South Africa > Tax > Tax
tax
Tax work is often handled by the major accountancy practices, but Johannesburg’s leading corporate firms also offer notable expertise.
Edward Nathan Sonnenbergs Inc has the largest tax team in South Africa including some of the most eminent names, Beric Croome and Peter Dachs. Its status as a leading corporate player contributes much to the firm’s tax capability, but it is still the go-to department for standalone revenue advice. On the contentious side, its role advising BP Southern Africa on two tax disputes with the South African Revenue Services indicate its prime status in the market.
Wally Horak leads Bowman Gilfillan’s tax team, which has also recently recruited Barry Garven from Deloitte. The team covers tax structuring, negotiating with the revenue and tax disputes to the level clients can expect from one of the country’s premier corporate firms. In 2008, the team advised on the tax implications of M&A, such as Standard Bank’s acquisition of 20% interest in Industrial and Commercial Bank of China; and also the tax implications of BEE deals for Cisco Services, and for Pretoria Portland Cement.
DLA Cliffe Dekker Hofmeyr, recruited the eminent Emil Brincker from Edward Nathan Sonnenbergs Inc in 2008.
‘ We have found the service to be extremely high quality and are very pleased to use them’ remarked one impressed corporate client.
In 2008, Ernie Lai King of Deneys Reitz Inc has been advising on the tax implications of the BEE restructuring of Holcim/Aveng, the tax aspects of a R1bn leasing agreement for South African Airways, as well as a tax dispute for Anglovaal in the Supreme Court of Appeal. The team has also been busy advising Eksom on various tax disputes, and also for Omnia Group; Sasol and Apple Computers. One client commented that ‘ their service has always been excellent’.
Glyn Marais Inc’s name partner Richard Glyn is considered one of the country’s top tax experts, especially in relation to structured finance. A quality finance and transactional practice throws up complex tax issues for the likes of Absa Bank, NedBank, Investec and Growthpoint.
Webber Wentzel’s 13-strong team tax team is headed by Ian MacKenzie, formerly of Ernst & Young. 2008 highlights include advising Anglo American South Africa Limited on the tax aspects of the restructuring and introduction of BEE shareholders into Anglo Coal, and advising Naspers on its acquisition of shares in MNet and Supersport from Johnnic Communications Limited.
Ernest Mazansky heads Werksmans Attorneys’ tax practice. Mazansky is the former chair of the tax committee of the South African Institute of Chartered Accountants, and is particularly well thought of. Clients admire his ‘ independent advice without trying to second guess the client’. In 2008, his work has included the tax implications of M&A and black economic empowerment deals, as well as international tax structuring.
Press releases
Legal Developments in South Africa
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How to stop fraud before it happens
Stopping fraud before it happens is the ultimate goal of a successful fraud prevention and awareness programme. Whilst it is important that fraud prevention controls are robust and are methodically implemented, too often companies fail to recognize that it is the perception of the likelihood of detection and sanction which discourages a person from perpetrating fraud, rather than the actual effectiveness of the internal controls and anti-fraud measures. -
Consumer Protection Act and leases
The Consumer Protection Act 2008 (“ the Act ”) was assented to on 24 April 2009 and is to come into operation incrementally with the majority of the provisions coming into effect 18 months after the date on which the Act was signed by the President. Accordingly the majority of the provisions of the Act will come into operation on 24 October 2010. -
The impact of competition law changes/developments on M&A activity
The Impact of Competition Law changes/developments (including the practices and policies of the Commission/Tribunal) on M&A activity - with a specific focus on 2008 and also forward looking taking into account expected legislative changes. If possible mention actual company names/cases wherever possible to make it have real life application -
Contributed tax capital: simplicity at last!
By now, many will have heard something about c ontributed tax capital (CTC). A year or so hence, the concept will form part of the South African tax terrain – to the relief of tax practitioners who have had to trawl through the Income Tax Act’s (“the Act”) three-to-four page long definition of a dividend . I certainly heaved a sigh of relief when I read the Revenue Laws Amendment Bill of 2008 (“Bill”). -
The Consumer Protection Bill – Changing the Face of Litigation and Dispute Resolution
The Consumer Protection Bill is the Department of Trade and Industry’s omnibus consumer protection legislation which has been passed by Parliament and is currently awaiting the President’s signature. -
Deliberate manipulation of securities prices will invariably and inevitably be harshly penalised
Deliberate manipulation of securities prices will be harshly penalised. That’s the clear message to emerge from the 17 February 2009 Financial Services Appeal Board case of Michael Berman vs the Financial Services Board . -
Unconstitutionality of the Competition Amendment Bill By Andrew Smith and Emmylou Wewege
It is hoped that the President will refer the Competition Amendment Bill to the Constitutional Court rather than sign it into to law so as to resolve its unconstitutionality and avoid unnecessary litigation. Failure to do so will spark constitutional challenges which will prevent it from being implemented while that litigation unfolds. -
New Laws in the Pipe Line to Decisively Respond to the Challenge of Climate Change
New laws may be in the pipeline in South Africa to address climate change after the South African Finance Minister’s (“the Minister”) Budget speech o n 11 February 2009. In the 2009 Budget speech, the Minister announced specific additional measures which South Africa will implement in responding to climate change. -
Big business beware – the class and derivative actions are coming! by Carl Stein
The trend over the past decade in the USA , and more recently in the UK after the enactment of its new Companies Act in 2006, towards more aggressive shareholder activism seems likely to be followed in South Africa once our new Companies Act becomes operative. This new Act is only awaiting the State President’s signature in order to become law, although it will only come into operation at least one year after the State President does so. -
Retaining diversity in a cost cutting environment by Karen Fulton
With transformation being one of the key strategic imperatives of every South African business is it possible for employers to consider race when selecting employees to be retrenched?
Press releases
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Agrofert Successful in Law Suit against PKN Orlen
PRAGUE (30 June 2009) – The Arbitration court in Prague has decided in favour of company Agrofert Holding (“Agrofert”) in its claim against Polish company Polski Koncern Naftowy Orlen (“PKN Orlen”). The Polish company has to pay, on the basis of decision of the arbiters, a contractual penalty which exceeds EUR 77.2 million (over 2 billion CZK) with accessories. -
UBS CHF 3.8bn share placement
On June 25, 2009, UBS AG (SIX: UBSN) announced that it is offering 293,258,050 newly issued shares from authorized capital to a small number of institutional investors at a price of CHF 13.00 per share. After deducting cast associated with the placement, the amount of new equity capital expected to be raised is approximately CHF 3.8 billion. -
DWS reprises advisory role for MENA Infrastructure fund's investment in Oman's power sector
Denton Wilde Sapte continues to act as legal advisor for MENA Infrastructure Fund, picking up an instruction to advise on its second investment, in which it has taken 32.8% of the shareholding in Oman's United Power Company SAOG (UPC). -
Three partner admissions at Carey Olsen in Jersey
Carey Olsen is strengthening its corporate, finance and fiduciary teams in Jersey by admitting three partners to these key practice areas. -
Penningtons celebrates SRA and Farriers Registration Council tender wins
Penningtons Solicitors LLP's professional regulation group is celebrating two key appointments with the news that it has been successful in tenders to advise both the Solicitors Regulation Authority (SRA) and The Farriers Registration Council. -
Penningtons advises on Trans-Siberian Express luxury travel deal
Penningtons Solicitors LLP has advised international tour operator Australian Pacific Touring (UK) Limited on its purchase of a majority share in GW Travel Limited, the market-leader in long-distance luxury rail tours. GW Travel's flagship holidays are trips on the world-famous Trans-Siberian Express. -
Penningtons trainee encourages young Londoners to choose a career in law
Catherine McCann, a trainee solicitor at Penningtons Solicitors LLP's City office, has been invited to contribute to a new guide published by the London Chamber of Commerce & Industry to help young people consider the many types of jobs available in the capital. -
BAKER & MCKENZIE ADVISES FIBERWEB ON JOINT VENTURE WITH PETROPAR
London/Chicago/Sao Paolo, 26 June 2009 - Baker & McKenzie has advised Fiberweb plc on its proposed joint venture with Petropar S.A. The 50/50 joint venture, which will be named FitesaFiberweb, is intended to create the second largest producer of spunbond and non woven fabrics in North and South America. Completion of the transaction is subject to the approval of both Fiberweb and Petropar shareholders. -
Salans awarded Best European Law Firm
Salans has been awarded a Special Distinction in the Best European Law Firm award category at the 2009 International Legal Alliance Summit & Awards (“ILASA”). -
unit specialising in transaction and financing consultancy
HERMANN Rechtsanwälte Wirtschaftsprüfer Steuerberater and the Munich-based team at Grub Brugger join forces: Joint establishment of a unit specialising in transaction and financing consultancy