2018 Tax - Cross Border Transactions - Seminar
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Who Should Attend

Tax practitioners who engage in cross border transactions, tax managers/staff in business, financial managers, legal advisors who advise their clients on cross border transactions.

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Benefits
The workshop will provide participants with an understanding of the principles and practical financial, legal and tax issues relating to cross border transactions.
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Overview

The seminar will deal with the theoretical and practical financial, legal and tax issues around cross border transactions, specifically in relation the selling of tangible and intangible goods.

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Programme
08:00 - 08:30 Registration
08:30 - 10:30 Session 1: VAT and Customs
10:30 - 11:00 Tea
11:00 - 13:00 Session 2: Income Tax & Exchange Control
13:00 - 14:00 Lunch
14:00 - 16:00 Session 3: Legal & Financial issues
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Topics

Session 1: Customs and VAT
Speaker:
  Seelan Moonsamy
This session will cover the following:

  • VAT - General principles relating to exportation of goods from South Africa, rendering of services in South Africa to non-residents, rendering of services outside South Africa, and the provision of goods and/or services from abroad by non-residents.
  • Customs - Brief overview of the importation and exportation of goods to/from South Africa

Session 2: Income Tax & Exchange Control
Speaker: Howmera Parak
In this session the following will be covered:

  • Tax - All provisions of the income tax dealing with cross-border transactions including, controlled foreign company provisions, the headquarter company regime and corporate roll-over relief provisions pertaining to cross-border transactions.
  • Exchange Control - Introduction to exchange control and the current landscape of exchange control; typical cross-border transactions subject to prior exchange control approval; permissible and prohibited transactions; lending and security transactions; international headquarter company regime; foreign direct investments dispensation; preparing applications to Authorized Dealers and FinSurv; regularization of exchange control contraventions, penalties and fines.

Session 3: Legal & Financial Issues
Speaker: Sboniso Cibane
The session will cover the following:

  • Cross-border trade: an overview of the legal framework
  • Making the borders disappear
  • Managing foreign regulatory requirements
  • Negotiating international issues (managing legal risks)
  • Local due diligence (managing commercial risks)
  • Labour implications
  • Minimising transfer taxes
  • Future financing and working capital.
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Presenter profiles:

Seelan Moonsamy
Seelan is currently a consultant for Baker McKenzie. Prior to joining Baker McKenzie, Seelan was on a year sabbatical after serving a stint as Tax Manager at a top tier law firm, where he advised on the full gamut of issues related to VAT. Seelan has in excess of 18 years of experience in VAT and has provided advice to clients operating in the financial services, insurance, telecommunications, retail, mining, etc., industries. Seelan kick-started his career in tax at SARS (in several roles i.e., legal interpretation, integrated auditor, and audit Team Leader) and left to join a Big Four Consulting firm before embarking on his tax odyssey at National Treasury, where he had a stint of approximately 6 years. At National Treasury, he was a Director that was responsible for all legislative aspects and policy issues related to the design of indirect taxes (which included: chairing stakeholder meetings, assisting the legal drafters with drafting instructions and preparing write-ups for inclusion into the Explanatory Memorandum). Whilst at the National Treasury, he also participated (on an ad-hoc basis) in the monthly SAICA VAT Subcommittee meetings that were set up to discuss VAT interpretative issues, practical issues when dealing with SARS, policy interventions, etc.

Seelan is a member of SAIT's VAT Sub-Committee and accepted his nomination to join SAIT's VAT Sub-Committee, as he is passionate about ensuring the proper alignment of tax design and business, assisting SARS and National Treasury close any VAT loopholes and eliminate any unintended anomalies, and SAIT is a pre-eminent platform to achieve these ideals. Seelan enjoys striving for higher ground in his professional environment and personal life, has the ability to work well under pressure, possesses good interpersonal skills, is a team player and a proponent of work-life balance.

Howmera Parak
Howmera Parak is a senior associate in Baker McKenzie's Tax Practice Group in Johannesburg. She has experience in all areas of corporate and transactional tax. Howmera focuses on the structuring of corporate reorganisations and restructuring, corporate finance, and financial products. She also handles international tax including cross-border transactions and exchange control, and advises on tax dispute resolution, general tax administration and fiscal statutes.
Representative Legal Matters:

  • Advising the financial services industry, banks and other major corporates on the structuring of corporate financing including loan funding, preference share funding, hybrid debt, waiver of debt, share buyback transactions, convertible funding instruments, securitisations, forward sale agreement, hedge instruments, project finance and exchange control affecting cross-border financing.
  • Structuring of corporate reorganisation, restructuring, and M&A transactions related to major deals in South Africa involving listed entities, multi-nationals and foreign entities.
  • Provides opinions to significant international clients wishing to establish a South African presence. This includes advice on the most appropriate vehicle to house business presence, funding of entity, repatriating profits out of South Africa and issues concerning effective management and creating a permanent establishment in South Africa.
  • Structuring of outward investments to significant domestic corporates in South Africa, including advising on controlled foreign company regime and headquarter regime in relation to outward investments.
  • Drafting exchange control memoranda for national and international clients, dealing with varied issues across the Exchange Control Regulations and Rulings.
  • Submitting exchange control applications to the South African Reserve Bank.
  • Assisting in regularising exchange control contraventions.
  • Advising on the taxation of Islamic financial instruments.
  • Preparing and submitting applications on behalf of domestic and international banks and money remitters to obtain a license as an authorised dealer or authorised dealer with limited authority to the South African Reserve Bank.

Sboniso Cibane
Sboniso is an associate in Baker McKenzie's Banking & Finance Group in Johannesburg. Prior to joining the Firm, Sbo served as clerk to Chief Justice Mogoeng (Constitutional Court) and prior to that, Justice Malcolm Wallis (Supreme Court of Appeal). Sbo advises clients on capital markets and debt restructuring, securitisation, structured financing, leveraged financing, preference share funding, and various aspects of regulation.

Representative Legal Matters:

  • Assisted in advising and representing various South African and international banks on restructuring the debt of a listed company, and advising lenders on the issuance of a USD 600 million bond by the same company.
  • Assisted in advising and representing a bank in a series of civil damages actions in the approximate sum of ZAR 1.4 billion, arising from its position as custodian of a failed collective investment scheme, which is presently under curatorship.
  • Assisted in advising a development finance institution on funding a public bus rapid transit system.
  • Advised various banking institutions on the regulation of financial and insurance products in South Africa.
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Dates And Venues
DateRegionVenueBooking
Tue, 31 JulJohannesburgFNB Learning Centre, Sandton Reserve a place
Tue, 31 JulJohannesbvurgFNB Learning Centre, Sandton Reserve a place
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CPD
This full day seminar qualifies for 6 verifiable hours. Please record your CPD hours on the CPD system accessible via the SAICA website.
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How To Enrol

Book Online: Please note that the "Book Online" button is disabled as you will need to be logged in to register for the event.
Log In: To log in, you will need your username and password.
Username and password: If you are a SAICA member or a non-member having attended a SAICA event previously, you would automatically have been assigned a username and password. If you have forgotten your username, please call the SAICA Contact Centre for assistance.
Register as a website user: If you are not a SAICA member or have never attended a SAICA event, you will need to register as a new user on the website. Your login details will be emailed to you and after you have updated your details you will be able to register for the event.
Add multiple attendees: If you would like to add multiple attendees, you will be required to log in and have the ID numbers or SAICA membership numbers of the attendees you wish to register. If you enter an ID number that does not exist on the database, it is a quick process to register the delegate as a user first and then add them as an attendee.
Bill to company: If you would like your company to be billed for the event, please ensure that the 'Work Company' details under your profile are correct.

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Investment / Fee
TypeAmount
Seminar MemberR 1 500,00
Seminar Non-memberR 2 000,00
Webcast MemberR 750,00
Webcast Non-memberR 1 000,00
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Terms And Conditions
P>Standard Terms and Conditions of Business

Introduction
These terms and conditions will apply to all bookings for a seminar or conference or workshop or webcast or similar event organised or to be organised by SAICA or any of its representatives and marketed as such ('Event'). All bookings will be subject to a confirmation by SAICA and once confirmation of a booking has been sent the booking will be confirmed.
  1. Bookings and Confirmations
    1. Bookings can only be done online. Once submitted such booking shall be deemed to be confirmed and as such, SAICA's payment and cancelation terms as set in clauses 3 and 5 below shall apply.
    2. SAICA shall generate and send a tax invoice to the booked delegate as further confirmation of the booking.
    3. If an individual has booked an Event but does not receive an invoice until 3 (three) working days prior to the Event date, it is the responsibility of the individual to contact the SAICA Call Centre on 011 621 6600 or 0861 SAICA and follow-up on the booking.
  2. Payment and Refunds
    1. Payment for bookings shall be made in advance.
    2. The price of the Event will be the price displayed under the Fees section of the brochure. The price shall include Value Added Tax.
    3. After payment is made, individuals must submit their proof of payment, clearly stating the invoice number that appears on the invoice. Proof of payment should be emailed or faxed to the person whose name and contact details appear under the Contact Details section of the brochure or alternatively emailed to debtors.se@saica.co.za.
    4. Proof of payment must be submitted no later than 2 (two) working days prior to the date of an Event. Individuals who have booked within 7 (seven) or less working days prior to the date of an Event must produce proof of payment on the day of the Event unless proof of payment was submitted to, and receipt thereof was confirmed by, SAICA.
    5. Payment shall be made by electronic funds transfer, or direct deposit to a bank account to be designated on the invoice, or by credit card payment using the payment facility on the SAICA website.
    6. Individuals shall not be entitled to receive a refund of the Event fee except in circumstances where:
      1. there was an overbooking by SAICA;
      2. or the Event was cancelled.
  3. Cooling-off Period
  4. All payments by means of an electronic transaction shall be subject to section 44 (Cooling-Off Period) of the Electronic Communications and Transactions Act No 25 of 2002, as amended. As such, individuals shall be entitled to cancel this agreement without reason or penalty within 7 (seven) days after the date of the booking.
    1. If the cooling-off period under clause 7.1 does not apply, and a person is a consumer protected by the Consumer Protection Act No 68 of 2008 and the person makes a booking as a result of direct marketing, then that person shall be entitled (under section 16 (Consumer's right to cooling-off period after direct marketing) of the Consumer Protection Act) to cancel this agreement within five (5) business days after the date of the booking by completing and sending to SAICA the notice attached hereto as Annexure A.
  5. Cancellations
  6. Individuals wishing to cancel a booking must send a written cancellation notice to the person whose name and contact details appear under the Contact Details section of the brochure. Telephonic cancellations will not be accepted.
    1. All cancellations received less than 8 (eight) calendar days prior to the date of the Event shall incur a cancellation fee of 50% (fifty) percent of the Event fee.
    2. Individuals who have booked for an Event but fail to cancel, or transfer (in accordance with 7 below) or substitute (in accordance with 6 below) a booking shall remain liable for the booking and as a result thereof forfeit the Event fee.
    3. No cancellation fee shall be levied by SAICA on cancellation of a booking for reasons of death or hospitalisation.
    4. Failure to cancel within 4 working days of the event and/or not show up at a free event shall attract an administration fee of R350 -R650.
  7. Substitutions
    1. Individuals are entitled to substitute bookings that have been confirmed. Only written substitution requests will be considered. Telephonic requests for substitution will not be accepted.
    2. A request for substituting an individual for another must be submitted to SAICA in writing 24 (twenty four) hours before the date of the Event. No late substitution requests will be considered. Requests for substitution must be sent to the person whose name and contact details appear in the Contact Details section below.
    3. Non-members who substitute a member will be liable for the difference between the member Event fee and non-member Event fee.
  8. Transfers
    1. Requests for the transfer of a booking to a different Event venue or Event date or different Event ('Transfer') shall be made in writing to SAICA. Requests for Transfers must be made to the person whose name and contact details appear in the Contact Details section below. Telephonic transfers will not be accepted.
    2. No charges will be levied for a Transfer unless a request for a Transfer is received 15 (fifteen) working days after the first booking, in which case an administration fee of R300 (three hundred rand) shall be charged.
    3. Transfer requests received within 3 (three) working days prior to the Event date shall be subject to a charge amounting to 50% (fifty percent) of the Event fee.
  9. Limitation of Liability
    To the extent allowed by law, SAICA shall not be liable to any person whatsoever in respect of any loss or damage caused by or arising from any fact or circumstance beyond the reasonable control of SAICA, or which is consequential or incidental or damage of whatever nature and howsoever arising from or in connection with any booking. To the extent allowed by law, SAICA's liability shall in any event and under all circumstances be limited to the refund of the Event fee.
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Contact Details
Event Administrator
Telephone: 011 621 6600
Email: saica@saica.co.za
Website: www.saica.co.za
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