68 of 2008, as amended (CPA), is an important feature in South African commercial law and provides for the establishment of an “Opt-Out Registry”. As we speak, this is being ironed out by the National Consumer Commission (the NCC). This could mean that consumers that do not want to be […]

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competition act

Can silent participation constitute a contravention of the Competition Act?

In South Africa, agreements, concerted practices, or decisions by an association of competitors, are prohibited if it has the effect of substantially lessening or preventing competition in a market. In terms of section 4(1)(b)(i) of the Competition Act No 89 of 1998 (“the Act”): “An agreement between, or concerted practice by, firms, or a decision […]

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shareholders'

Financial Intelligence Centre Amendment Act – Key amendments to look out for (Part 1)

The Financial Intelligence Centre Act, 2001 (FICA) has been the key regulatory tool to protect the integrity of the South African financial system against abuse for illicit purposes like money laundering the proceeds of crime and the financing of terrorism. The FICA Amendment Act No 2 of 2017 (“the Act”) published in the Government Gazette […]

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