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Benjamin Mbana

Director

Email

benjamin.mbana@aoshearman.com

Phone

+27 10 597 9868

Offices

Johannesburg

V-CARD
Benjamin heads the tax practice in the Johannesburg office.
He has experience in advising on a wide range of domestic and international corporate tax matters specialising in M&A transactions, inbound and outbound investments, corporate re-organisations and financing transactions. He has experience in managing complex deals, frequently on a cross-border basis.

Expertise

Experience

Representative matters

  • Corporate entities (both local and foreign) on various cross-border corporate structuring transactions including, establishment of intermediary/investment holding companies, group re-organisations, funding considerations, withholdings tax considerations and tax treaty analysis.
  • Corporate entities on various exchange control matters including inbound and outbound debt and equity funding, security and guarantee arrangements and share transfers.
  • A global financial institution in relation to their loan funding facilities made available to certain South African companies and the tax treatment of cash flows from South Africa.
  • An international telecommunications company on its internal tax risk policy in relation to South Africa and dispute resolution process with the South African Revenue Authority.
  • Rand Merchant Bank (a division of FirstRand Bank Limited) on the preference share financing in respect of the 89MW Castle Wind Farm, the first private power deal to reach financial close for Sibanye-Stillwater, delivering power to its mining operations. The project consortium consists of African Infrastructure Investment Managers (AIIM), through its renewable energy project development and delivery platform, African Clean Energy Developments (ACED) and Reatile Renewables.
  • Rand Merchant Bank (a division of FirstRand Bank Limited) and a financial services group as joint mandated lead arrangers in respect of the financing of the 97.5MWac Solar PV Project and 140MW Wind Project developed by Mainstream Renewable Power Developments Proprietary Limited for the generation and sale of energy to each of Sasol South Africa Limited and Air Liquide Large Industries South Africa Proprietary Limited.
  • Solarpack in relation to the Energy Procurement Contract (EPC) structure in South Africa and the most tax efficient means of funding the domestic operations.
  • Zarclear Securities Lending Proprietary Limited on the South African income tax and dividends tax implications of distributions received from real estate investment trusts.
  • Magotteaux International S.A. on its acquisition of equity shares and a shareholder loan held by the Industrial Development Corporation of South Africa Limited (IDC) in Grinding Media South Africa Proprietary Limited, as part of Magotteaux’s increased investment in Grinding Media.
  • A global financial institution on the tax treatment of cash flows from South Africa to the said institution under the loan as a result of the USD750 million loan facility provided to Eskom Holdings SOC Ltd.

Published Work

  • Lewis, A and Mbana, B (2019) “South Africa draws more foreign suppliers of electronic services into its VAT net”, DLA Piper website
  • Lewis, A and Mbana, B (2019) “A timely gift for taxpayers”, DLA Pier website
  • Lewis, A and Mbana, B (2019) “South African Tax Court confirms application of the most favoured nation clause in the South Africa/Netherlands treaty, Business Day newspaper
  • Lewis, A and Mbana, B (2021) “Constitutional Court ruling puts section 24C allowance under the spotlight”, DLA Piper website
  • Mbana, B (2021) “Managing debts in a (barely) post-Covid economy', Tax Talk Magazine”, Allen & Overy website
  • Mbana, B (2022) The zero percent dividends withholding tax benefit on distribution between South Africa and the Netherlands will soon be done away with', Allen & Overy website
  • Mbana, B (2022) “SARS Provides Guidance on the interpretation of "Date of Issue" and "Qualifying Purpose" for Hybrid Equity Instruments and Third-Party Backed Shares”, Allen & Overy website
  • Mbana, B (2023) ‘Tax incentives are crucial to South Africa’s energy transition’, Allen & Overy website
  • Mbana, B (2023) ‘Lifting the veil of secrecy - South Africa introduces new disclosure requirements and the OECD and SARS together develop international tools to tackle illicit financial flows’, Allen & Overy website
  • Mbana, B and Saville, J (2024) "Unleashing Change: A Practical Guide to Impact Investing in South Africa" By: Aspen Network Of Development Entrepreneurs

Speaking Engagements

  • South African Institute of Tax (SAIT) budget breakfast, 2022
  • South African Institute of Tax (SAIT) Tax Indaba, 2021
  • South African Institute of Tax (SAIT) Tax Indaba, 2017
  • South African Institute of Tax (SAIT) Student Tax Conference, 2016
  • South African Institute of Tax (SAIT) Student Tax Conference, 2015

Leadership Positions And Professional Affiliations

  • Chartered Tax Advisor™, South African Institute of Taxation

Awards

  • Benjamin was named EY Global Young Tax Professional of the Year - 2015

Qualifications

Admissions

Charted Tax Advisor, South African Institute of Taxation

Academic

Master of Commerce in Taxation, University of Pretoria, 2018

Honours in Taxation, University of Pretoria, 2012

Bachelor of Commerce in Accounting Sciences, University of Pretoria, 2011

Languages

English, Xhosa
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.