Accounting (IFRS, etc) 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues: 

  • Guidance on materiality judgement published. 

• Public Sector: 

  • Patch 1 for AFS departmental template 2023/2024  

  • NT: SCOA Classification Circular 45 

Auditing (IRBA, IAASB, etc): 

• Standards:  

  • IAASB: Proposed ISA 240 (Revised): The auditor's responsibilities relating to fraud in an audit of financial statements 

  • IAASB: Proposed Narrow Scope Amendments to ISQMs, ISAs and ISRE2400 (Revised)  

• Legal/Ethics:  

  • IRBA requests comments on 2 EDs issued by IESBA 

• Other:  

  • IRBA: Withdrawal of a Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism 

  • Latest AG Directive 

CIPC: 

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

  • Important reminders flowing from Notices 3 and 5 of 2024: Deregistration of companies and CCs in annual return deregistration process + Enforcement of beneficial ownership filings and securities registers:  

  • Director Amendment: 6 Step-by-Step Guidelines  

    • Director Resignation 

    • Change director type 

    • Update passport 

    • Update invalid SA ID number 

    • Update name of SA ID holder 

    • Appoint a passport holder 

  • Notice 9 of 2024: Delay in processing company and CC re-instatement applications  

  • Practice Note 1 of 2024: Erratum: Proof of physical address of companies, and CCs 

  • Notice 10 of 2024: Acceptable proof of physical address in terms of requirements of Practice Note 1 of 2024 

  • Notice 12 of 2024: Beneficial ownership register: Reviewer system 

  • Notice 13 of 2024: Foreigner assurance process integration with beneficial ownership 

  • High Court Ruling regarding a claim of confidentiality in terms of S212 of the Companies Act  

Anti-Money Laundering and FICA 

• Recent update:  

  • National Treasury Media Statement: Greylisting SA’s progress against its action plan 

Labour Law: 

• Employment law: 

  • New Minimum Wage for 2024 

  • Voting day logistics 

  • BCEA: Earnings threshold increased  

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

• This month’s big 5: 

  • SAICA Legal Update 2023 Volume 19 Issue 3  

  • SAICA Legal Update 2023 Volume 19 Issue 4  

• Other acts and articles: 

  • Budget 2024 Highlights 

  • EE Act (amended): Draft regulations on proposed 5-year Sectoral Numerical targets for comment 

  • 29 May 2024 declared a public holiday for the general elections 

• COIDA Update: 

  • 2023 ROE Submission dates   

SARS: 

• Guides (new, updated & issued): 

  • Draft Guide – Solar Energy Tax Credit Provided under Section 6C 

  • Lump Sum Tax Directive Guides updated 

    • IT-AE-41-G01 – Completion Guide for IRP3(a) and IRP3(s) Forms – External Guide 

    • IT-AE-41-G03 – Guide to Complete Submit and Cancel a Recognition of Transfer – External Guide 

  • Information on employees’ allowances for the 2025 year of assessment 

    • PAYE-GEN-01-G03 – Guide for Employers in respect of Allowances – External Guide 

    • PAYE-GEN-01-G03-A01 – Rate per Kilometre Schedule – External Annexure 

    • PAYE-GEN-01-G03-A02 – Subsistence Allowance Foreign Travel – External Annexure 

  • The Securities Transfer Tax (STT) guide updated 

  • Updated Guide for Provisional Tax 

• Interpretation Notes (updated & issued): 

  • Draft IN – Consequences of an employer’s failure to deduct or withhold employees’ tax 

• Notices and other publications issued: 

  • 2024 Draft Tax Bills and Draft Global Minimum Tax Bills 

  • Explanatory Memorandum on the Taxation Laws Amendment Bill, 2023 

  • Final Response Document – 2023 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill, 2023 Draft Taxation Laws Amendment Bill and 2023 Draft Tax Administration Laws Amendment Bill 

  • Income Tax Notices 2024: Published in Government Gazette on 1 Mar 2024 – Rate per kilometre in respect of motor vehicles + Subsistence allowance amounts 

  • Solar Energy Tax Credit can be Deducted for Provisional Tax 

  • Provisional tax timetable 

• Operational items issued: 

  • New SARS Complaints number 

  • Tax Directive system enhancements implemented 

  • SARS webinar on Trusts and Tax Compliance 

  • Media release – SARS confirms legal action against Sasfin Bank 

  • Remember to record your motor vehicle’s odometer reading on 1 March 

• Taxpayers must be on the lookout for New Scams: 

  • Fiscal Assessment Report 

  • Assessment of Tax Obligations Preventive Action 

• Tax court cases: 

  • SARSTC VAT 22402 (VAT) [2024] ZATC CPT (18 January 2024) 

• High court cases: 

  • Pather v CSARS (52782/21) [2024] ZAGPJHC 87 (6 February 2024) 

  • Case summary: PetroSA vs SARS (High Court appeal) 

Regulator news: 

• IRBA News & press releases: 

  • 2023 Public Inspections Report 

    • LJ presented a separate 2-hour webinar on 26 February 2024 – fully available as recording, with summary slides 

  • Annual Firm return renewal submissions 

• SAICA press releases and other publications: 

  • SAICA submission on SARS’ Draft Guide on the Solar Energy Tax Credit 

• CIBA press releases and other publications: 

  • Newsletters 

  • Various guides are available exclusively to members 

• CIPC:  

  • Notification of security compromise 

• Companies Tribunal:  

  • 13 Cases finalised in Feb 2024  

• Information Regulator:  

  • InfoReg issues enforcement notice to spam calling company 

  • Public Notice re Fraudulent activity 

• FSCA publications & press releases:  

  • FSCA imposes R16 million administrative sanction on Ashburton Fund Managers (Pty) Ltd 

  • FSCA Imposes Administrative Sanction of R400 000 on Theuns Vosloo Financial Advisory Services CC (TVFAS) 

  • FSCA acknowledges the decision received from the High Court in the matter of Mr. Michael Edward Deighton 

  • 6 Warnings issued against fraudulent FSPs 

    • Telegram channel impersonating the Old Mutual Limited Group 

    • Mr Lwando Daniel Jini and or FXKing D Nasdaq Godly 

    • Telegram group impersonating Seed Investment Consultants 

    • individuals impersonating Centaur Asset Management Ltd 

    • fraudulent account run by individuals purporting to be from RCG Markets 

    • fraudulent scam run by individuals purporting to be from International Capital Markets (Pty) Ltd 

• CGSO:  

  • Ombud Urges Companies to Become Compliant or face Higher Penalties 

  • App launched 

• OTO:  

  • Fairness for all: Case 28  

General Announcements / News Releases: 

• Media articles:  

  • Cape Town to pay homeowners for their excess solar 

  • YIMA: Scam prevention tool 

  • Warnings against fraudulent scams + explanation of types of scams