SARS: 

• Interpretation Notes (updated & issued): 

  • 112 – Section 18A: Audit certificate 

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

  • BPR 320 – Conversion of association to private company 

  • BGR 51 – Cancellation of registration of a foreign electronic services supplier 

  • BCR 067 – Tax consequences for members arising out of conversion of association to private company 

• Notices and other publications issued: 

  • Notice 342 – Notice in terms of section 25 of TAA for submission of 2019 income tax returns 

  • 2019 Draft TLAB 

IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

IRBA: 

• Standards:  

  • Illustrative Banks Act Regulatory Auditor's Reports - Effective for banks and affected entities with year ends on or after 28 February 2019 

• Legal/Ethics:  

  • IRBA Rules Regarding Improper Conduct (Revised 2019) - Effective from 1 January 2020 

  • Final Amendments to the IRBA Code of Professional Conduct for Registered Auditors in respect of Second Opinions - Effective for engagements commencing on or after 15 January 2020 

• Guidance:  

  • SAICA Guide: Summary of changes to IFAC Guide Using ISAs 

  • Revised Guide for RAs: Assurance Engagements on FSPs’ Separate Accounts (Section 19(3)) and Reporting Requirements (Section 19(4)) of the FAIS Act - effective for engagements commencing on or after 1 July 2019 

  • Guide for Registered Auditors: Assurance Engagements on the Fresh Produce Agents' Trust Accounts - effective for year-ends ending on or after 31 December 2020 

CIPC: 

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

  • 2 notices issued (re B-BBEE Certificates issues resolved, Processing requirements for the removal of directors) 

• Companies Tribunal: 

  • 6 Decision reached on cases heard (1 Name dispute, 1 AGM, 4 Exemptions from SEC) 

Labour Law: 

• Employment law: 

  • Resignation with immediate effect 

  • COIDA - A win for domestic employees in South Africa  

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

• This month’s big 5 include: 

  • The Broad-based Black Economic Empowerment Act (General Code amendments); 

  • The Competition Act (Land based public passenger transport market inquiry); 

  • The Foodstuffs, Cosmetics and Disinfectants Act (Reduction in sodium levels); 

  • The Foodstuffs, Cosmetics and Disinfectants Act (General hygiene requirements); and 

  • The Local Government Municipal Finance Management Act (Municipal cost containment regulations). 

• This month’s little 5 include:  

  • The Competition Act (Land based public passenger transport market inquiry completion date); 

  • The Income Tax Act (Draft Taxation Laws Amendment Bill 2019); 

  • The Long-term Insurance Act (Draft exemption for assistance, funeral or microinsurance policies); 

  • The Merchandise Marks Act (Parma Ham); and 

  • The Draft Tourism Bill (Comment deadline extension). 

• Other Acts: 

  • Amendments to the B-BBEE Codes 

Regulator news: 

• IRBA News & press releases: 

  • IRBA seeks feedback on implementing SAAEPS 1 

  • Assurance Fees Payable to the IRBA with effect from 1 April 2019 

• SAICA Guidance & other publications: 

  • Top tips for SMPs (Small and Medium Practices) 

  • SAICA Guide on Regulatory Reporting Duties (Updated June 2019) 

  • SAICA Comments on the UIF’s updated website 

  • SAICA FAQs on Ufiling 

  • SAICA’s progress with the recommendations of the Ntsebeza Inquiry Report 

• SAIBA:  

  • SAIBA objects to the Draft CA Charter 

  • SAIBA makes practical suggestions: 

    • To CIPC: to have RI for IRs included when you do the submission of your annual return 

    • To the Companies Tribunal: to have an automatic extension to submit financial statements, from 6 to 9 months, where a company/CC has a PIS<100 

• CGSO & National Consumer Commission:  

  • CGSO re Suppliers Failing to Provide Good Quality Services 

• SARS media releases: 

  • Tax Practitioners: Changes to the eFiling system: Multiple Profiles 

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

• FSCA publications & press releases: 

  • Update on the progress made with the implementation of Legal Entity Identifiers  

  • FSCA files court papers in response to Public Protector report 

  • Report by the FSCA on the status of the NEPI Rockcastle plc investigation 

  • FSCA releases Guidance Notice on retirement funds sustainability of investments and assets 

  • Guidance note on requirements for Continuous Professional Development (CPD) 

  • Cypres SEC impersonated in a fraudulent scam 

  • FSCA appoint the new Divisional Executive for Conduct of Business Supervision 

  • 7 Warnings issued to the public against fraudulent FSPs 

General Announcements/ News Releases: 

• Media articles:  

  • Whatsapp: The new Email for SMEs