A research report submitted to the faculty of commerce of the University of the Witwatersrand in part completion of the degree of Master of commerce, by coursework / No abstract

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Commerce (specialising in Taxation) Johannesburg, 2015 / Small, medium and micro enterprises (SMMEs) play a key role in the development of the economy and are a significant contributor to employment. In South Africa (SA), SMMEs employ more than 68.2% of the work force in the private sector. To achieve the objective of economic growth, job creation as well as income redistribution, the government is actively promoting SMMEs. The SMMEs increase the average employment rate in SA by pulling into production unemployed low skilled labour, whose skills level is not sufficient to qualify for employment in larger firms. How do the South African tax compliance burden and tax incentives for SMMEs measure up in comparison to the tax compliance burden and tax incentives for SMMEs in the United Kingdom (UK) and the United States of America (USA)? The research reviews the tax compliance burden and tax incentives of SMMEs in SA in comparison to the tax compliance burden and tax incentives of the UK and the USA. The research was conducted through an extensive review of the literature. The literature review has indicated that tax compliance is one of the main burdens acting as a deterrent to the formalization of SMMEs for tax purposes. The review of the literature also indicated that National Treasury is trying very hard to ease the burden of tax compliance on SMMEs. Key words: Income tax, SMMEs, tax compliance costs, tax incentives, turnover tax, value-added tax, venture capital.

This diploma thesis is about the instrument of security for costs in international arbitration and the purpose it serves, for which it aims at answering two essential questions. The first issue the thesis focuses on is determination of circumstances that may lead arbitrators to the conclusion that they have power to order a claimant to post security for costs. The second task of this thesis is to analyse under what conditions it is justified for the arbitrators to use the power and issue such an order. The thesis compares and construes arbitration laws and rules of procedure which are significant for the scrutinized issues or diversifies possible conclusions. The thesis also relies on interpretation embraced by various arbitral bodies and tribunals and is inspired by approaches adopted by the international community. Eventually, the research shows that there is an overwhelming consensus in both international arbitration practice and doctrine with regard to the powers of arbitrators to issue an order for security for costs. Generally, arbitrators are entrusted with such powers and where doubted, they may draw the powers from the applicable laws or the status of the arbitral body itself by means of interpretation. On the other hand, the analysis indicates that there is no unanimity regarding...

No description available.

Um dos maiores desafios encarados pelo produtor rural, e em especial o de hortaliças, é a comercialização de seus produtos. Percebe-se ser necessário esquematizar formas de se obter o melhor controle da qualidade dos produtos, mitigar as perdas de pós-colheita, agregar valor ao produto e distribuir melhor o lucro pela cadeia produtiva, assegurando a sustentabilidade da mesma. Surgem, então, as questões de quais são as transações e modelos de gestão existentes nos canais de distribuição de produtores de hortícolas. Qual modelo de gestão seria o mais adequado para os membros da cadeia? Na tentativa de contribuir com a solução deste problema, o presente estudo tem o objetivo de caracterizar as transações e modelos de gestão existentes entre produtores de hortícolas, intermediários e varejistas, e propor um novo modelo de gestão. Utilizaram-se entrevistas em profundidade para caracterização da cadeia de hortaliças e o estudo de caso único integrado de produtores de hortaliças, em especial o tomate, intermediários e varejistas na região metropolitana de Goiânia, Goiás. A análise dos dados foi por meio da triangulação do referencial teórico com os modelos de canais de distribuição de produtos perecíveis e com a descrição do caso. Os resultados do estudo indicaram que existem modelos de canais de distribuição eficientes, para a cadeia de produtos perecíveis na literatura; que os modelos caracterizados, na região de Goiânia, são passíveis de melhorias para atender as mudanças nos padrões de consumo e regulação dos canais de distribuição; existe, pois congruência e sinergias entre a teoria e modelos de canais de distribuição de produtores de hortícolas; e que esses permitem a elaboração de modelos organizacionais mais adequados, entre produtores de hortaliças, intermediários e varejistas. Com a proposição desse modelo, espera-se contribuir com uma estrutura organizacional que auxilie nas atividades de planejamento e gestão dos canais de distribuição de produtores de hortícolas, por gestores e especialistas, com transparência, sinergismo e satisfação de todos envolvido nos elos da cultura de tomate / One of the biggest challenges faced by the rural producer, and in particular one of the vegetables, is the commercialization of its products. It is necessary to outline ways to obtain better control of product quality, mitigate postharvest losses, add value to the product and better distribute the profit through the production chain, ensuring the sustainability of the same. The question then arises of which transactions and management models exist in the distribution channels of vegetable producers and which management model would be the most appropriate for the members of the chain? To contribute to the solution of this problem, the present study has the objective of characterizing the transactions and management models existing among horticultural producers, intermediaries, and retailers and propose a new management model. We used in-depth interviews to characterize the vegetable chain and the single integrated case study of vegetable producers, especially tomato, intermediaries and retailers in the metropolitan region of Goiânia, Goiás. Data analysis was done through triangulation of the theoretical reference with the models of channels of distribution of perishable products and with the description of the case. The results of the study indicated that there are models of efficient distribution channels for the chain of perishable products in the literature; that the models characterized in the region of Goiânia can be improved to meet the changes in consumption patterns and regulation of the distribution channels; that there are congruence and synergies between the theory and models of distribution channels of horticultural; and that these allow the elaboration of more appropriate organizational models among vegetable producers, intermediaries, and retailers. With the proposal of this model, it is hoped to contribute with an organizational structure that will assist in the planning and management of the vegetable distribution channels by managers and specialists, with transparency, synergism, and satisfaction of all involved in the production chain of tomato culture

[pt] Os sistemas gerenciais contábeis nas Empresas são instrumentos essenciais aos administradores para produzir informações valiosas voltadas a tomadas de decisões. Um sistema de custeio que vem sendo muito estudado nos últimos anos é o Sistema de Custeio ABC (Activity Based Costing), que exige melhor nível de controle interno e responde com maior acurácia às necessidades de empresas de alta eficiência. Dentro desse contexto, o presente estudo pretende aplicar o sistema de custeio ABC, através de uma abordagem matemática voltada para organizações complexas, onde existem interações de transferência de custos entre atividades exercidas pelos Departamentos Internos. Para testar a adequação da abordagem nessas organizações, realizouse um Estudo de Caso em uma Companhia Seguradora com uma simulação de cálculo em Microsoft Excel. Como resultado do trabalho conseguiu-se mensurar com melhor grau de acurácia e exatidão os custos das atividades internas da Seguradora. Foram estudadas também formas de se balancear o equilíbrio entre os controles necessários ao Sistema e os custos que eles geram para a Empresa, através de algumas flexibilidades de desenho. / [en] The Companies management accounting systems are essential tools to produce valuable information for decision makers. In recent years the ABC (Activity Based Costing) has been a very studied costing system. It improves the internal controls and provides greater precision to the necessities of high efficiency companies. In this context, the present study intends to apply the ABC through a Mathematical Practical Approach for Complex Organizational Structures where exists interactions of cost transferences between activities produced by its Internal Departments. To test the approaching adequacy in these organizations, it was done a Case Study in a Insurance Company with a Microsoft Excel simulation. As a result it was measured the costs of the Insurance Company internal activities with exactness and precision. Also, it was studied ways to establish the optimum relation between necessary controls to the system and the costs that they generate for the Company, through some assembling flexibilities.

Spel om pengar och dess konsekvenser för individ och samhälle har kommit att bli ett mycket omdiskuterat samtalsämne under 2019. Den svenska spelmarknaden omreglerades 2019 med motivet att motverka spelets skadeverkningar och att skydda konsumenterna. Folkhälsoperspektivet genomsyrar utvärderingar av spelproblematik och spelmarknaden och omfattande samhällsekonomiska konsekvensanalyser saknas, delvis på grund av internationell oenighet om hur spelproblemens samhällsekonomiska kostnader ska estimeras. Den här uppsatsen syftar till att estimera de svenska samhällsekonomiska kostnaderna som uppstår till följd av spelproblem. Metoden som använts i uppsatsen består dels av en samhällsekonomisk kalkyl där kostnaderna för spelproblem i Sverige 2018 beräknats men den består också av en översikt samt diskussion av tidigare studier som genomförts på området. Metoderna är starkt kopplade till varandra där översikten och diskussionen av de tidigare studierna lagt grunden för den metod som använts vid estimeringen. I översikten av tidigare studier identifierades och diskuterades metodproblematiken främst kring intangibla kostnader och teoretisk tolkning vilket underbyggde uppsatsens metodval vid estimeringen. Den samhällsekonomiska kostnaden för spelproblem i Sverige år 2018 estimerades till att vara ca 9,5 - 20,2 miljarder kronor. För att förbättra estimeringens precision och relevans behövs ytterligare metodutveckling vilket uppsatsen ger ett antal förslag på. Förslagen baseras på den identifierade metodproblematiken och tillhörande diskussion. / Gambling and gambling related problems for individuals and society have come to be a highly debated topic in Sweden during 2019. A new regulation of the Swedish gambling market has been implemented during 2019 with the motive to counteract gambling problems and protect consumers. A public health approach has been dominating evaluations of the gambling sector and there is a lack of evaluations with a welfare economical approach. This is partly due to an international disagreement on how the welfare economical costs of problems with gambling should be estimated. This paper aims to estimate the social costs of gambling problems. The method used in this paper consists partly of the method used for estimating the social costs that arise as a result of gambling problems. However it also consists of an overview and discussion of previous studies conducted within this area. The methods are strongly connected to each other where the overview and discussion of previous studies laid the foundation for the method used in the estimation. The overview of previous studies identified and discussed methodological issues mainly regarding intangible costs and theoretical interpretation which supported the paper’s methodological considerations when performing the estimation. The social costs of gambling in Sweden 2018 was estimated to be between 9.5-20.2 billion SEK. In order to improve the accuracy and relevance of the estimation, further methodological development is needed. This paper provides a number of suggestions based on the methodological issues that have been identified.

La littérature sur les investissements directs étrangers a considérablement progressé au cours des deux dernières décennies (Antràs & Yeaple, 2013). Le rapport de la CNUCED sur les investissements de 1998 indique que les firmes multinationales suivent une grande variété de stratégies d’internationalisation. Plusieurs études théoriques ont étudié ces nouvelles stratégies (ex. : colocalisation des activités, agglomération géographique des projets d’une firme, et les stratégies complexes). Néanmoins, les travaux empiriques existants ne traitent pas la séquence d’implantation des multinationales comme un phénomène dynamique dans l’espace et le temps. Notre étude suppose que la localisation des firmes multinationales n’est pas un processus statique. Quand le niveau de la production augmente, l'entreprise prendra de nouvelles décisions organisationnelles afin de maintenir son niveau de productivité et de garantir l'efficacité de son processus de production. / The literature of foreign direct investment has been characterized by a significant progress in the last two decades. According to the World investment report (UNCTAD, 1998), different strategies are set by multinational firms in their internationalization process. Some theoretical studies highlighted the relevance of these new strategies (e.g. co-location of activities, geographic agglomeration within firm boundaries and complex strategies). However, most of the empirical works study the location of the multinationals as if they were to be undertaken once and overlook the dynamic extension of the firms over location and time. Our study assumes that the location decision is not a static process, but when the level of the production increases, the firm will take some new organizational decisions in order to maintain its productivity level and guarantee the efficiency of its production process.

Dado o recente cenário econômico brasileiro, caracterizado por incertezas políticas e instabilidades econômicas, é essencial que as empresas engajem uma política de hedge, como parte de sua política financeira, com o objetivo de evitar que seus resultados sejam afetados por fricções de mercado. Neste contexto, o presente trabalho teve como objetivo verificar o impacto da política de hedge sobre os custos de agência das empresas brasileiras. Os resultados obtidos foram de encontro com a literatura sobre hedge e custos de agência, foi encontrado que quanto maior a utilização do hedge, menor são os custos de agência enfrentados pelos acionistas. Essa relação demonstra que ao engajar a utilização do hedge na política financeira da empresa, o gestor passa a minimizar os impactos das fricções de mercado, e reduz as perdas residuais que os acionistas sofreriam em suas riquezas, caso o gestor não engajasse a política. Ainda, conforme sugerido por Dadalt, Gay e Nam (2002), outro benefício encontrado nesse resultado, é que ao reduzir os impactos das fricções de mercado nos lucros da empresa, o gestor informa aos stakeholders, um lucro que demonstra melhor a performance da companhia, assim credores e investidores podem tomar melhores decisões referentes aos contratos com a empresa, com base em um lucro que contém menor informação assimétrica. Dessa forma, a utilização da política de hedge pode aliviar problemas relacionadas a seleção adversa entre a empresa e seus stakeholders / Given the recent Brazilian economic scenario, characterized by political uncertainties and economic instabilities, it is essential that companies engage in a hedge policy as part of their financial policy, in order to prevent their results from being affected by market frictions. In this context, the present study aimed to verify the impact of the hedge policy on the agency costs of Brazilian companies. The results obtained were in agreement with the literature on hedge and agency costs, it was found that the greater the use of hedge, the lower the agency costs faced by the shareholders. This relationship demonstrates that by engaging the use of hedge in the company\'s financial policy, the manager starts to minimize the impacts of market frictions and reduces the residual losses that shareholders would suffer in their wealth if the manager did not engage the policy. As suggested by Dadalt, Gay and Nam (2002), another benefit found in this result is that by reducing the impacts of market frictions on company profits, the manager informs stakeholders of a profit that best demonstrates the performance of the company, so creditors and investors can make better decisions regarding contracts with the company, based on a profit that contains less asymmetric information. In this way, the use of the hedge policy can alleviate problems related to adverse selection between the company and its stakeholders.

A proposta deste trabalho foi utilizar quatro diferentes coagulantes - sulfato de alumínio, cloreto férrico, hidroxicloreto de aluminio e sulfato ferrico; construir os diagramas de coagulação; e assimilar as regiões de maior ou menor eficiência da remoção de turbidez ou da cor. Para permitir uma avaliação de custos na utilização dos coagulantes, observo-se nos diagramas as regiões onde os valores de turbidez remanescente são aproximadamente iguais para diferentes coagulantes. Com essa consideração, foi stabelecida a relação entre consumo e custo dos produtos quimícos utilizados. Os coagulantes que apresentaram particularidades para as águas estudadas foram: o cloreto ferrico que mostrou melhor desempenho para valores de ph baixos; o sulfato ferrico que mostrou-se mais economico; e o hidroxicloreto de aluminio que atua numa grande faixa de ph. Na conclusão dos estudos, verifica-se que cada água a ser tratada deve ser analisada através de diagramas de coagulação, visando a otimização dos parâmetros de ph versus dosagem e buscando o melhor coagulante pelo menor custo. / The purpose of this study was to use four different coagulants - aluminum sulphate, iron chloride, polyaluminum hidroxichloride and ferric sulphate; to build the coagulation diagrams; and to mark the regions of higher or lower efficiency in the removal of turbidity or color. To allow a cost appraisal in the use of the coagulants, the region where the values of remaining turbidity, which are approximately the same for different coagulants, was examined in the diagrams. This being taken into consideration, the relation between consumption and cost of the chemical products was established. The coagulants that presented certain peculiarities for the studied waters were: iron chloride, that showed better performance for low pH values; the ferric sulphate, that showed itself as more economical; and the polyaluminum hidroxichloride, that functions in a large interval of pH. In the conclusion of the study, it was observed that each type of water to be treated must be analyzed through coagulation diagrams, aiming at the optimization of pH parameters versus dosages and looking for the best coagulant with lower cost.