About Cornwell Dauds

Cornwell Dauds holds qualifications in law, tax, finance and accounting. He is a member of the Johannesburg Bar where he practises as an advocate. He was educated in South Africa and pursued postgraduate studies at Harvard Law School in the USA and London School of Economics in the UK. Dauds underwent intensive professional training in the art and skills of trial advocacy in the USA. His tax experience includes being a director at the South African Revenue Service (SARS), a tax practitioner at a law firm and a senior corporate tax manager at an audit firm. Dauds has written extensively in his fields of interest, which include competition law, tax law, financial derivatives and financial regulation. He has published a book titled “Dauds on Competition Law: Substantive Issues” which seeks to integrate economic theory into competition policy and regulation for a better understanding of competition law. Dauds holds the BA LLB, BCom (Honours), PG Advanced Taxation Certificate, International Tax Program (ITP)(Harvard), PG Diploma in Finance (Leicester), LLM (Harvard), MSc (Law & Accounting)(London School of Economics)

Role of the Gatekeepers in the Steinhoff Debacle

Article published in Business Day of Thursday, 08 February 2018

It was phenomenal, wasn’t it? A “darling” South African retailer with 12,000 stores in some 30 countries, employing more than 130,000 people, with a market value of more R200 billion, and ranking among the 10 biggest companies in the JSE Top 100. A retailer popular with investors, becoming the fifth most popular share for fund managers to invest in. A Steinhoff share was considered, as one fund manager put it, a […]

Securitisations and their Tax Treatment


  1. Corporates are almost always in need of cash – whether for growing and expanding the business, settling maturing debt obligations, or funding a take-over. Depending on its credit rating, a company may meet this need by issuing unsecured debt securities. However, raising capital this way may be a tad expensive. A less expensive alternative may be for the company to pledge its existing assets and borrow against them. Yet another way to raise cash is through factoring of the […]

Should Carried Interests in Private Equity Be Taxed As Capital or Revenue?

Cornwell Dauds


  1. The favourable tax treatment of private equity profits has been a cause for concern for many revenue authorities, precisely because of the apparent tax base erosion effect. In some countries, even the public has expressed its outrage at the favourable manner in which private equity profits are taxed.
  2. As an emerging economy, South Africa relies heavily on investment and, like many other economies, government uses a number of options at its disposal – including tax measures – to […]

Criminalisation of Cartels

Time to ratchet things up on cartels! From a report in the Business Day of Friday, 22 April 2016, that’s effectively the message of the Minister of Economic Development, Mr Ebrahim Patel. The Minister appears bent on using section 73A of the Competition Amendment Act to criminalise hard-core cartel practices such as price-fixing, market division and collusion in tenders (bid rigging). Granted, cartel practices have worldwide been declared a most egregious offence which has no place in a sound economy […]