Monthly Compliance and Legislation Update - April


Date: Apr 30, 2020 - Apr 30, 2020

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Webinar

Presenter: Caryn Maitland
Owner, Maitland & Associates

Our Monthly Compliance and Legislation Update (MCLU) webinars provide a summary of some of the most important legislation updates from the previous months. This helps you, our client to stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws. This month our update will focus on the key element...

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 Caryn Maitland CA(SA), RA researches and summarises all relevant and important changes 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:

 

SARS:

Guides (new, updated & issued):

VAT Reference Guide for Foreign Donor Funded Projects

VAT Rulings Process Reference Guide (Issue 2)

Updated table of interest rates - Table 3

Interpretation Notes (updated & issued):

Draft Interpretation Note – Value-added tax consequences of points-based loyalty programmes

Binding Rulings (Private/Class/General) issued:

BGR 52 – Timeframe for the export of goods by vendors affected by COVID-19

Notices and other publications issued:

Latest on the Impact of COVID-19 on SARS

Latest Tax Directives - eFiling enhancements

Update to the PAYE BRS for Employer Reconciliation

Draft rule amendment under section 38 – SACU UCR Lesotho

Taxpayers and Tax Practitioners may book an appointment in exceptional circumstances during the lockdown period

Printing of IRP5/IT3(a) certificates from eFiling has been temporarily suspended

Third Party Data Annual Submissions are open from 15 April to 31 May 2020

Employer Annual Reconciliation opened on 15 April and closes 31 May 2020

Applying for UIF during the lockdown

Tax adjustments by Minister of Finance

Cheque limits on cheque payments to SARS - 1 May 2020

Submission of supporting documents for non-eFilers during lockdown

ITAC Certificate – SARS Essential Goods List

Rule amendment to substitute Rule 24.03 to provide for the exemption of foreign-going ships or aircraft

Status overview of all DTAs and Protocols

Notices relating to COVID-19 have been published:

COVID-19 Export Control Regulation

ITAC Certificate – SARS Essential Goods list

VAT 412.11 Mapping

SARS COVID-19 related media releases

Draft bills:

Draft Disaster Management Tax Relief Bill, 2020;

Draft Disaster Management Tax Relief Administration Bill, 2020;

Draft Explanatory Memorandum on the Disaster Management Tax Relief Bill, 2020

SARS preliminary revenue outcome

Trade statistics release for February 2020

Tariff amendment notice R405 - Increase of environmental levy on plastic bags

Tariff amendment notice R406 - Increase in the general fuel levy

Tariff amendment notice R407 - Increase in the RAF levy on petrol and diesel

Tariff amendment notice R408 - Increase in emissions tax on passenger vehicles

Tariff amendment notice R409 - Increase of environmental levy on incandescent light bulbs

Tariff amendment notice R410 - Adjustment to diesel refund provisions as a result of R406 and R407

Tariff amendment notices R425, R426 and R427

Debt Relief Finance Scheme offered by the Department of Small Business Development

Part 1 of Schedule No.1 - increase the rate of customs duty on PET to 15%

Part 1 of Schedule No.1 - increase the rate of customs duty on fully-automatic top loading washing machines from free of duty to 30%

Part 1 of Schedule No.1 - implement anti-dumping duties on Soda Ash

Supreme Court of Appeal cases:

Diageo South Africa (Pty) Ltd v CSARS (330/2019) [2020] ZASCA 34 (3 April 2020)

CSARS v United Manganese of Kalahari (Pty) Ltd (264/2019) [2020] ZASCA 16 (25 March 2020)

IFRS:

Standards – What’s new?

IFRS Monthly news summaries

Accounting issues

Considering Going concern with respect to Corvid 19

Forecasting and valuations

IFRS 9 Implications (ECL)

Impairment discussions and issues

CIPC:

Notices and Practice Notes issued:

Notice 14 of 2020 – CIPC Call Centre during national lockdown

Notice 15 of 2020 – Customer transacting during COVID-19

Notice 17 of 2020 – Practice Notice 1 of 2020

Notice 18 of 2020 – Extension of submission of annual returns for Company, Close Corporation and Co-operative services.

Notice 19 of 2020 – Extension of submission of annual returns for Patents & Designs, Copyright and Trade Marks Divisions.

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

Disaster Management Act:

Released by the Minister for Cooperative Governance and Traditional Affairs (CoGTA) in response to COVID-19

Amended 26 March 2020 by CoGTA

Amended 2 April 2020 by CoGTA

Workplace Preparedness COVID-19 released by the Department of Employment and Labour

Disaster Management Act: Directive: Coronavirus (COVID-19) Temporary Employee/Employer Relief Scheme

Notice on compensation for occupationally acquired novel Coronavirus under COIDA

Unemployment Insurance Commissioner:

COVID-19 TERS Benefits Easy Aid Guide

Regulator news:

IRBA News & press releases:

Impact of COVID-19 on the Audit and Auditors

Impact of COVID-19 - Extension of Reporting periods

Impact of COVID-19 on the Audit Report – Going Concern

Impact of COVID-19 – File Assembly

Treasury:

Treasury Instruction No. 02 of 2020/2021: Utilisation of funds withdrawn from National Revenue Fund in terms of Section 29 of Public Finance Management Act

Media Statement: Release of the Intergovernmental Fintech Working Group’s (IFWG) Position Paper on Crypto Assets

IFWG Position Paper on Crypto Assets

Minister’s remarks for 14 April 2020 media briefing

Media Statement: Extension of deadlines for public comments on specific 2020 Tax proposals

Media advisory: Minister of Finance to brief media on recent economic developments

Media Statement: Government’s response to the rating action by Fitch Ratings (Fitch)

Media Statement: PFMA Communication to extensions during the lockdown period

Provisional Financing Figures as at 31 March 2020

PFMA exemption: Gazette 43188 – 31 March 2020

Media statement: MFMA Exemption Notice

MFMA Exemption Notice 43181

Media statement: Date extension for public comments on Draft Municipal Fiscal Powers and Functions Amendment Bill

Statement of the National Revenue, Expenditure and Borrowing as at 29 February 2020

Media statement: COVID-19 Tax Measures

Explanatory Notes on COVID-19 Tax Measures

Media Statement – Reaction to ratings action by Moody’s

Prudential Authority for Banks:

Directive 1 - Revision of the minimum LCR requirement due to COVID-19

Directive 2 - Matters related to capital relief

Directive 3 - Matters related to the treatment of restructured credit exposures

Guidance Note 3 - Application of IFRS 9 in response to COVID-19

Guidance Note 4 - Capital conservation

Basel Committee on Banking Supervision - Treatment of extraordinary support measures

Community Schemes Ombud:

COVID-19 Directive

Directive in response to COVID-19 and the 21-day lockdown

OECD:

Tax and fiscal policy should continue to support households and business through containment, then shift to bolstering recovery

Public comments received on the draft Model Rules for Reporting for Platform Operators with respect to Sellers in the Sharing and Gig Economy

Database: Tax Policy Measures in Response to Covid-19 Pandemic (Update)

OECD releases BEPS Action 14 reports for Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden

Tackling the coronavirus: OECD Forum on Tax Administration publishes advice on business continuity considerations for tax administrations

Global Forum publishes new peer review reports and reveals compliance ratings for eight jurisdictions

OECD issues recommendations on implications of the COVID-19 crisis on cross-border workers and other related cross-border matters

Database: Tax Policy Measures in Response to Covid-19 Pandemic (Update)

Platform for Collaboration on Tax: International organisations move to help developing countries improve tax systems

Tackling the coronavirus: OECD Forum on Tax Administration publishes actions that tax administrations are currently taking to support taxpayers

The economy has changes, so must the tax

ATAF:

ATAF and OECD join forces to address COVID-19 impact on Tax

ATAF Publishes Measures to help manage the impact of COVID-19 on Tax

The changes needed to the global tax rules if Africa is to address the tax challenges arising from the digitalisation of the economy

ATAF Statement in response to the Global Spread of the Corona Virus (COVID-19)

Tax Ombud:

Fair Play Issue 15 - Newsletter from the Tax Ombud.

FSCA publications & press releases:

FSCA expectations on insurers and financial services providers in respect of premium collection of funeral policies during COVID-19 crisis

FSCA: Extension of deadlines for statutory returns


Obtaining your CPD certificate

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

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


Who should attend

  • Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA.
  • Practicing 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.

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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.

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Venues & Dates

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Discounts available

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