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Employee share incentive schemes – Income tax implications by Stacy-Lee Dennis

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INTRODUCTION It is important for taxpayers who claim deductions in respect of contributions to share incentive arrangements for employees, particularly where trusts are involved, to consider the potential impact of Commissioner for The South African Revenue Service v Spur Group (Pty) Ltd (the Spur Case). Section 95(1)(c) of the Companies Act 71 of 2008 (“Companies …

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Director’s duty to disclose financial interests by Carl Prinsloo

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Directors have a duty of disclosure where personal interests may be in conflict with that of the company and other stakeholders in the company. Section 75 of the Companies Act, 71 of 2008 (“the Act”) describes the circumstances where this duty of disclosure to the board of directors or shareholders applies. When does the duty …

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Abusing the principle of separate corporate identity: A court warning to trustees of a shareholder trust by Lizanne Visser

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It is a well-established principle that a company is a separate juristic person, distinct from its shareholders and directors. This is significant, because it implies ‘limited liability’ – the shareholders will not be held liable for the debts incurred by the company. Only in exceptional circumstances will the courts impose liability on shareholders for the …

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