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Your suppliers play a strategic role in your business because if they fail to deliver on time or with the required quality, they can cause delays in your organisation. These delays will inevitably have a knock-on effect to your customers.
We’ll list vetting procedures you should have in place to ensure you get high quality suppliers, and share some ideas on optimising relationships to bring good long term profit to your business.
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The “new” Companies Act is pitted with clauses requiring that special resolutions be passed. There are also instances where as directors you are required to take certain actions such as recusing yourself if there is a conflict of interest.
Note that transactions can be set aside if the necessary steps are not taken; and if this happens, you will be in for a costly and time-consuming exercise.
But there’s still hope even when you fail to comply – if, that is, you are able to rely on the “unanimous consent” principle. A recent Supreme Court of Appeal judgment illustrates.
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Bitcoin has become increasingly used in South Africa and there are some good platforms for its use. Although it has proved volatile (it fell 30% in value recently), its long term value has risen over the past decade.
So is Bitcoin subject to taxation? Yes it is. South Africa is following global trends and SARS has confirmed that the normal rules of taxation will apply and it will be subject to income tax or capital gains depending on the type of transaction.
Speak to your accountant if you need advice.
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