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Monthly Compliance and Legislation Update - August

CPD Hours: 2

Price: R195.00


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Title / Topic

Monthly Compliance and Legislation Update - August

Presenters : Caryn Maitland


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
      • IASB Workplan updated
    • Accounting issues
      • IFRS for SME Update June 2020 published 2 July 2020
      • Exposure Draft General Presentation and Disclosure Update
      • Digital Reporting – Questions for Practitioners, Standard setters, Researchers
      • Goodwill and Impairment project continued
      • IFRS 16 and COVID 16 – continuing issues

IRBA:

    • Standards:
      • IRBA issues “Focus on Interim financial Statements”
      • The IAASB Issues Conforming amendments to the International Standards as a Result of the Revised IESBA Code and the IRBA Issues Updated
      • Illustrative Auditor's Reports Following These Conforming Amendments
      • IRBA issues comments on CIPC notice regarding Directors Renumeration Disclosure
    • Legal/Ethics:
      • IRBA Issues for Comment an Exposure Draft on the Use of Electronic Signatures When Signing Audit, Review or Other Assurance Reports
    • Other:
      • IRBA Newsletter 50 released
      • IAASB issues COVID 19: Reminder Accounting Estimates and Interim Reporting publications
      • SAICA issues summary of changes to the IFAC Guide using ISAs in the Audit of SMEs
      • SAICA opens a webpage on IAASB’s Quality Management Project

CIPC:

    • Notices and Practice Notes issued (enforcement and to customers):
      • Notice 34 of 2020 - Companies, close corporations regulatory compliance during government lock down of South Africa
      • Notice 35 of 2020 – New method of issuing confirmations
      • Notice 36 of 2020 – Acknowledgement of the appointment of business rescue practitioners
      • Notice 37 of 2020 – Recommencement of referral for deregistration of non-compliant companies and CC’s
      • Notice 38 of 2020 – Audited annual financial statements: Requirement to disclose remuneration and benefits of directors and prescribed officers
      • Notice 39 of 2020 – Pending final deregistration of companies and close corporations

COVID-19 Updates

    • Important changes:
      • Lockdown level change - Disaster Management Act
      • Disaster Management Tax Relief Bill
      • Disaster Management Tax Relief Administration Bill
    • Legislative amendments:
      • Lockdown Disaster Management Act (Basic education)
      • Disaster Management Act (Co-operative governance)
      • Disaster Management Act (Health)
      • Disaster Management Act (Higher Education)
      • Disaster Management Act (Home Affairs)
      • Disaster Management Act (Justice)
      • Disaster Management Act (Social Development)
      • Disaster Management Act (Sports Arts and Culture)
      • Disaster Management Act (Tourism)
      • Disaster Management Act (Transport)
      • Disaster Management Act (Health)
      • Disaster Management Act (Self isolation and self-quarantine)
      • Impact on Immigration Act
    • New announcements/guidance:
      • UIF release information about verification of bank accounts
      • Council of Medical Schemes
      • PMB definition guideline on COVID-19 v4
      • CMS industry update on COVID-19 exemptions and guidelines
      • Disaster Management Tax Relief Bill
      • Disaster Management Tax Relief Administration Bill
    • COIDA Update:
      • COVID-19 directions (employment- compensation for occupational injuries and diseases)

Labour Law:

    • Employment law:
      • Employment Equity Amendment Bill 2020
      • Increase in monthly pensions payable in terms of Compensation for Occupational Injuries and Disease Act

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

    • This month’s big 5:
      • The Disaster Management Act: Regulations and directions
      • The Electronic Communications Act: Draft policy direction on rapid deployment
      • The Employment Equity Act: Amendment Bill 2020
      • The Infrastructure Development Act: Strategic infrastructure projects
      • The Special Investigating Units and Special Tribunals Act: State institutions and COVID-19.
    • Other acts and articles:
      • The Electronic Communications and Transactions Act and National Credit Act – Updated for POPIA
      • Legal Practice Act
    • COIDA Update:
      • Draft regulations updated for comment

SARS:

    • Guides (new, updated & issued):
      • Guide on Income Tax and the Individual (2019/20)
      • Introduction to Excise Duties Levies and Air Passenger Tax - External Guide
      • Guide on the Determination of Medical Tax Credits (Issue 11)
    • Interpretation Notes (updated & issued):
      • Draft IN - Vesting of income in a resident beneficiary by a non-resident trust: Interaction between section 25B(1) and section 7(8)
        • Due date for public comment: 20 July 2020
      • IN 18 (Issue 4) – Rebate and deduction for foreign taxes on income
      • Draft Interpretation Note – Taxation of the receipt of deposits
      • Interpretation Note – Taxation of the receipt of deposits
    • Binding Rulings (Private/Class/General) issued:
      • BCR 071 – Transfer of portfolio investments by foreign pension funds to an authorised contractual scheme
      • BPR 348 – Income tax consequences for a public benefit organisation lending funds to qualifying entrepreneurs
      • BPR 347 – When the temporary setting aside of voluntary liquidation proceedings will not jeopardise roll-over relief
      • BPR 346 – Tax implications resulting from the elimination of intra-group loans
    • Notices and other publications issued:
      • COVID-19 Loan Guarantee Scheme FAQs – 26 July 2020
      • Publication details for tariff amendment notices R806, R807, R808 and R809, as published in Government Gazette 43543, are now available
      • Updated source codes look-up for Filing Season 2020
      • FAQs for Small Businesses
      • National Treasury and SARS invite public comment on the following draft documents, intended to give effect to the 2020 Budget and the extension of some COVID-19 relief measures. (Due date for public comment: 31 August 2020)
      • Publication of the 2020 Draft Tax Bills, Draft Regulations Prescribing Electronic Services, Venture Capital Company Survey to give effect to 2020 Budget and extension of some COVID-19 Relief Tax Measures
      • Rule amendment notice R825 in Government Gazette 43569 of 31 July 2020, under sections 59A and 120 – Rule 59A.03 relating to the use of registration code 70707070 (DAR199)
      • FAQs for Auto Assessment
      • Published FAQs - Employees' tax
        • Status overview of all DTAs and Protocols – Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) Synthesised Texts
    • Tax court cases:
      • Big G Restaurants (Pty) Limited v Commissioner for the South African Revenue Service (CCT13/19) [2020] ZACC 16 (21 July 2020)
      • Commissioner: South African Revenue Service and Another v Alves (A194/2019) [2020] ZAFSHC 123 (27 July 2020)
    • Taxpayers must be on the lookout for New Scams:
      • Draft Proof of online Payment - 31 July 2020
      • Package of gold - 14 July 2020
      • eFiling confirmation - 13 July 2020

Regulator news:

    • IRBA News & press releases:
      • IRBA investigation into Steinhoff auditors will recommence once restated financials are released
      • Linkway Trading auditor deregistered - ordered to contribute to costs
    • SAICA press releases and other publications:
      • SAICA Companies Act Guide Revised
    • CIPC:
      • Business Rescue CPD policy updated
    • FIC Advisory & Guidance:
      • Proposed amendments to Schedules 1, 2 and 3 to the FIC Act
    • LPC:
      • Updates to Legal Practices Act
    • FSCA publications & press releases:
      • Exemption of managers of CISs from section 44(2) and (3) of the CISCA
      • Request of information related to participating employers under umbrella funds
      • Conduct Standard for minimum skills and training requirements for board members of Pension Funds
    • Information Regulator:
      • Update to POPIA
      • Draft Guidelines on the Registration of Information Officers
    • Council of Medical Schemes:
      • Approval of appointments of auditors and IFRS advisors

General Announcements / News Releases:

    • Media articles:
      • SAICA article: Evidence on the Value of Audit for SMEs in Europe
      • SARS: IMF Executive Board Approves US$4.3 Billion Financial Support to South Africa to deal with Covid-19 pandemic – 27 July 2020

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