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Compliance and Legislation Update October 2019 - Studio Recording

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Compliance and Legislation Update - October 2019

Presenter: Lettie Janse van Vuuren CA (SA), RA

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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.

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Content:

SARS:

• Guides (new, updated & issued):
  • New Guide: Taxation in South Africa 2019
  • Updated: Comprehensive guide to dividends tax (Issue 3)
• Operational Guides re EMP Reconciliation process (updated & issued):
  • Guide for Completion and Submission of Employees’ Tax Certificates 2020 (Revision 7)
  • Guide for Validation Rules Applicable to Reconciliation Declarations 2020 (Revision 8)
  • Guide for Codes Application to Employees’ Tax Certificates (Revision 7)
• Interpretation Notes (updated & issued):
  • Draft Interpretation Note 18 (Issue 4) – Rebates and deduction for foreign taxes on income
• Binding Rulings (Private/Class/General) issued:
  • Draft BGR – Determination of the threshold for applying the higher rate of donation tax
  • BPR 326 – Group restructuring transactions in a foreign jurisdiction 
  • BPR 327 – Tax implications of a group restructuring
  • BPR 328 – Consecutive asset-for-share transactions
  • BPR 329 – Tax consequences of intra-group restructuring and subsequent sale of assets to third party
• Notices and other publications issued:
  • Tables 1 and 2 of Interest rates have been updated
  • Tables A and B of Average Exchange rates have been updated
• Tax cases:
  • Supreme Court of Appeal: BMW SA (Pty) Ltd v CSARS – Whether payment by employer to tax consultants to render assistance to expatriate employees is considered a taxable "benefit or advantage"

IFRS:

• Standards – What’s new?
  • IFRS Monthly news summary

IRBA:

• Standards:
  • Alert: 3 months to go before the effective date of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures - effective for audits of financial statements for periods beginning on or after 15 December 2019
  • Overview of the new and revised requirements of ISA 540 (Revised): Link to video setting out technical overview on how to audit accounting estimates in terms of ISA 540 (Revised) – effective for audits of financial statements for periods beginning on or after 15 December 2019

CIPC:

• Notices and Practice Notes issued (enforcement and to customers):
  • Media Release 6 of 2019 – Unisa CFO and ex NECSA director disqualified from serving as a director and declared delinquent
• Companies Tribunal:
  • 10 Decisions reached on cases heard (5 Name disputes, 0 AGM, 2 Exemptions from SEC, 3 Directorship dispute)

Labour Law:

• Employment law:
  • PAYE Employer Interim Reconciliation
  • Employment Equity Online Reporting for 2019 is open

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

• This month’s big 5 include:
  • Financial Sector Regulation Act (Commencement date for Ombuds provisions);
  • Draft Housing Consumer Protection Bill 2019;
  • National Health Insurance Bill (Comment deadline);
  • National Regulator for Compulsory Specifications Act (Canned meat products); and
  • Special Investigating Units and Special Tribunals Act (PRASA.
• Other Acts and articles:
  • Director duties and Generally applicable laws / Legal register / Regulatory universe
  • Reduction in the Prescribed rate of interest
  • Why the RICA Act was found unlawful
  • Investor’s remorse: Can you take action against your investment broker for a failed investment?
• COIDA update:
  • Implementation of new claims system explained

Regulator news:

• SAICA Guidance & other publications:
  • Top tips for SMPs (Small and Medium Practices)
  • Training Office Communiqué
  • Competition Commission:
  • Newsletter
• FIC Advisory & Guidance:
  • Joint Consultation Paper: FATF recommendations for EFTs
  • Call for comments on JCP on processing of EFTs
  • Information Exchange Agreement signed between FIC & SAPS
  • FIC Role clarified re FIC Reports
• CGSO & National Consumer Commission:
  • NCC Newsletter
• Tax Ombud:
• Quarterly Newsletter (and Special Edition commemorating 6 years of bridging the gap of fairness and taxpayer rights)
• SARS media releases:
  • SARS extends their operating hours during October 2019
• FSCA publications & press releases:
  • Report on the status of the Fortress REIT Limited and Lighthouse Capital investigation
  • FSCA fines Steinhoff International Holdings
  • FSCA fines 4 Africa Exchange (Pty) Ltd
  • 7 Warnings issued to the public against fraudulent FSPs

General Announcements / News Releases:

• Media articles:
  • Urgent warning re Sim Swap Scam