SARS: 

• Guides (new, updated & issued): 

  • Updated Guide on the determination of medical tax credits (Issue 10) 

• Interpretation Notes (updated & issued): 

  • Interpretation Note 99 (Issue 2) – Unclaimed benefits 

  • Draft Interpretation Note 16 (Issue 3) – Exemption from income tax: Foreign employment income 

• Binding Rulings (Private/Class/General) issued: 

  • BPR 330 – Distributions of dividends from a trust to beneficiaries on termination of employment  

  • BCR 069 – Employee share ownership plan 

• Notices and other publications issued: 

  • 2019 TLAB & TALAB published 

  • FAQs: Foreign employment income exemption (Issue 2) 

• Tax cases: 

  • IT 14434/2019 – Whether the Appellant was entitled to a building allowance in the tax year claimed 

  • Supreme Court of Appeal: Atlas Copco South Africa (Pty) Ltd vs CSARS – The appeal turns on the interpretation and application of s 22(1) of the Income Tax Act 58 of 1962 (the Act), relating to the value of a taxpayer’s trading stock at the end of a year of assessment. 

IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

IRBA: 

• Guidance:  

  • Use of the RA designation 

CIPC: 

• Notices and Practice Notes issued (enforcement and to customers): 

  • CIPC e-mail protocols 

  • Compulsory Name Reservation of co-operatives 

  • Processing Requirements for Removal of Co-Operative Directors 

  • Unexpected filing notifications received after pilot resting iXBRL 

  • Which Companies Should Submit AFS’s in the iXBRL format? 

• Companies Tribunal: 

  • 11 Decisions reached on cases heard (5 Name disputes, 1 AGM, 3 Exemptions from SEC, 0 Directorship dispute, 2 Reviews) 

Labour Law: 

• Employment law: 

  • South African fathers have new paternity leave rights – here’s what you need to know 

  • UIF to start paying out paternity leave benefits from 1 November 2019 

  • BCEA – W&R wage tables corrected 

  • Department of Employment and Labour takes tough stance against Spar franchisee 

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

• This month’s big 5 include: 

  • The Administrative Adjudication of Road Traffic Offences Act (Draft Regulations); 

  • The Competition Act (Draft Regulations); 

  • The Films and Publications Act (Amendment Act 2019) 

  • The Promotion of Administrative Justice Act (Administrative Review Rules); and 

  • The Property Practitioners Act (Dealt with as a separate topic). 

• This month’s little 5 include:  

  • The Companies Act and the Close Corporations Act (Electronic filing channel); 

  • The Competition Act (Draft Enforcement Guidelines for the Draft Buyer Power Regulations and the Draft Price Discrimination Regulations); 

  • The Intimidation Act (Constitutional Court order); and 

  • The Special Investigating Units and Special Tribunals Act (South African Health Products Regulatory Authority); and 

  • The Special Investigating Units and Special Tribunals Act (Special Tribunal rules). 

• Other Acts and articles: 

  • New Property laws signed by the president 

    • Electronic Deeds Registration Systems Bill of 2019 

    • Property Practitioners Act of 2019 

  • Section 44 of the Companies Act and Post Acquisition Finance 

  • Do not trust a trustee (without the necessary authority) 

Regulator news: 

• IRBA News & press releases: 

  • 21 percent of JSE-listed companies have changed their auditors ahead of MAFR deadline 

  • IRBA achieves a decade of clean audit opinions 

  • Slight improvement in perception of auditing and accounting standards and shareholder governance 

• SAICA press releases & other publications: 

  • Top tips for SMPs (Small and Medium Practices) 

  • How SMPs can build a strong digital brand 

  • The Enhanced Auditor’s Report – Post implementation review in South Africa 

• FIC Advisory & Guidance:  

  • Case Studies and Indicators Collection 

  • FATF public statement on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies 

  • FATF ongoing process to improve global AML/CFT compliance 

  • Draft Public Compliance Communications issues: 

    • PCC 103 on Non-profit Organisations 

    • PCC 105 on the use of Reliance Agreements by Accountable Institutions for Customer Due Diligence on Shared Clients 

• CGSO & National Consumer Commission:  

  • CGSO warns to purchase online with care 

  • CGSO Annual report released 

  • The NCC takes a car dealer to the National Consumer Tribunal 

• SARS media releases: 

  • Enhancements to the Income Tax Return for Trusts (ITR12T) 

• FSCA publications & press releases: 

  • FSCA fines MET Collective Investments Limited R100 million 

  • FSCA conducts a search at Sekunjalo Investment Holdings (Pty) Ltd 

  • FSCA welcomes 15-year jail sentence of Mr David Wilmot 

  • FSCA update on Coinit letter to investors 

  • 5 Warnings issued to the public against fraudulent FSPs 

General Announcements / News Releases: 

• Media articles:  

  • Beware swiping your card at these card-skimming hotspots