Simulated Transactions
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Simulated Transactions
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Author : Hugo Struwig
language : en
Publisher:
Release Date : 2014
Simulated Transactions written by Hugo Struwig and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
It is a settled principle in our tax law that a court will not be deceived by the form of a transaction, but that effect will be given to the true substance thereof. This principle, embodied in the common law doctrine of substance over form, has been affirmed and applied by the judiciary for well over a century, especially in matters where taxpayers avoid the imposition of potential tax through simulating their transactions. If a court was satisfied that the parties subjectively intended to give effect to some other agreement between them, the court would only have regard to the actual rights and obligations created by the parties and impose tax on their real transactions in accordance with the provisions of a taxing statute. The law in respect of simulated transactions was clear. However, in Commissioner for the South African Revenue Service v NWK Ltd [2011 (2) SA 67 (SCA)] the court ostensibly introduced the requirement of commercial substance as a criterion to determine simulation. The requirement postulates that a transaction which lacks commercial substance will be regarded as simulated, irrespective of the parties' genuine intention to give effect to the agreement between them. The requirement appears to overrule the entrenched test under the common law doctrine of substance over form and ostensibly established a new objective, independent common law criterion to determine simulation. The NWK requirement invariably ventures into the sphere of legitimate tax planning by virtue of its wide-ranging nature. Taxpayers need to understand the boundaries within which they may legitimately structure their affairs to reduce a potential tax burden as this advances the predictability of the law and respects the rule of law. NWK has, however, rendered the law on this subject rather uncertain and it is therefore crucial to establish the effect and applicability of the requirement to provide guidance to taxpayers on how to structure their affairs to legitimately avoid tax. The question, therefore, is whether the requirement is capable of independent application to determine simulation, or whether the requirement is only indicative of the presence of simulation in a transaction? If the latter, the common law position prior to the judgment will continue to prevail. In this dissertation, compelling arguments which illustrate the incapability of the requirement to function independently to determine simulation is researched, analysed and advanced. These arguments support the view that from a legal and logical point of view, the requirement cannot constitute an independent criterion to determine simulation. In the premise, it is submitted that the established common law doctrine of substance over form, as enunciated in Zandberg v Van Zyl [1910 AD 302], remains reflective of the law on simulated transactions and that the commercial substance requirement is only indicative of the presence of possible simulation in a transaction.
A Critical Analysis Of The Principles Relating To Simulated Transactions In The Context Of The Case Of Commissioner For The South African Revenue Services V Nwyk Limited 73 Satc 55
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Author : Heinrich Jacobus Louw
language : en
Publisher:
Release Date : 2014
A Critical Analysis Of The Principles Relating To Simulated Transactions In The Context Of The Case Of Commissioner For The South African Revenue Services V Nwyk Limited 73 Satc 55 written by Heinrich Jacobus Louw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The fundamental legal principles in South African law relating to simulated transactions are based on a long line of cases that have been decided in our courts over the past one and a half centuries. The main principle underlying the rule that simulated transactions are void, or that substance prevails over form, is that there can be no contract where there is no true legal intention by the parties. This is simply a necessary consequence of the application of the will theory. As opposed to the legal intentions of the parties, the purpose of the parties, as another subjective factor, is generally not relevant in determining whether a genuine agreement has been entered into. Purpose may however be taken into account as a factor in determining the true legal intentions of the parties. The existence of an unlawful purpose will also render an agreement unenforceable. In the case of Commissioner for the South African Revenue Service v NWK Limited 73 SATC 55, Lewis JA has seemingly introduced new considerations into South African law (particularly relevant to tax law), focusing on the presence of an avoidance purpose coupled with the lack of a commercial purpose to determine simulation. This stands somewhat apart from the importance of the true legal intentions of the parties as decisive factor. This work focuses on the interpretation of these new considerations and the impact of the said judgment on the established principles relating to simulated transactions. In this regard the views of certain critics are discussed. The judgment is also critically analysed in order to draw a conclusion as to what the current legal position is regarding simulation in the context of tax law.
The Organisation Of Transactions
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Author : Sebastiaan Meijer
language : en
Publisher: BRILL
Release Date : 2023-09-04
The Organisation Of Transactions written by Sebastiaan Meijer and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-04 with Business & Economics categories.
The globalisation of supply chains and networks causes traders from all over the world to make transactions with each other. Many transactions are made in world markets where the price is the way in which supply and demand are brought together. Other transactions, however, are made between people who know each other and have business relationships, using the so-called network mode of organisation. These traders may be loyal to one another and consider the role of social variables like trust, embeddedness and culture in their choices. This balance between network and market modes of organisation is not yet fully understood and is addressed in this book. This book uses a new research method that is ideally suited to study complex supply networks with all of its different traders. Gaming simulation is an established method for training and policy evaluation, but its application as a both quantitative and qualitative research method is relatively new. Two gaming simulations, called the Trust and Tracing Game (to study trust and cheating) and the Mango Chain Game (to study bargaining power and revenue distribution) are applied to show empirical results of a generic supply network trading products with a hidden quality attribute and the mango supply network from Costa Rica. This book is of interest for two categories of readers. Those who may like to concentrate on the empirical results will be interested in the factors that determine the choice of a mode of organisation in supply networks. Those who are interested in the methodology may wish to use gaming simulation as a research tool in their own research.
International Sales Transactions A Series Of Simulated Negotiation And Drafting Exercises
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Author : Arie Reich
language : en
Publisher:
Release Date : 2009
International Sales Transactions A Series Of Simulated Negotiation And Drafting Exercises written by Arie Reich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This short paper describes a series of simulated negotiation and drafting exercises developed as a tool to teach various aspects of international sales transactions. Students get the opportunity to represent imaginary parties to such transactions and to negotiate on their behalf in front of the class solutions to various real-world problems which they are likely to meet in their future legal or business practice. The series covers the following aspects of international sales transactions: * Drafting an initial memorandum of agreement to cover the main components of the sales transaction;* Allocation of costs and risk in connection with the long shipment: the use of the ICC INCOTERMS;* The UN Convention on International Sales of Goods (CISG): the scope of application of the CISG; its substantive provisions; should one exclude it? Should one exclude some of its provisions? * Modes of payment in international commerce; Letters of Credit;* Allocation of performance risks: drafting a Force Majeure clause;* Settlement of Disputes: choosing between courts and arbitration; drafting exclusive jurisdiction clauses, arbitration and mediation clauses, and choice of law clauses.This type of exercises is very different from those students usually are required to submit in law school, where they are expected to analyze a legal problem and essentially write a judgment - thus implicitly suggesting that all problems should be solved by means of litigation. The premise of this exercise is that in international commerce, litigation is a bad option, due to the extensive costs, significant cultural problems and high level of uncertainty involved, and should only by used as a last resort. Instead, the transaction should be planned and structured in a way that minimizes the risk of a dispute, and when problems arise they should preferably be solved by negotiation.
Reducing Costs Of Stock Transactions The Trade Completion Simulation Model
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Author :
language : en
Publisher:
Release Date : 1970
Reducing Costs Of Stock Transactions The Trade Completion Simulation Model written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1970 with Stock transfer categories.
Handbook Of Simulation
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Author : Jerry Banks
language : en
Publisher: John Wiley & Sons
Release Date : 1998-09-14
Handbook Of Simulation written by Jerry Banks and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-14 with Technology & Engineering categories.
Dieses Buch ist eine unschätzbare Informationsquelle für alle Ingenieure, Designer, Manager und Techniker bei Entwicklung, Studium und Anwendung einer großen Vielzahl von Simulationstechniken. Es vereint die Arbeit internationaler Simulationsexperten aus Industrie und Forschung. Alle Aspekte der Simulation werden in diesem umfangreichen Nachschlagewerk abgedeckt. Der Leser wird vertraut gemacht mit den verschiedenen Techniken von Industriesimulationen sowie mit Einsatz, Anwendungen und Entwicklungen. Neueste Fortschritte wie z.B. objektorientierte Programmierung werden ebenso behandelt wie Richtlinien für den erfolgreichen Umgang mit simulationsgestützten Prozessen. Auch gibt es eine Liste mit den wichtigsten Vertriebs- und Zulieferadressen. (10/98)
Simulating Intraday Transactions In The Canadian Retail Batch System
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Author : Nellie Yinan Zhang
language : en
Publisher:
Release Date : 2023
Simulating Intraday Transactions In The Canadian Retail Batch System written by Nellie Yinan Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Electronic funds transfers categories.
This paper proposes a unique approach to simulate intraday transactions in the Canadian retail payments batch system. Such transactions are currently unobtainable. The simulation procedure, though demonstrated in the realm of payments systems, has tremendous potential for helping with data-deficient problems where only high-level aggregate information is available. The approach uses the concept of integer composition in combinatorics to break down the daily total value and volume (available) into individual data points (unavailable) throughout the day. The algorithm also introduces a technique to incorporate any intraday timing pattern (known or hypothetical) to make simulated data closer to reality. Simulation results show that the probability distribution of individual payment values is remarkably stable through repeated random sampling. This suggests a high degree of accuracy and viability of this simulation method. In addition, the densities of simulated intraday transactions are found to be invariably skewed to the left of the mean payment value, which reflects the nature of retail payments systems.
Transactions Costs Analysis
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Author : Steven Wayne Pharr
language : en
Publisher:
Release Date : 1987
Transactions Costs Analysis written by Steven Wayne Pharr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Extortionate And Usurious Credit Transactions
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Author : Ronald Goldstock
language : en
Publisher:
Release Date : 1979
Extortionate And Usurious Credit Transactions written by Ronald Goldstock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Interest categories.
A Microsimulated Transactions Model Of The United States Economy
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Author : Robert L. Bennett
language : en
Publisher:
Release Date : 1986
A Microsimulated Transactions Model Of The United States Economy written by Robert L. Bennett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with United States categories.