The study aims to evaluate the understanding of value – based management (VBM) as a decision making tool, how it is embraced in all management levels and its impact on the performance of a petrochemical company. The application of VBM links business strategy, finance, performance management and management processes all together to create value. VBM is a powerful management framework with the aim to focus all managerial processes on shareholder value creation. It encourages employees at all levels within an organisation to focus on value creation. This study investigated VBM by means of literature study to formulate an understanding of how it can be used as a decision making tool in a petrochemical company. The VBM metrics were presented and some successes and failures of such metrics were considered to provide a better understanding of VBM implementation. A quantitative study was conducted through the use of a standardised questionnaire to collect primary data. The questionnaire was distributed to managers (from junior managers to senior managers) at Sasol. The completed questionnaire was tested for reliability and validity before it was analysed and specific constructs were developed from the literature review together with the respondents’ demographic profile. Even though most respondents indicated that they have not received adequate training and education on VBM, the results of the study indicate that there is a general knowledge and understanding of VBM and its principles in Sasol. After analysis the study provided practical recommendations to ensure that VBM is sustainably used as a decision making tool in a petrochemical company. / MBA, North-West University, Potchefstroom Campus, 2014

Value-added tax (VAT) was introduced in South Africa in 1991 by the Value-Added Tax Act (89 of 1991) (the VAT Act). The South African VAT system is a destination-based, consumption-type VAT and is levied on goods or services consumed in South Africa. The definition of enterprise is an important definition in the VAT Act and it sets out the persons, activities and supplies that are to be included in the VAT base. It is compulsory for a person that conducts an enterprise in South Africa to register for VAT if the threshold set for taxable supplies is exceeded. There are interpretational problems and uncertainties in respect of the definition of “enterprise” and when an enterprise is conducted in South Africa or partly in South Africa. The purpose of this research study was to interpret the term enterprise for South African VAT purposes, to identify interpretational challenges and uncertainties and to suggest what must be addressed through guidance and interpretation by the South African Revenue Service (SARS) to provide more clarity. The research methodology followed to achieve the set objectives was normative research which is a form of legal research, specifically doctrinal. The requirements in terms of the VAT Act for levying of VAT, registration for VAT and the conducting of an enterprise in South Africa were explored and interpretational challenges and uncertainties were identified. The requirements for levying of and registration for VAT/ GST, in New Zealand, in terms of information supplied by the EU and guidance supplied in respect thereof by the OECD were analysed and discussed. The information obtained was used to establish how the interpretational problems and uncertainties that were identified are dealt with in New Zealand and in terms of the information and guidance from the EU and the OECD. The interpretational challenges and uncertainties identified include the reference in the definition of enterprise in Section 1(1) of the VAT Act to activities that must be conducted continuously or regularly in South Africa or partly in South Africa. Uncertainty as to the interpretation of the term “utilised or consumed in the Republic” also exists. Guidance in respect of these interpretational problems and uncertainties is necessary to enable suppliers and consumers to determine with certainty if a person is obliged to register for and levy VAT on supplies made in South Africa. / MCom (South African and International Tax) ,North-West University, Potchefstroom Campus, 2015

Purpose: The purpose of this paper is to study how Swedish portfolio companies perform after being exited by the PE-company. Through the perspective of the portfolio company, we follow how well they maintain the created value and if there is a difference in performance depending of different exit strategies. Theory: The study is based on theories regarding corporate governance, the principal-agent theory and the tax-shield theory. Method: To perform this study we have used a quantitative and deductive research approach. We compare the portfolio companies pair-wise with themselves during another time period. We then test if there is a difference in performance comparing key figures. Results: Data has been collected from 480 annual reports covering a total of 60 portfolio companies. The results consist of three different key figures from every year for each portfolio company. Analysis: The tests show a few statistically significant changes in performance when making comparisons regarding the different points in time. Generally, portfolio companies exited 2003-2005 performs better than those exited 2006-2011. The portfolio companies exited during 2006-2008 showed significant decrease in two out of the three key figures after being exited. Conclusion: The results show that portfolio companies perform differently depending on when they are exited, which is natural considering constant macro-economic changes. There was no significant difference in performance when using exit method as the dependent variable. / Syfte: Syftet med studien är att undersöka hur svenska portföljbolag utvecklas efter avyttring, samt att ur portföljbolagets perspektiv följa upp hur väl dessa bibehåller det värde som skapats och om det finns skillnad i prestationer portföljbolagen emellan i förhållande till exitmetod. Teori: Corporate governance, principal-agentteorin, teorin om skattesköld. Metod: Studien genomförs med en kvantitativ metod och en deduktiv ansats. Portföljbolagen jämförs parvis med sig själva vid olika tidsperioder och testas med hypoteser för att undersöka om de skiljer sig i de nyckeltal som mäts. Empiri: Empirin består av 480 årsredovisningar från 60 portföljbolag. Ur dessa har tre olika nyckeltal tagits fram för analys. Alla siffror som använts i studien går att finna bland bilagorna. Analys: Testen ger att antal signifikanta resultat på förändring tidpunkterna emellan. Generellt presterar portföljbolag avyttrade mellan 2003-2005 bättre än de som avyttrats 2006-2011. Perioden 2006-2008 visade negativ signifikant utveckling på två av de tre nyckeltalen som uppmätts. Slutsats: Empirin visar att portföljbolag utvecklas olika beroende på när de avyttrats, vilket är en given effekt av att det makroekonomiska klimatet ständigt förändras. Det gick inte att utläsa någon prestationsskillnad portföljbolagen emellan när exitmetod sattes som beroende variabel.

Corporate Social Responsibility (“CSR”) as a business approach and corporate strategy has recently been added to the agenda of big and small businesses. The Johannesburg Stock Exchange Limited (“JSE”) requires of listed companies to disclose in their annual financial statements whether they have complied with King III (2009) or to explain as to why they have not. King III (2009) lays down the principle that a company is not only a profit making institution, but should also be a responsible citizen of the country. Companies are therefore moving toward becoming corporate citizens. Corporate citizenship is about integrating corporate responsibility into core business strategies, while at the same time adding value to shareholders and stakeholders. These corporate citizens are expending more and more money on their CSR objectives in the form of CSR expenditure. The purpose of this research study is to provide an analysis of the factors that influence the South African value-added tax (“VAT”) treatment of CSR expenditure. In general, the principles in the Warner Lambert (2003) case can be applied to such expenditure under the Value-Added Tax Act (89 of 1991) (“VAT Act”), in the sense that the expense being incurred for income tax purposes in the production of income will normally also be incurred “in the course or furtherance of an enterprise” for VAT purposes. The methodology used to meet the set objectives was that of legal interpretative research, specifically doctrinal. It was used to identify how the income tax and VAT legislation is applied on overhead expenditure, specifically CSR expenditure. The principles in the South African VAT legislation, specifically relating to the input tax deduction, were compared to the international VAT system to determine whether principles are similar and foreign judgements therefore reliable. A critical analysis was thereafter performed on South African and international case law, specifically European Court Judgements (“ECJ”) judgements, relating to the deductibility of input tax. The findings are that CSR expenditure may be seen as an overhead cost to a business and furthermore as a tool with which financial benefits can be created for a company if utilised correctly. It was determined that the factors that influence the South African VAT treatment of CSR expenditure were whether a supply made for no consideration, specifically CSR expenditure, was made in the course or furtherance of an enterprise and whether the CSR expenditure incurred could be proven to have a direct or immediate link to the making of taxable supplies in the course or furtherance of the vendor’s enterprise. / MCom (South African and International Taxation), North-West University, Potchefstroom Campus, 2014

The study aims to evaluate the understanding of value – based management (VBM) as a decision making tool, how it is embraced in all management levels and its impact on the performance of a petrochemical company. The application of VBM links business strategy, finance, performance management and management processes all together to create value. VBM is a powerful management framework with the aim to focus all managerial processes on shareholder value creation. It encourages employees at all levels within an organisation to focus on value creation. This study investigated VBM by means of literature study to formulate an understanding of how it can be used as a decision making tool in a petrochemical company. The VBM metrics were presented and some successes and failures of such metrics were considered to provide a better understanding of VBM implementation. A quantitative study was conducted through the use of a standardised questionnaire to collect primary data. The questionnaire was distributed to managers (from junior managers to senior managers) at Sasol. The completed questionnaire was tested for reliability and validity before it was analysed and specific constructs were developed from the literature review together with the respondents’ demographic profile. Even though most respondents indicated that they have not received adequate training and education on VBM, the results of the study indicate that there is a general knowledge and understanding of VBM and its principles in Sasol. After analysis the study provided practical recommendations to ensure that VBM is sustainably used as a decision making tool in a petrochemical company. / MBA, North-West University, Potchefstroom Campus, 2014

Law / LL.M.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This study examines the construction and comparability of Value Added Statements published by listed industrial companies on the Johannesburg Stock Exchange during a two-year period starting in 1999. No Accounting Standard is presently available for preparing the Value Added Statement. Therefore, this study has as its aim the encapsulation of the various faulty recordings of different items in the statement. The published financial statements for 1999 and 2000 of more than 200 companies were analysed and compared to a previously developed standardised statement to ascertain items incorrectly included or omitted. The inclusion or extraction of these items in the standardised statement determines the actual value added by a company. The study also accurately identifies those items that are mostly recorded incorrectly and which contribute to the inadequacies of the Value Added Statement. For the Value Added Statement to put the wealth created by an organisation in a proper perspective, the comparability thereof will have to be enhanced by the constant application of a methodical and uniform model that incorporates clearly defined entries. Users of Value Added Statements should thus be able to compare the results in a statement of an entity over a given period of time to evaluate trends and cycles and should furthermore, be able to compare the statements of various companies in order to determine the relative performance of a company in the creation of wealth. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die konstruksie en vergelykbaarheid van Toegevoegdewaardestate wat gepubliseer is oor 'n tydperk van twee jaar, beginnende 1999, deur industriële maatskappye wat op die Johannesburgse Effektebeurs genoteer is. Geen Rekeningkundige Standpunt is tans beskikbaar vir die opstel van Toegevoegdewaardestate nie. Gevolglik het hierdie studie dit ten doel om die foutiewe inskrywings van verskeie items te identifiseer. Die gepubliseerde finansiële state vir 1999 en 2000 van meer as 200 maatskappye is geanaliseer en vergelyk met 'n gestandaardiseerde staat wat vooraf ontwikkel is. Die doel van hierdie analise was om items te identifiseer wat verkeerdelik ingesluit is of weggelaat is in die betrokke state. Die werklike waarde wat toegevoeg is, word gevolglik bepaal deur die insluiting of weglating van die items in die gestandaardiseerde staat. Die studie identifiseer ook daardie items wat die meeste verkeerdelik gerapporteer word en wat die grootste bydrae lewer tot die vermindering in die aanwending en waarde van die Toegevoegdewaardestaat. Om werklik perspektief te plaas op die rykdom wat geskep word deur 'n organisasie, sal die vergelykbaarheid van die Toegevoegdewaardestaat verbeter moet word deur die deurlopende toepassing van 'n sistematiese en konstante model wat duidelik omskryfde inskrywings inkorporeer. Die gebruikers van Toegevoegdewaardestate moet dus in staat gestel word om 'n vergelyking te tref tussen die resultate van 'n entiteit oor 'n gegewe tydperk ten einde tendense en siklusse te evalueer, asook om die resultate van verskillende maatskappye te vergelyk ten einde 'n maatskappy se relatiewe werksverrigting te bepaal aangaande waardetoevoeging.

Abstract  Background:                     In an equity crowdfunding campaign, the investor receives shares in the company in return for the investment, which makes equity crowdfunding similar to traditional sources of equity funding. Nevertheless, skeptics have referred to equity crowdfunding as “dumb money”, since it might not provide similar non-financial value added as realized from professional investors. The main literature used for the frame of reference were Boué (2007), Macht and Robinson (2008) and Macht and Weatherston (2014). The literature worked as a basis for deriving a table, outlining the non-financial value added received by venture capitalists and business angels, as well as showing where literature is lacking regarding non-financial value added by equity crowdfunding investors. Purpose: The purpose of this thesis was to explore the non-financial value added by equity crowdfunding investors to the entrepreneur. This purpose was answered by two research questions: (1) Do equity crowdfunding investors provide similar non-financial value added to the entrepreneur as traditional equity funding investors do? (2) Are there any additional non-financial value added realized from equity crowdfunding? Method: This thesis follows the interpretivist research paradigm and undertakes an abductive research approach in order to explore the purpose. Primary data was collected through semi-structured interviews with seven entrepreneurs who had successfully conducted an equity crowdfunding campaign in Sweden. Secondary data was collected from peer-reviewed articles containing relevant theories and models. Conclusion: This research suggests that there are similarities between professional investors and equity crowdfunding investors in terms of non-financial value added. The contribution from equity crowdfunding investors seems to be dependent on the effort that the entrepreneur puts into the relationship with the investors. Furthermore, equity crowdfunding also allows the entrepreneur to maintain ownership and control over the company. However, each equity crowdfunding case is different and there are no guarantees of receiving certain types of investors.

Thesis (MComm)--University of Stellenbosch, 2005. / AFRIKAANSE OPSOMMING: Insetbelasting soos omskryf in artikel 1 van die Wet op Belasting op Toegevoegde Waarde No. 89 van 1991 (“die Wet”) kan teruggeëis word waar die goedere of dienste, ten opsigte waarvan die insetbelasting geëis word, vir die maak van belasbare lewerings verkry is. Waar goedere of dienste verkry word, gedeeltelik vir die maak van belasbare lewerings en gedeeltelik vir die maak van vrygestelde lewerings, moet ʼn toedeling van die insetbelasting ooreenkomstig die bepalings van Artikel 17(1) van die Wet gemaak word. Artikel 17(1) bepaal dat die omset-gebaseerde toedelingsmetode gebruik moet word vir die toedeling van toedeelbare insetbelasting. Hierdie metode wat voorgeskryf word gee aanleiding tot die volgende twee probleemstellings, naamlik : · Onduidelikheid in die Wet rakende die hantering van verskillende tipes lewerings binne die toedelingsformule, en · Onduidelikheid oor welke bedrae of gevalle by die toedelingsformule inof uitgesluit moet word. Artikel 17(1) bepaal ook dat, indien die omset-gebaseerde toedelings-metode nie toepaslik vir ʼn ondernemer is nie, ʼn alternatiewe metode gebruik kan word mits die alternatiewe metode ʼn redelike en regverdige alternatief daarstel. Hierdie uitsondering gee aanleiding tot ʼn derde probleemstelling, naamlik: · Wat kan as ʼn redelike en regverdige alternatief beskou word? Laastens maak Artikel 17(1) voorsiening vir ʼn voorbehoudsbepaling wat bekend staan as die de minimis-reël. Hiervolgens hoef ʼn ondernemer nie te voldoen aan Artikel 17(1) indien die ondernemer se totale belasbare lewerings minstens 95% van sy totale lewerings beloop nie. Die voorbehoudsbepaling maak egter nie voorsiening vir die hantering van abnormale omstandighede wat die implementering van die voorbehoudbepaling kan beïnvloed nie. Dit gee aanleiding tot die vierde probleemstelling, naamlik : · Watter maatreëls bestaan daar om te verseker dat die de minimis-reël nie deur abnormale omstandighede beïnvloed word nie? In hierdie studie word Artikel 17(1) krities ontleed ten einde te poog om oplossings vir bostaande probleemstellings te vind. Relevante wetgewing en publikasies van lande soos die Verenigde Koninkryk, Kanada, Australië en Ierland is ook bestudeer en na aanleiding hiervan kan die volgende afleidings gemaak word, naamlik: · dat ʼn lewering uit meer as een tipe lewering kan bestaan, hetsy belasbaar of vrygestel. Sodanige lewerings kan geklassifiseer word as toevallige-, saamgestelde- of gemengde lewerings wat, afhangend van die tipe lewering, die insetbelasting wat teruggeëis mag word, verskillend kan beïnvloed. Uitsluitsel oor die klassifikasies van lewerings moet verkry word alvorens dit in die toedelingsformule ingesluit word; · dat die in- of uitsluiting van spesifieke bedrae en gevalle in die toedelingsformule eerstens aan die hand van die ekonomiese aktiwiteitstoets gemeet moet word. Die resultate van ʼn ekonomiese aktiwiteitstoets sal aandui watter invloed ʼn spesifieke bedrag of geval op die toedelingsformule kan hê. Die spesifieke eienskappe van elke bedrag of geval moet daarna ontleed word om te bepaal of sodanige bedrag of geval by die toedelingsformule in- of uitgesluit moet word om die manipulasie van die toedelingsformule te voorkom; · dat riglyne bepaal moet word of die toepassing van ʼn alternatiewe toedelingsmetode redelik en regverdig is ten einde enige onsekerhede uit die weg te ruim. Dit behoort op ‘n soortgelyke wyse geïmplementeer te word as die bestaande riglyne in die wetgewing van lande soos Kanada, Ierland en die Verenigde Koninkryk; · dat die de minimis-reël uitgebrei moet word deur nie net na ʼn vaste persentasie te verwys nie, maar ook die gebruik van historiese syfers, randwaardes en maandelikse ontledings in te sluit, soos wat dit tans die gebruik in Kanada en die Verenigde Koninkryk is. Daar bestaan dus reeds in ander lande wetgewing wat die probleemareas, soos in die Suid-Afrikaanse wetgewing geïdentifiseer, aanspreek. Dit is dus nodig om aan die hand hiervan die Suid-Afrikaanse wetgewing uit te brei ten einde enige onduidelikhede en areas vir moontlike manipulasie uit te skakel / ENGLISH ABSTRACT: Input tax as defined in Section 1 of the Value Added Tax Act No. 89 of 1991 (“the Act”) can be deducted where goods or services are acquired by the vendor for the purpose of consumption, use or supply in the course of making taxable supplies. Where the goods or services are acquired by the vendor partially for the purpose of making taxable supplies and partially for the purpose of making exempt supplies, an apportionment of the input tax that can be deducted, has to be done in terms of Section 17(1) of the Act. Section 17(1) determines that the turnover-based apportionment method should be used for apportionment of the input tax. This prescribed method gives rise to the following problem statements: · The Act is not clear as to how different types of supplies should be treated in the apportionment formula, and · The Act is not clear as to which specific amounts or cases should be included or excluded from the apportionment formula. Section 17(1) further determines that, if a vendor finds the turnover-based method of apportionment inappropriate, the vendor can use an alternative method as long as the method is a fair and reasonable alternative. This exemption to the rule gives rise to a third problem statement, namely: · What should be seen as fair and reasonable alternative method? Finally, a proviso is found in Section 17(1), better known as the de minimisrule. According to the rule no apportionment is necessary in terms of Section 17(1) if the total taxable supplies constitute at least 95% of total supplies. The proviso does not take abnormal circumstances into account that can affect the implementation of the proviso. This gives rise to the fourth problem statement: · What controls exist to ensure that the de minimis-rule is not influenced by abnormal circumstances? In this study Section 17(1) is critically analyzed to find solutions for the above problem statements. Relevant acts and publications of countries such as the United Kingdom, Canada, Australia and Ireland were examined. The following conclusions can be drawn from the study: · A supply can consist out of more than one type of supply, either taxable or exempt. These supplies can be classified as coincidental supplies, combined supplies or mixed supplies. Each one of these supplies can have a material influence on the apportionment formula and should be considered carefully before they are included in the formula. · The inclusion or exclusion of any specific amount or case as part of the apportionment formula should first be measured against the economic activity test. The results of the economic activity test will indicate which effect the specific amount or case will have on the apportionment formula. Thereafter the distinctive characteristics of the amount or case should be analysed to ensure correct treatment of the specific amount or case in the apportionment formula to prevent the manipulation of the apportionment formula. · Guidelines should be identified to determine whether an alternative method of apportionment is fair and reasonable, in conjunction with the specific guidelines identified by the legislation of countries such as Canada, Ireland and the United Kingdom. · The de minimis-rule should be broadened not to only include the use of a fixed percentage, but also the use of historical figures, rand values and monthly analysis as is the case in Canada and the United Kingdom. As can be seen from the above there already exist legislation in other countries that addresses the problem areas as identified in South African legislation. It is therefore necessary to broaden the South African legislation to eliminate any uncertainties and areas for possible manipulation.

Thesis (MAcc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: In South Africa, value-added tax (‘VAT’) is classified as an indirect tax which is levied on goods or services supplied in the Republic of South Africa. In South Africa, VAT is a destination-based invoice type tax system which means that the consumption of goods and services are taxed. To register as a vendor for VAT purposes, the business conducted must fall within the ambit of an ‘enterprise’ as defined in section 1(1) of the Value-Added Tax Act, 1991 (Act No. 89 of 1991) (the VAT Act). Where a registered vendor makes taxable supplies of goods or services, it is subject to VAT at the standard rate in terms of section 7(1) of the VAT Act, unless and exemption or exception applies thereto. VAT incurred will constitute “input tax” as defined in section 1(1) of the VAT Act, where amongst others, the goods or services are acquired wholly for the purpose of consumption, use or supply in the course of making taxable supplies, or where the goods or services are acquired partly for such purpose, to such extent as determined in accordance with section 17(1) of the VAT Act. The vendor will therefore be confronted with various questions with regard to whether the activities are performed by the enterprise, or whether such activities fall outside the scope of VAT and therefore constitute non-enterprise activities. When the activities are regarded as enterprise activities, the vendor will have to determine whether the VAT incurred for the enterprise activities are used, consumed or supplied in making taxable supplies. Where the VAT incurred cannot be attributed to the making of taxable supplies, an apportionment of the VAT incurred is required. The apportionment method used in apportioning the VAT incurred for mixed purposes, must be fair and reasonable. This research assignment will therefore investigate and focus on the treatment of the VAT incurred by the business in deducting the correct amount of input tax. / AFRIKAANSE OPSOMMING: In Suid-Afrika word belasting op toegevoegde waarde (‘BTW’) geklassifiseer as ‘n indirekte belasting wat gehef word op die lewering van goed of dienste. BTW is ‘n destinasie-gebaseerde faktuurbasis wat beteken dat die verbruik van goed of dienste in Suid-Afrika aan belasting onderhewig is. Om vir BTW doeleindes te registreer, moet die besigheid of die bedryf aan die vereistes van ‘n ‘onderneming’ soos gedefineer in artikel 1(1) van die Belasting op Toegevoegde Waarde Wet (die BTW Wet) voldoen. ‘n Geregistreerde ondernemer wat goed of dienste lewer, moet BTW teen die standaardkoers ingevolge artikel 7(1) van die BTW Wet hef, tensy ‘n vrystelling of uitsondering op hierdie reël van toepassing is. Die belasting gehef ingevolge artikel 7(1) van die BTW Wet verteenwoordig insetbelasting indien die betrokke goed of dienste deur die ondernemer verkry word geheel en al met die doel van verbruik, gebruik of lewering in die loop van die doen vir belasbare lewerings. Indien die goed of dienste gedeeltelik vir daardie doel aangewend word, is die ondernemer verplig om die belasting toe te deel ingevolge artikel 17 van die BTW Wet. Die ondernemer word dus met verskeie vrae gekonfronteer om te bepaal of die goed of dienste aangewend word in die loop ter bevordering van die onderneming. Indien die goed of dienste nie vir daardie doel aangewend word nie, die sogenaamde ondernemingsaktiwiteite, sal die BTW aangegaan deur die ondernemer buite die bestek van die BTW Wet val en gevolglik as nie-ondernemingsaktiwitiete geklassifiseer word. Indien die BTW nie geheel en al gebruik word vir die maak van belasbare lewerings nie, moet die ondernemer die sogenaamde BTW toedeel volgens ‘n erkende toedelingsmetode ingevolge artikel 17 van die BTW Wet. Hierdie metode moet aan die vereistes van regverdigheid en redelikheid voldoen. Hierdie werkstuk fokus en ontleed die hantering van die BTW aangegaan deur die ondernemer met die doel om die korrekte insetbelasting aftrekking te bepaal.