NEWS & MEDIA


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English Law and the Architecture of African Cross-Border Finance
A financing involving an African business or project can cross several legal systems before a single document is signed.
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The City of Cape Town’s Integrated Waste Management By-Law makes it possible for the City of Cape Town to clean up private properties at the owner’s expense.
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Often times, documents need to be signed or legalised for use within South Africa or for use abroad.
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Albert Einstein once said that “the hardest thing in the world to understand is the income tax.” If he were around today, he might have instead said that “the hardest thing in the world to understand is how to challenge a tax assessment in South Africa.” Whilst this may be overstating matters a tad, the SCA’s recent judgment in the case of The Commissioner for the South African Revenue Services v ABSA Bank Limited and United Towers Proprietary Limited lends some credence to this rejigged Einstein adage. We explain why below.
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With yesterday’s 50 basis point increase and subsequent prime lending rate raising to 11.75% (coincidently not the highest it has been in our Country’s history) the already stressed consumer is now stretched even further.The Governor of the Reserve Bank having stated that albeit some aspects of inflation had cooled, inflation remained outside the bank’s target of between 3-6%. Meaning that if the key indicators did not reduce within the next review period the chances of a further increase of the REPO were likely. Coupled with unstable energy and an international market already shaken by the war in the Ukraine and potential default of the United States… the likelihood is sadly high.
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When can an Electronic Signature not be used?In certain instances, the use of electronic signatures is not permitted, these include:
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Blanket visa exemptions for Zimbabweans illegally in SA were introduced in 2009 under the Dispensation of Zimbabweans Project (DZP) . The long used Zimbabwean exemption permits will expire at the end of June 2023 which means 178,000 ZEP holders and their families will be declared illegal foreigners on 1 July 2023. Some have called this a massive humanitarian crisis.The expiry of the ZEP permits will likely leave huge gap in the South African work force as well and this danger has not been addressed by the South African Department of Home Affairs. Another issue which does not seem to have been considered is the likely pressure to be experienced at the South African Zimbabwean borders. There will be an estimated 178,000 ZEP holders leaving at the end of June 2023. Private travel between the countries, and logistics companies will also feel the effect of the ZEP cancellations and will not be able to cross the border freely.
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