Attending the http://www.qvc.co.za annual general meeting and the general meeting to receive the annual accounts, chairman’s report and the accept the new MOI. Sadly only AGM can proceed, inadequate quorum to receive and formally approve the MoI. Once again VRS can’t be faulted on their excellent arrangements.
One of the interesting questions raised was the tax on the income. Being a NPC has no tax consequences, yet being a company managing property use rights, the company enjoys tax exemption on basic levy.
The interest income earned at the bank and from delinquent members are taxed.
Sounds unfair that non-paying members not only reduce cash flow, the actively destroy cash by forcing taxes on earned but not banked interest.
Time to take action against delinquent members, they burn resources, they burn bed nights and now cost is in a tax charge!
If you can’t afford the annual management fee, sell, donate or hand back, whatever is allowed in terms of your scheme rules.
On the newly elected board, let’s proceed with the year ahead and turn the recession into an affordable holiday!