This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
South African Companies Bill Signed Into Law,
by Robert Lee, Tax-News.com, London
Friday, April 17, 2009
Kgalema Motlanthe, President of South Africa, has signed the Companies Bill
into law, which promises to reduce the regulatory burden on companies, particularly
small- and medium-sized enterprises (SMEs).
The Bill, which now officially becomes the Companies Act, No. 71 of 2008, was
published in the Government Gazette as of April 9, 2009. Commenting on the new
legislation, Zodwa Ntuli, Deputy Director-General of the Consumer and Corporate
Regulation Division (CCRD) of the Department of Trade and Industry said: “The
new Act brings about a lasting mechanism to facilitate the rescuing of businesses
that are in financial distress. It is aimed at ensuring that companies are saved
before they reach a stage of insolvency and ultimate liquidation."
Ntuli added: "Both companies and workers will be empowered to initiate
business rescue plans, where there are apparent signs of distress. This will
ensure the efficient running of companies, while strengthening means of sustaining
jobs in the economy. We want to promote efficiency and economic growth, retain
efficient resources and save jobs."
The government claims that the 2008 Companies Act lends a helping hand to SMEs
by reducing the regulatory burden placed on them. While all companies will be
required to prepare annual financial statements under the legislation, this
is largely intended to encourage sound financial management. However, some enterprises
will be exempted from having their financial statements audited or reviewed,
depending on their size, workforce and nature of their activities.
The legislation also simplifies the framework on compliance issues, in respect
of the structure, registration and maintenance of companies, so as to reduce
the need for intermediaries, and save businesses time and money in the process.
In addition, the 2008 Act promotes shareholder activism, especially in relation
to minority shareholders and foreign investors. In this regard, the required
support for the calling of a shareholders meeting has now been reduced to 10%.
The new Act also makes provision for an audit committee to be appointed by shareholders
of a company, which entrenches the role of shareholders and the level of independence
that should be maintained between audit committees and boards of companies.
Further, more comprehensive corporate governance principles, to promote the
effective functioning of companies, will be compulsory under the new Act.
“This Act will go a long way in promoting sound corporate governance,
transparency, and access to information, amongst other regulatory oversight
improvements," argued Ntuli.
"The country will also see a more effective and robust investigative approach
to company complaints and the resolution thereof," he concluded.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed