Monthly Compliance and Legislation Update - January


Date: Jan 26, 2022 - Jan 26, 2022

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Webinar

Presenter: Lettie Janse van Vuuren
CA (SA), Registered Auditor

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.

Overview   

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.  

Technical expert Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.  

The webinar includes:  

  • A reference guide of all changes to share within the firm;  

  • PPT summary of all new amendments; 

  • Interactive session with the presenter; and 

  • Online Q&A. 


Learning objectives  

After attending this webinar you will: 

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients; 

  • Be able to inform your staff and clients on how to stay compliant; 

  • Adapt business models to fit new legislative landscapes; 

  • Receive references to documents and guides;  

  • Have access to your own technical resource; and  

  • Have access to the presenter via email for follow-up Q & A.  


Course content  

The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar: 

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

  • Accounting issues 

    • ASB: Can past decisions about materiality affect future accounting? 

    • Body corporates financial statements published for comment 

    • Educational material on presentation of inventory write-offs and costs as a result of the civil unrest in South Africa 

    • 2021 SAICA Medical Schemes Accounting Guide 

    • 2022 MTEF Guidelines for Public Entities 

IRBA: 

  • Standards:  

    • Reminder: New AUP standard now effective 

  • Legal/Ethics:  

    • Revisions to the Code to promote the role and mindset expected of professional accountants are now effective 

  • Other:  

    • Ground-breaking FRC report sets out what it expects from audit firms to deliver high quality 

    • Non-audit services and auditors' independence 

    • IAASB: New Technology-Focused FAQ Available 

    • Accountancy Europe: FAQs on audit facts, including some on audit, auditors and supervision 

CIPC: 

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

    • Notice 59 of 2021 – Public companies contravening annual financial statements filing obligations  

    • Notice 60 of 2021 – Co-operative that have been directed to change names by the registrar of Co-operatives.  

    • Notice 61 of 2021 – Compliance obligations of companies and close corporations in business rescue  

    • Practice Note 1 of 2022 – Requirements for Company and Close Corporation Re-instatement in terms of regulation 4(2)(b)  

    • Notice 62 of 2021: Update: Status on file transition project 

COVID-19 Updates 

  • New announcements/guidance: 

    • Directive on the Taxi relief fund 

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

  • Other acts and articles: 

    • The Cybercrimes Act has finally commenced 

    • E-waste regulations come into force 

    • Basic Education Laws Amendment Bill 2021: Explanatory summary 

SARS: 

  • Guides (new, updated & issued): 

    • Refer to Notices section for Guides mentioned and updated 

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

    • Binding General Ruling 59 – Calculation of VAT for table games of chance 

  • Notices and other publications issued: 

    • VAT Notices: Public Notice prescribing the particulars that a tax invoice must contain, if the supply by a vendor relates to any enterprise contemplated in paragraphs (b)(vi) and (b)(vii) of the definition of “enterprise” in section 1(1) of the Act 

    • Average Exchange Rates 

      • Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 2003 

      • Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months 

    • MobiApp update 

    • Deceased Employee – responsibility of the Employer 

    • Media release – Implementation of Tax Directives Enhancements 

    • Enhancements to the Disputes Process 

    • Updated Turnover Tax submission channels 

    • All eFiling forms were successfully migrated to HTML5 

    • Proposed Model for Establishing an Advance Pricing Agreement Programme in South Africa and Release of Draft Legislation 

      • Due date for public comment: 31 January 2022 

  • Tax court cases: 

    • SARSTC IT 25117 (ADM) [2021] Johannesburg (18 November 2021) 

    • SARSTC IT 24790 (IT) [2021] CPT (15 October 2021) 

    • SARSTC VAT 2060 (VAT) [2021] DBN (8 October 2021) 

    • SARSTC IT 24596 (IT) [2021] CPT (17 September 2021) 

    • SARSTC IT 24988 (ADM) [2021] JHB (5 August 2021) 

    • SARSTC 0059/2019 (ADM) [2021] DBN (30 November 2021) 

    • SARSTC 2020/95 (ADM) [2021] JHB (19 November 2021) 

  • High court cases: 

    • Naushaad Hamid v SARS (3280/2017) [2021] ZAKZNDHC (30 November 2021) 

    • Chien Hui Kao v Commissioner of Customs and Excise (5580/19) [2021] ZAKZNDHC (2 November 2021) 

  • SCA cases: 

    • Purveyors South Africa Mine Services (Pty) Ltd v CSARS (135/2021) [2021] ZASCA 170 (7 December 2021) 

    • Voluntary disclosure – whether taxpayer met the requirements of section 227 of the Tax Administration Act 28 

    • of 2011 – Commissioner for the South African Revenue Service had knowledge of information subsequently 

    • disclosed and prompted taxpayer to comply – disclosure not voluntary  

    • requirements of section 227 not satisfied – appeal dismissed 

  • Taxpayers must be on the lookout for New Scams: 

    • Tax refunds 

Regulator news: 

  • IRBA News & press releases: 

    • IRBA successfully defends challenge to MAFR 

    • IRBA News Issue #56 

  • SAICA press releases and other publications: 

    • Training Regulations 2022 have been published 

    • ASA December 2021 / January 2022 

  • SAIBA press releases and other publications: 

    • Newsletters: 

      • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs): https://cfotalks.com/  

      • Accounting Weekly (weekly newsletter): https://accountingweekly.com/  

  • Companies Tribunal:  

    • 13 Cases finalised in DEC 2021 

  • FSCA publications & press releases:  

    • FSP fined an administrative penalty of R50 000 for Contravention of section 167 of the financial sector regulation act no.9 of 2017 

    • 14 Warnings issued against fraudulent FSPs 

  • OTO:  

    • Fairness for All - Office of the Tax Ombud monthly newsletter 

  • IFAC:  

    • CPA Canada, ICAS, IESBA  IFAC release 2nd Publication in Series exploring Ethics in an era of complexity and digital change 

  • SARS:  

    • VAT Connect Newsletter – Issue 13 

    • Latest Tax Practitioner Newsletter – December 2021 

    • Media Release – SARS uncovers non-compliance through data-driven risk detection 


Obtaining your CPD certificate   

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS,  LSSA, FPI, and the IBA. 

All webinar attendees are issued with a CPD certificate available in an online profile.  


Who should attend 

  • Professional accountants including: CA(SA), Professional Accountant (SA), BAP(SA), ACCA, CIMA, FCCA, IAC, AGA(SA), CIS, BA(SA).  

  • Registered auditors, RA. 

  • Company secretaries. 

  • Legal advisors. 

  • Compliance officers. 


 Price:                     

  • R 399.00 - Online admission - Individual. 

  • R 699.00 - Online admission - Company. 

  • Choose Individual if you would like to attend this event yourself or choose Company if you would like to share this event to with your entire firm. 

  • This webinar is free if you are already an SAAA CPD subscriber. 

    • Click here to find out about the Technical Resource Centre & CPD Subscription options. 

    • Click here to create a profile and then register for the event (There is no charge to create a user profile and gain access to our free Monthly Practice Management Series).  


 Additional material  

By attending this webinar you will be provided with: 

  • Summarised slide presentation,  

  • Detailed course material and reference documents.   

  • You can ask questions during the webinar via the online portal, and you will also have access to me the presenter via e-mail after the webinar. 


Previous Recording 

Preview the snippet below for a sneak peek at what you can expect from the webinar click here 

Save this event to your Google or Outlook calendar.


Venues & Dates

The following venues and dates are available for this event.


Discounts available

The following discounts are available for this event

The Tax Faculty CPD Subscriber : Access to the webinar / recording

I'm ready to join, please contact me

Need Help ?

Explore Smarty