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ECONOMIC REVIEW

Our Reserve Bank estimates that inflation will average 3.8% this year. This sounds great

BUSINESS REVIEW

Not money but data: Switzerland is now touting its past reputation as a safe and stable money haven to become an international data vault.

I am not an Apple fan but one can hardly deny that its net profit of $18bn for the past quarter, the greatest single quarterly performance in US corporate history, is a staggering achievement.

On average, vice

PROPERTY REVIEW

It is said that some 335,000 ha of agricultural land in KwaZulu Natal lies idle.

PRACTICE REVIEW

The CCMA expects his workload to increase significantly owing to a raft of legislation changes. The legislation referred to includes the Basic Conditions of Employment Act, the Employment Equity Act, and the Labour Relations Act. One of the changes in the Employment Equity Act provides that unequal pay for equal work amounts to unfair discrimination.

CASES AND SUCH

VAT and zero rated sales

A recent case illustrates the pitfalls of contracts which are not properly drafted to accommodate VAT in going concern sales of land. A typical provision in such a contract is that the parties agree that the object of the sale will be sold as a going concern with VAT being calculated at a zero rate. The contract then provides that, if SARS disallows VAT at a zero rate, then VAT will be added on to the purchase price. In the case referred to below, the contract did not properly provide how the additional VAT would be paid and a misunderstanding arose, as a result of which one party

QUOTABLES

"There exists the astonishing belief that the nastiest motives of the nastiest men somehow or other work for the best results in the best of all possible worlds." Keynes

WEIRD & WONDERFUL

I

LIGHTEN UP

Pati