A discussion and comparison of company legislation and tax legislation in South Africa, in relation to amalgamations and mergers
- Authors: Sloane, Justin
- Date: 2014
- Subjects: Corporation law -- South Africa , Taxation -- Law and legislation -- South Africa , Consolidation and merger of corporations -- South Africa , Income tax -- South Africa , Capital gains tax -- South Africa , Value-added tax -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:908 , http://hdl.handle.net/10962/d1013028
- Description: In his 2012 Budget Review, the Minister of Finance, Pravin Gordhan acknowledged that the introduction of the "new" Companies Act had given rise to certain anomalies in relation to tax and subsequently announced that the South African government would undertake to review the nature of company mergers, acquisitions and other restructurings with the view of possibly amending the Income Tax Act and/or the "new" Companies Act, to bring the two legislations in line with one another. These anomalies give rise to the present research. The literature reviewed in the present research revealed and identified the inconsistencies that exist between the "new" Companies Act, 71 of 2008 and the Income Tax Act, 58 of 1962, specifically the inconsistencies that exist in respect of the newly introduced amalgamation or merger provisions as set out in the "new" Companies Act. Moreover, this research was undertaken to identify the potential tax implications insofar as they relate to amalgamation transactions and, in particular, the potential tax implications where such transactions, because of the anomalies, fall outside the ambit section 44 of the Income Tax Act, which would in normal circumstances provide for tax "rollover relief". In this regard, the present research identified the possible income tax, capital gains tax, value-added tax, transfer duty tax and securities transfer tax affected by an amalgamation transaction, on the assumption that the "rollover relief" in section 44 of the Income Tax Act does not apply.
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- Authors: Sloane, Justin
- Date: 2014
- Subjects: Corporation law -- South Africa , Taxation -- Law and legislation -- South Africa , Consolidation and merger of corporations -- South Africa , Income tax -- South Africa , Capital gains tax -- South Africa , Value-added tax -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:908 , http://hdl.handle.net/10962/d1013028
- Description: In his 2012 Budget Review, the Minister of Finance, Pravin Gordhan acknowledged that the introduction of the "new" Companies Act had given rise to certain anomalies in relation to tax and subsequently announced that the South African government would undertake to review the nature of company mergers, acquisitions and other restructurings with the view of possibly amending the Income Tax Act and/or the "new" Companies Act, to bring the two legislations in line with one another. These anomalies give rise to the present research. The literature reviewed in the present research revealed and identified the inconsistencies that exist between the "new" Companies Act, 71 of 2008 and the Income Tax Act, 58 of 1962, specifically the inconsistencies that exist in respect of the newly introduced amalgamation or merger provisions as set out in the "new" Companies Act. Moreover, this research was undertaken to identify the potential tax implications insofar as they relate to amalgamation transactions and, in particular, the potential tax implications where such transactions, because of the anomalies, fall outside the ambit section 44 of the Income Tax Act, which would in normal circumstances provide for tax "rollover relief". In this regard, the present research identified the possible income tax, capital gains tax, value-added tax, transfer duty tax and securities transfer tax affected by an amalgamation transaction, on the assumption that the "rollover relief" in section 44 of the Income Tax Act does not apply.
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Intimacy, sex and sexuality : the experiences of vertically-infected HIV-positive adolescents
- Authors: Smaill, Lindsay Ann
- Date: 2014
- Subjects: Teenagers -- Sexual behavior , HIV-positive youth -- South Africa -- Eastern Cape , HIV infections -- Social aspects -- South Africa -- Eastern Cape , HIV infections -- Transmission -- South Africa -- Eastern Cape , Teenagers -- Diseases -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3225 , http://hdl.handle.net/10962/d1013026
- Description: This research explores the lived experience of being a vertically or prenatally-infected HIV-positive adolescent. It looks specifically at how the participants experience intimacy, sex and sexuality. HIV/AIDS remains a global pandemic and vertically-infected adolescents are a growing new demographic. However, there is a poverty of research, and therefore interventions and support, for this demographic. This qualitative research conducted six individual, in-depth, semi-structured, psychoanalytic research interviews with three participants. The interviews were structured around projective drawings that the participants did in the course of each interview. The interviews were transcribed and analysed using psychodynamic object relations theory and organised through interpretative phenomenological analysis. Every effort was made to ensure that the research was conducted ethically and validly. The analysis found that the participants' experience of intimacy has resulted in a self that is constantly under threat. This in turn has negatively impacted on the participants' experience of sex and sexuality. The implication of this research is that more in-depth research needs to be done into this demographic so that better interventions and support may be offered.
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- Authors: Smaill, Lindsay Ann
- Date: 2014
- Subjects: Teenagers -- Sexual behavior , HIV-positive youth -- South Africa -- Eastern Cape , HIV infections -- Social aspects -- South Africa -- Eastern Cape , HIV infections -- Transmission -- South Africa -- Eastern Cape , Teenagers -- Diseases -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3225 , http://hdl.handle.net/10962/d1013026
- Description: This research explores the lived experience of being a vertically or prenatally-infected HIV-positive adolescent. It looks specifically at how the participants experience intimacy, sex and sexuality. HIV/AIDS remains a global pandemic and vertically-infected adolescents are a growing new demographic. However, there is a poverty of research, and therefore interventions and support, for this demographic. This qualitative research conducted six individual, in-depth, semi-structured, psychoanalytic research interviews with three participants. The interviews were structured around projective drawings that the participants did in the course of each interview. The interviews were transcribed and analysed using psychodynamic object relations theory and organised through interpretative phenomenological analysis. Every effort was made to ensure that the research was conducted ethically and validly. The analysis found that the participants' experience of intimacy has resulted in a self that is constantly under threat. This in turn has negatively impacted on the participants' experience of sex and sexuality. The implication of this research is that more in-depth research needs to be done into this demographic so that better interventions and support may be offered.
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Valuation of banks in emerging markets: an exploratory study
- Authors: Sabilika, Keith
- Date: 2014
- Subjects: Banks and banking -- Valuation , Banks and banking -- Valuation -- Developing countries , Discounted cash flow , Capital assets pricing model , Capital -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1200 , http://hdl.handle.net/10962/d1013057
- Description: Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.
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- Authors: Sabilika, Keith
- Date: 2014
- Subjects: Banks and banking -- Valuation , Banks and banking -- Valuation -- Developing countries , Discounted cash flow , Capital assets pricing model , Capital -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1200 , http://hdl.handle.net/10962/d1013057
- Description: Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.
- Full Text:
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