Archive for March 17th, 2008
Exchange control
Monday, March 17th, 2008The Financial Rand is a non-resident investment currency derived from:
The local sale proceeds of South African assets owned by persons resident outside the Republic, and
Funds so designated by the Treasury or a person authorized by the Treasury. Financial Rand may only be traded in by a non-resident of the Republic.
Commercial Rand is legal tender used [...]
Foreign purchases
Monday, March 17th, 2008
The granting of local financial assistance is restricted in terms of Exchange Control Regulations 3(1)(e) and 3(1)(f), which read:
“3(1) Subject to any exemption which may be granted by the Treasury or a person authorized by the Treasury, no person shall, without permission granted by the Treasury or a person authorized by the Treasury and [...]
Negative Equity
Monday, March 17th, 2008Explanation
Negative equity is a term in common use in England but is not all that well-known in South Africa. It describes the situation when a loan secured against a property exceeds the market value of that property. The amount by which the loan is higher than the market value of that property is negative [...]
Avoid Common VAT Pitfalls
Monday, March 17th, 2008The VAT Act, 1991 (”The Act“) and its effect on Estate Agents could, on its own, be the subject of a book. There are so many different aspects to the VAT system which affect Estate Agents at one time or another that it is impossible to cover every aspect of the VAT system. In general, [...]
