Money and FinancialTax Law (
Stephanus Phillipus van Zyl)
Income TaxVarious theories have been developed over the centuries to explain the moral and legal relationship between the fiscus (i.e. taxing authority) and the taxpayer.
Value Added TaxValue-added tax (VAT) was introduced in South Africa in September 1991 at 10% to replace the old general sales tax ("GST"). VAT is a secondary tax on sales and is currently levied at 14% on all sales and services rendered where value was added to a product.
Capital Gains TaxCapital gains tax was introduced in the Republic in 2001. The provisions governing capital gains tax are contained in the Eighth Schedule to the Income Tax Act read with section 26A of the Act.
Transfer dutyTransfer duty is payable on:the "acquisition of property by any person" or;the "amount by which the value of property is enhanced by the renunciation. . . of [a right] in or restriction upon the use or disposal of that property . . .".
Donations TaxIn terms of section 54 of the Income Tax Act donations tax is levied on property disposed of by means of a donation. Donations tax is currently levied at 20% of the dutiable amount and is payable within 3 (three) months of the effective date of the donation.
Estate dutyDeath duties, which may be levied in the form of succession duty or estate duty, are a form of taxation on capital. Death duties are not new to South Africa, having been levied, for example, in the Cape Colony from 1864 onwards, in Natal from 1905 and in the Transvaal from 1909.
Micro Business Presumptive TaxDuring 2008 the Receiver of Revenue introduced a presumptive tax for Small to medium enterprises in the Revenue Laws Amendment Bill of 2008. The purpose behind the introduction of presumptive taxes for smaller enterprises is to alleviate the costly burden of tax administration and tax compliance.
Food Law (
Janusz Luterek)
Product liability in the food industryFood manufacturers, wholesalers, retailers and the entire food supply chain is exposed to both civil and criminal liability in terms of various laws and regulations. What is often overlooked is the criminal sanction in terms of local by-laws of the various municipalities.
About the authorJanusz holds degrees in both Chemical Engineering and Law and is Custodian Member of the South African Association for Food Science and Technology (SAAFoST).
Islamic Banking (
Mahomed Shoaib Omar)
Islamic BankingIslamic Banking Law24 Law for the Layman Money and Financial Islamic Banking Islamic Banking Mahomed Shoaib Omar Islamic Banking
IstisnaIstisna is a special manufacturing contract of sale in terms of which the manufacturer (as seller) manufactures or produces a clearly described non-existing commodity, with agreed specifications, (“Al Mawsufah fi Dhimmah”) for an agreed price, payable upon mutually agreed terms.
SalamSalam is a special contract of sale of a clearly described commodity, with agreed specifications, which does not exist at the time of sale, but which the seller agrees to deliver on an agreed future date.
Diminishing Musharakah Arrangementthe contract of lease in terms of which the institution leases (as landlord) its proportionate undivided share in the property to the client (as tenant) for a specified agreed rental.
