Webinars On-Demand

IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • IASB issues amendment to IFRS 16 regarding COVID-19-related rent concessions 

  • IASB issues amendments to IAS 16 regarding proceeds before intended use 

IRBA: 

• Guidance:  

  • IRBA draws attention to COVID-19 Key Audit Matters in auditor's reports 

  • IRBA issues Staff Audit Practice Alert 4 re Fraud Considerations 

  • IRBA issues Staff Audit Practice Alert 5: The Auditor's Considerations with respect to Transaction that are not at Arm's Length 

  • IRBA alerts auditors regarding the possible impact of the COVID-19 pandemic on the reporting of interim financial information 

• Standards:  

  • IRBA issues updated SAAEPS 1 

• Other:  

  • IAASB issues illustrative examples on ISA 540 

CIPC: 

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

  • Notice 32 of 2020 - CIPC new process for updating customer code contact details or password reset 

• Companies Tribunal: 

  • 2 Cases: 1 Name dispute & 1 AGM  

COVID-19 Updates: 

• Important changes: 

  • CIPC certificate not required under Alert Level 3 

  • Alert Level 3 Lockdown Regulations 

  • OHS Directive amended re Vulnerable Persons 

• Legislative amendments: 

  • Disaster Management Tax Relief Bill [B11—2020] 

  • Disaster Management Tax Relief Administration Bill [B12—2020] 

  • Memorandum of Objects of the Disaster Management Tax Relief Administration Bill, 2020 

• New announcements/guidance: 

  • Q&A: COVID-19 Tax Relief for Employers (note added to nr 28’s answer) 

  • COVID-19 Notices relating to the expiry of ITAC certificates 

  • COVID-19 relief for Provisional Taxpayers 

  • PAYE BRS 

  • ​FAQ published for COVID-19 SASSA grant applications being declined with 
    a SARS reason 

  • Payment holiday for Skills Development Levy contributions 

  • Tax Treatment of losses incurred during lockdown 

Labour Law: 

• Employment law: 

  • Refusal to Work by Employee 

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

• This month’s big 5 include: 

  • (i) The Disaster Management Act: Regulations and directions; 

  • (ii) The Disaster Management Tax Relief Administration Bill; 

  • (iii) The Electronic Communications and Transactions Act: 30 June 2021 amendments; 

  • (iv) The Promotion of Access to Information Act: 30 June 2021 amendments; and 

  • (v) The Protection of Personal Information Act: Commencement dates 

• Other Acts and articles: 

  • POPIA is effective from 1 July 2020 

  • Deadline for Mandatory Grant extended again to 31 July 2020 

SARS: 

• Guides (new, updated & issued): 

  • Guide to Manage Declaration for Non Registered VAT Vendors (Version 2) 

  • Guides for Tax Compliance Status on eFiling, updated to include: 

  • Updated Tax Relief FAQs for Employers 

• 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 

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

  • BPR 344 - Transfer of listed financial instruments to collective investment schemes in exchange for participatory interests 

  • BPR 345 - Asset-for-share transactions followed by an unbundling transaction and a sale of shares to a third party 

  • BGR 53 - Rules for the taxation of interest payable by SARS under section 7E 

  • BGR 54 - Unbundling of unlisted company: Impact of non-qualifying shareholders 

  • BCR 070 - Recipients of shares in an “unbundled” company 

• Notices and other publications issued: 

  • Tax Exempt Organisations - Submission of IT12EI 

  • Updated Tables A and B of the Average Exchange Rates 

  • Request your Tax Number 

  • Supplementary Budget Review 

  • Deduction of donations made by employees to Solidarity fund 

• Tax Court cases: 

  • 2 re Tax Administration Act 

  • VAT Act - SARSTC VAT 1626 (VAT)  

    • Whether the Appellant was entitled to certain input tax deductions 

• High Court cases: 

  • Customs & Excise Act - HMT Projects (Pty) Ltd v CSARS (7215/2018) 

    • General rule that goods are characterised by their objective characteristics and not by intention with which made or use to which they are put 

  • Tax Administration Act - Barnard Labuschagne Inc v SARS and Another (23141/2017) 

    • Rescission of judgment under section 172 

  • Tax Administration Act & PAJA (Promotion of Administrative Justice Act) – Joseph Nyalunga v CSARS (90307/2018) [ 

    • Reviewing and setting aside of assessments 

• Taxpayers must be on the lookout for New Scams: 

  • Payment notice 

  • eFiling processed 

  • SARS epayment 

  • SARS SMS with letter of demand link 

Regulator news: 

• SAICA press releases & other publications: 

  • SAICA defers mandatory effective date of Circular1/2019 

  • Article on Modification to the audit opinion explained 

  • SMP Quarterly Newsletter 

• Competition Tribunal:  

  • Competition Tribunal confirms fines for COVID-19 price increases 

• Companies Tribunal: 

  • Inability to hold AGM during Lockdown 

• FIC Advisory & Guidance:  

  • Proposed amendments to Schedules 1, 2 and 3 to the FIC Act 

• LPC:  

  • Legal Practice Council (LPC) Advisory: Retention period for documents and place of retention 

• LPFF:  

  • Payment of Unclaimed and Unknown trust monies in accordance with Section 87(4) of the Legal Practice Act 

• EAAB:  

  • EAAB provides guidelines to estate agents on how to conduct business during COVID19 

  • EAAB Waives Penalties for Late Audit Submissions 

• CSOS:  

  • CSOS FAQs 

• Tax Ombud:  

  • Newsletter: Fair Play Issue 16 

  • Report on the investigation on systemic issues conducted against SARS 

• SARS media releases: 

  • SARS will start issuing auto-assessments from 1 Aug 2020 

• FSCA publications & press releases: 

  • Final amendments published under the FAIS Act 

  • 3 Licenses withdrawn/suspended 

  • 7 Warnings issued against fraudulent FSPs