View the collection of Deloitte South Africa press releases....
| UN Global Compact a Challenge for Business in Africa |
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08 May 2007 |
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In the words of the well-known writer, Will Hutton, “The foundation of human association is the idea that human life has equal worth and human beings are equally entitled to political, economic and social rights which allow them to choose a life they have reason to live." It is important for us as business leaders to reflect on those words and to consider our roles with particular reference to business leadership, women and the United Nations Global Compact.
Launched in 2000, the UN Global Compact, the world’s largest voluntary corporate citizenship initiative, brings business together with UN agencies, labour, civil... |
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| Offshore groups - A particular risk with inter- company services |
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20 April 2007 |
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The South African transfer pricing rules require that South African companies must transact with foreign related parties at arms length prices. This would be the negotiated price between two independent parties that are transacting with each other. A key reason for having such a requirement is to prevent profit shifting between group companies in a multinational group situation. Inter-company service fees and administration fees are typical expenses that would occur in a multinational group. This is especially so where a shared service centre is situated centrally and the companies in the group contribute... |
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| A ‘Group Tax’ Regime – In the Works? |
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18 April 2007 |
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A primary criticism by taxpayers and tax practitioners alike, is that our tax regime is far too complex and the cost of compliance, too onerous. Commissioner for the South African Revenue Service Pravin Gordhan has been known to imply that it is only a select minority (primarily, sophisticated taxpayers who are able to afford the services of a clever tax consultant) that exploit loopholes in our legislation, to the detriment of the public as a... |
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| New partnership to unlock the future of business |
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27 March 2007 |
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A new R200-million partnership to help South African businesses create radical growth has been formed by global business and technology think-tank FutureWorld and Deloitte Consulting in Southern Africa. “This formalises a long-standing partnership to help CEOs and executive management teams understand, design and create their future,” said Wolfgang Grulke, CEO of FutureWorld International and renowned author and futurist. The new venture, ‘FutureWorld Powered by Deloitte’ has big goals, said Grulke: “For example, we’re helping just one global resources... |
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| Tax aspects of the new retirement savings regime |
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26 March 2007 |
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The Minister, in his recent budget speech, announced sweeping reforms to the retirement savings regime. He also proposed amending related tax rules to ensure they complement these reforms. At present, the retirement funding system in South Africa has three main pillars: A means-tested social old age grant financed through the fiscus. Occupational pension or provident fund arrangements financed on a contributory basis by employers and employees. Elective individual savings plans (retirement...
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| The tax deductibility of royalty payments |
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26 March 2007 |
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Taxpayers should be aware of a recent decision of the Supreme Court of Appeal, delivered on the 13th of March 2007, which may provide a certain level of comfort to taxpayers who make royalty payments. However, despite this decision, taxpayers should not take it for granted that any payment termed a “royalty” will automatically be tax deductible as the court emphasised that each particular case will be judged on the particular facts. The case involved BP South Africa, a subsidiary of a foreign company, which held the well-known “BP” trademark. In terms of a written... |
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| Change in PSC/PST legislation |
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23 March 2007 |
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Notwithstanding the changes to the legislation, caution must still be exercised by employers when determining the tax relationship of Personal Service Companies and Personal Service Trusts In April 2000, the personal service company (“PSC”) and personal service trust (“PST”)... |
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| Wine industry must learn to sweat its assets |
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23 March 2007 |
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A local footprint with a global strategy is key to achieving positive growth for South Africa’s wine industry, says Michael van Wyk, audit partner at Deloitte. The industry should not rely on the weakening rand to stimulate growth but rather focus energy on increasing supply to export markets while still paying attention to its local brands. Results from the second annual financial wine industry benchmarking survey, conducted by Deloitte in conjunction with the UCT Graduate School of Business, were released during the latter part of 2006. The survey examined the financial performance of South African wineries... |
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| Deloitte research shows that quality workforce connections to people, purpose... |
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15 March 2007 |
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A new global report by Deloitte Research provides guidance organisations should consider on how they can significantly improve bottom-line results by fostering and promoting connections in the workplace. According to the report, “Connecting People to What Matters,” creating effective workforce connections to people, purpose, and resources may increase competitive advantage by helping to improve an organisation’s productivity, innovation,... |
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| Taxation of Oil and Gas Companies |
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14 March 2007 |
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It was announced by the Minister of Finance at the time of his annual budget speech in February 2006 that there would be a substantial review of the fiscal regime governing oil and gas companies in South Africa. This has culminated in amendments to the Act by way of the introduction of a new section 26B and Tenth Schedule to the Act, which now provide a comprehensive framework for the taxation of oil and gas companies in South Africa. Combined with the introduction of these new provisions, section 36 of the Act (dealing with capital expenditure in mining) and certain definitions in the Act have been amended... |
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