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June 2017

Recession: Surprise!!

South Africa plunged into its second recession in eight years during the first quarter of 2017. Africa’s most industrialised economy contracted by 0.7% in the first three months of the year after a 0.3% drop at the end of 2016.

Analytics
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Mandatory Audit Firm Rotation (MAFR)

IRBA published the Mandatory Audit Firm Rotation rule on Friday, 2 June 2017, implementing firm rotation on a rotation period of ten consecutive years, and a cooling off period of five financial years. The effective date is financial years commencing on or after 01 April 2023.

IRBA (Independent Regulatory Board for Auditors)
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Sectional Titles Schemes Management Act CSOS Levies

On 7 October 2016 the Sectional Titles Schemes Management Act, No 8 of 2011 and the Sectional Titles Schemes Management Regulations, 2016, became effective. Together with the Act and Regulations, the Community Schemes Ombud Service Act, 2011, and the Regulations also became effective.

Tanya van Zyl
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The New Mining Charter – The Good, the Bad and the Ugly

On 15 June 2017, the Minister of Mineral Resources published the reviewed Mining Charter.  In theory, the Charter seeks to address the issue of black economic empowerment within the mining sector. In practice, though, the Charter has already induced panic in the financial markets and is likely to discourage investment, complicate shareholding matters and reduce employment within the mining sector.

Charles Ancer, Fluxmans Attorneys on behalf of Moore Stephens
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For Internationally Mobile Investors, a Second Citizenship Provides a Passport to the World

As the world becomes ever more globalised and people live and conduct business on a progressively more international scale, freedom to move within the global market provides a decided edge. Increasingly, a valuable asset in the portfolios of wealthy investors has become a second passport.

Maria Burley-Smith, Client Advisor at Henley & Partners​ on behalf of Moore Stephens
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