SARS:

• Guides (updated & issued):
  • VAT quick reference guide for non-executive directors
  • FAQs on the increase in the VAT rate (Issue 6).
  • Guide on mutual agreement procedures (MAPs) – and SARS also updated the MAP page.
• Interpretation Notes (updated & issued):
  • 101: Section 24I Gains or losses on foreign exchange transactions
  • 102: Classification of risk policy and the once-off election to transfer certain policies or classes of policies issued before 2016 to the risk policy fund
• Binding Rulings (Private/Class/General) issued and updated:
  • BPR 307: Relief from double taxation of interest
  • BCR 064: Transfer of a security that constitutes a participatory interest in a collective investment scheme
  • BGR 48: Developers negatively affected by the expiration of temporary relief granted under section 18B
  • BGR 39 (VAT): Changes to municipal boundaries may cause havoc for vendors
• Other publications issued:
  • SARS and NT response to Carbon Tax Bill: payable as 6 monthly provisional tax payments system?
  • TLAB and TALAB out for comment.
• Court cases:
  • Manufacturing business: Under-declaration of income, liable for 10% understatement penalties and Sec 89quat(2) interest?
  • Rule 32 Statement: grounds of appeal.
  • If there is no tax debt, SARS must pay the refund: An interesting judgment about the TAA’s refund provisions.

IFRS:

• Standards:
  • Massive changes made to insurance accounting – IFRS 17
• General: 
  •  IFRS summary update.

IRBA:

• Standards:
  • Audit firms to start sharing their business secrets: Transparency reporting required for audit firms.  How does this affect reviewers, accounting officers and accountants? 
  • Proposed ISA on Identifying and Assessing the Risks of Material Misstatement – ED-ISA 315.  What should reviewers, accounting officers and accountants consider in this regard?
• Guidance issued:
  • How to audit your firms ethical culture: 8-steps issued by ICAEW. 
  • IESBA final pronouncement on inducements - applicable to both professional accountants in business and professional accountants in public practice.

CIPC:

• Notices issued (enforcement and to customers):
  • CIPC XBRL portal rolled out
  • Activation of new e-mail addresses for Business Rescue Practitioners filing.
  • CIPC is going mobile: how will this work?
• Companies Tribunal:
  • Newsletter: Recent updates and Name Disputes Case Highlights.
  • 7 Decisions reached on cases heard (Exemptions and Name disputes).

Labour Law:

• Court cases:
  • Mental illness and the impact on employment
  • When culture and law clash.
  • Constitutional court on TES and deemed employees.
  • Traditional dispute resolution practices verse disciplinary codes.
  • Disciplining employees after resignation.

Other Laws & Regulations affecting your client AND impact on NOCLAR:

•  The Big 5:
  • The Competition Amendment Bill.
  • Carbon Tax Bill.   

Regulator news:

• Consumer goods (CGSO publication):
  • Case studies from Newsletter.
• Other publications:
  • MoU signed between SARS and the B-BBEE Commission.
•  FSCA publications & press releases:
  • Retail Distribution Review: Discussion Document on Investment Related Matters Comments Template.
  • RDR document
• SARS media releases:
  • Woman sentenced and company fined for failure to pay taxes.
  • 10 Taxpayers sentenced for failure to submit tax returns.

General Announcements / News Releases:

• SAICA: 
  • 265 SAICA members currently in the disciplinary process pipeline & the VBS Saga – including the CEO.
• SARS: 
  • SARS service charter delights and disappoints.
• Journal of Accountancy: 
  • The next generation of accounting firms & the 4 skills accountants need to succeed in a tech-enabled future.
• SAIBA: 
  • Establishing a number of new licences to help accountants specialise in areas such as Business Rescue, Independent Review, Immigration and IFRS.