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Are you one of the many South Africans regularly using online retailers like Amazon, eBay, Alibaba etc to import goods from overseas? If not, chances are that you soon will be – online shopping is hard to beat for choice, efficiency and convenience.
But beware, SARS has suddenly started enforcing an old requirement that you register as an importer if your imports hit either of two thresholds. Let’s look at what those thresholds are, at what you need to do to register as an importer (regrettably there’s some bad news there), and at the need for your accountant’s help if you fall into the net.
Forewarned, as they say, is forearmed…
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We read about it all the time – businesses both here and abroad are increasingly subjected to major data breaches. Cyber crime is on the rise, and we are all at risk.
A particular danger faces any director whose company’s computer systems are hacked and losses ensue. Overseas, disgruntled shareholders are already suing directors in such cases for dereliction of their fiduciary duties, and there’s a very real threat of incurring personal liability if you drop the ball on this one.
We analyse what the Companies Act and King IV require of directors in this regard, and discuss the danger of failing to comply with any of these duties. Most importantly, we end off with some practical thoughts on how to protect yourself from liability.
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Business failures are an inevitable reality in any free (or even partially free) economy, and at some stage in the life cycle of your business it will almost certainly face at least one major crisis.
How you and your senior management respond to such a crisis will determine whether your business sinks or swims.
So in this article we’ll list some ideas on how to identify the core problem, and on how to address it – with a minimum of stress and a good chance of a successful turnaround…
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