It has long been recognised that the Companies Act, 1973, (as frequently amended) is in urgent need of a radical overhaul. It no longer accommodates the massive changes in the way companies do business, nor does it, in particular, cater for the impact of globalisation in its many guises.
A valid, granted, patent confers on its proprietor the right to exclude all others from making, using, exercising, disposing or offering to dispose of, or importing the invention covered by that patent so that the proprietor "shall have and enjoy the whole profit and advantage accruing by reason of the invention"1.
This is the first in two-part series; part 2 will appear in the November issue.
Patent Law is a branch of what is commonly known as Intellectual Property Law. In terms of Patent Law, the State rewards an inventor for making an invention by granting a 20-year monopoly, so that only the inventor (or someone acquiring the invention from the inventor legitimately) is allowed to exploit the invention. The patent holder is thus able to derive advantage and profit from the invention.
Ambush marketing in the context of the FIFA World Cup can be defined as an attempt by a third party, which in most instances is a competitor of an official partner, sponsor or national supporter of the world cup event, to associate its brands and products directly (association) or indirectly (intrusion) with such an event.
There is a rule of thumb that states one should never mix sport and politics around the dinner table, or any table for that matter. It was inevitable then that, when the National Sport and Recreation Amendment Bill was tabled in Parliament in August, emotions bubbled over.
June 2008. This is the official deadline FIFA has given the 2010 FIFA World Cup Organising Committee South Africa (Organising Committee) for final assessment of host cities for the World Cup. So, 20 laborious, critical months pave the way to South Africa's dream of hosting the first African world cup, and imprinting on the global mind's eye the country's capability and passion. And there's the small matter of the economic windfall to consider.
There have been calls for the UK government to abolish death duties. While UK Inheritance Tax (which is actually levied on certain lifetime events, as well as on death) is expected to yield less than 1% of the total tax receipts next year, reports of its imminent demise have been grossly exaggerated.
s24F of the Income Tax Act provides for a specific deduction in the determination of taxable income of a film owner. The provisions are very favourable since they permit the deduction of what might otherwise have qualified as capital expenses (and therefore not deductible in the hands of the film owner).
Since the recent publication of draft amending proposals, s103, the general anti-avoidance section of the Income Tax Act, has been in the news. The section is widely known and feared by many practitioners as an awesome weapon of the SA Revenue Service.