Tag: credit agreement
Electric vehicle tax incentive – what EV manufacturers should know
Late last year, President Cyril Ramaphosa signed the Taxation Laws Amendment Act No. 42 of 2024. This Act introduced a significant tax incentive. The government aims to promote battery electric and hydrogen-powered vehicle production through this initiative.
Unpacking onerous adjustments to the apportionment formula
The shortcomings of the Value Added Tax (VAT) apportionment formula set out in 2011, have been addressed in a new formula which applies with effect from all financial years commencing on or after 1 January 2024. We highlight important adjustments to the formula which is laid out new Binding General ruling, BGR 16 (Issue 3).
Understanding what’s on your credit report?
If you have taken out a loan or a store account, or have a credit card or a home loan, you have a credit record. A great way is to put your finances in order, especially after the costly generosity of the festive silly season – not to mention Black Friday.
What does being in a ‘Vat en Sit’ mean for your...
According to the most recent Marriages and Divorces report released by Stats SA, fewer South Africans are tying the knot – a possible indicator of the cultural move away from the traditional institution of marriage in favour of domestic partnerships.
Consumer Rights Day – what rights do consumers have?
All bank customers have a right to expect to be treated fairly, reasonably and ethically by their bank. This right is reinforced by the banks undertaking not to unfairly discriminate any customer on grounds such as marital status, gender, age or race in the provision of banking services or in the quality (and terms) of the services that are offered to the consumer.
The real cost of Black Friday
This year, Black Friday will fall on 26 November. As has been the trend for the last few years, many retailers have already started offering discounts on goods since the beginning of the month. Last year (2020), many South Africans took to social media to lament their dissatisfaction with what many termed 'Black Friday scams'.
Five questions SME should ask before applying for funding
The global economic landscape has undergone a seismic shift since the arrival of COVID-19 over a year ago. However, while the pandemic caused significant business challenges, it also triggered and accelerated many innovations as organisations adapted to change, often simply to survive.
Being responsible with credit is more important than ever
The lowering of interest rates that formed part of government’s response to COVID-19 have been a huge help to most South Africans as they faced the combined challenge of a loss of income while still needing to keep up their repayments on their home, vehicle and personal loans and other credit agreements.
High Court ruling | Set-off does not apply to credit agreements
The High Court in Johannesburg has ruled in favour of the National Credit Regulator (NCR) against Standard Bank that the common law set-off does not apply to credit agreements subject to the National Credit Act (NCA). This follows an application for a declaratory order brought by the NCR against Standard Bank seeking legal clarity on the effect of section 124 of the NCA on the common law set-off.
PODCAST | Who has to register as a credit provider under...
An interview with Pierre Burger, Director, Werksmans Attorneys, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the confusion that has been created by the National Credit Act (NCA) relating to the obligation to register as a credit provider. In effect, anyone who concludes a credit agreement in terms of which any amount of money is owed to them, subsequent to 11 May 2016, is required to be registered as a credit provider.
