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February 2019 NEWSLETTER
AI and the Changing Face of Jobs: Good News If We React Now
No one knows for certain what the rise of Artificial Intelligence will actually mean to us as businesses or employees. A common reaction is one of fear – “Will I lose my job to a machine or an algorithm?”, “Will my business be disrupted and destroyed?”, “Should I be throwing more time and resources at looking for the next big AI thing?” and so on. That’s partially a result of all the media hype around how the ever-accelerating Rise of the Robots will destroy jobs and threaten our livelihoods. 

However a recent World Economic Forum report puts a far more positive spin on it all. We discuss what the WEF predicts for 2022, and suggest 3 practical steps that your business should take now to ensure that you “Adapt and Thrive”.
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Directors: The Potential Liabilities You Face When Issuing Shares  
The Companies Act imposes a raft of important duties on directors, one of which is to ensure that the company remains a going concern with adequate liquidity and solvency. 

Which means that you may on occasion have to find further funding in order to satisfy the going concern test. Or perhaps you need to raise more money for a program of major expansion. Either way, one option could be to issue new shares. 

Be careful though of the Act’s requirements when it comes to setting an issue price for the shares – drop the ball on this one and you could face damages claims and personal liability. We discuss the details…
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POPIA is Now Imminent: Don’t Underestimate the Work Involved 
With the release of final Regulations for the Protection of Personal Information Act (“POPIA”, often referred to as “POPI”), the Act’s commencement has become imminent. 

Once this happens, business will have a twelve month grace period to prepare, but don’t leave it to the last minute.

Be warned there is a mountain of work ahead! Fines of up to R10 million can be levied for failure to comply with POPIA.

Watch this space! We’ll update you once POPIA’s commencement date is gazetted.
Does “The Company” Still Have A Role To Play?  
The concept of “the company” has historically proved to be a unique way of achieving prosperity worldwide, but it is facing serious challenges. Competition is falling, poor decision making is on the rise, innovation is being stifled, performance is weakening, and (of particular importance to us in South Africa) strong governance and ethical values are under siege.

How does that affect you? Well, on the positive side there is already a process of renewal and experimentation underway, a process which will almost certainly unleash a new wave of global growth.

That’s a wave you will want to catch!
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Budget 2019: Your Tips for Tito 
On 20th February the Minister of Finance, Tito Mboweni, will make his budget speech. 

Traditionally, the Minister asks the public what they would like to see in the budget and this year Treasury has specifically asked South Africans to send tweets to @TreasuryRSA with the hashtag #TipsForMinFin and #RSABudget2019, or to use the Budget Tips form on the website.

Also keep an eye on the Minister’s own Twitter feed – for last year’s MTBPS (Medium Term Budget Policy Statement) he asked for contributions under a “Tips for Tito on Twitter” label; perhaps he’ll do the same for the Budget Speech.
Your Tax Deadlines For February 2019 
Provisional taxpayers:  28 February is your deadline to estimate your total taxable income (including capital gains) for the 2019 tax year, and to make your second provisional payment to SARS.

Don’t get this wrong! The penalties for inaccurate estimates are severe, so give careful thought to ensuring you remain within the required parameters. That’s not always easy, and professional advice and assistance will pay handsome dividends, particularly in any doubt.

How accurate you have to be with your estimates to avoid penalties depends on your taxable income – read on for the details…


The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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