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Monthly Compliance and Legislation Update - November

CPD Hours: 2

Price: R399.00


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Title / Topic

Monthly Compliance and Legislation Update - November


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
    • Accounting issues
      • Applying IFRS Standards in 2020 to reflect the impact of COVID-19

IRBA:

    • Standards:
      • IRBA approves 2 revised standards for adoption and issue:
        • ISA 315 (Revised 2019)
        • ISRS 4400 (Revised)
    • Legal/Ethics:
      • IFAC’s IESBA Code – Instalment 10 Pressure-to-Breach-the-Fundamental-Principles
      • IFAC’s IESBA Code – Instalment 11 The Role and Mindset of the Professional Accountant (issued 30 October 2020)
      • Remember to attend the webinars in this series to be held on:
        • 27 Nov on instalments 7 & 8
        • 1 Dec on instalments 9 & 10
        • 15 Dec on instalments 11 & 12

CIPC:

    • Notices and Practice Notes issued (enforcement and to customers):
      • Notice 44 of 2020: New email addresses for applications relating to Co-ops amendments
      • Notice 46 of 2020: New e-services functionality: on-line Co-operative registration now available
      • Notice 49 of 2020: Recommencement of legal filing obligations

COVID-19 Updates

    • New announcements/guidance:
      • COVID-19: SAICA Educational Material – 13 sets of material 

Labour Law:

    • Employment law:
      • Deemed if you do, deemed if you don’t!  What is the difference between a TES (Temporary Employment Service) and an independent service provider/contractor?

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

    • This month’s big 5:

This covers new relevant National laws up to 26 October 2020:

    • The Disaster Management Act (Directions);
    • The Expropriation Bill 2020;
    • Local Government Municipal Finance Management Act (Supply chain management);
    • The National Environmental Management Act (Hazardous chemicals and pesticides); and
    • The South African Police Services Act (Draft Amendment Bill 2020)
    • Other acts and articles:
      • 2 New Bills released for comments:
        • The Conduct of Financial Institutions (CoFI) Bill and
        • The Auditing Profession Amendment Bill

SARS:

    • Guides (new, updated & issued):
      • 3 Updated guides now reflecting the HTML5 format of the forms and eFiling redesigned screens:
        • How to report suspected non-compliance to SARS
        • Guide to the Tax Compliance Status functionality on eFiling
        • Guide to the Complaints functionality on eFiling
      • Updated ​Guide to Bulk and Additional Payments on eFiling with new validation rules for bulk payments.
      • 3 Updated guides relating to Tax Directives - The email addresses have been replaced with the new email address.
        • Guide to Complete the Tax Directive Application Forms
        • Completion Guide for IRP3a and IRP3s Form
        • Guide to Complete Submit and Cancel a Recognition of Transfer
      • Guide on the Taxation of Professional Sports Clubs and Players (Issue 2)
    • Notices and other publications issued:
      • Estates: A new Estates webpage was created for Deceased Estates, Insolvent Estates and Liquidation.
      • Enhancements to the Tax Directive functionality on eFiling
    • Bills issued:
      • The Minister of Finance introduced the following taxation Bills in the National Assembly on 28 October 2020:
        • Taxation Laws Amendment Bill [B27—2020]
        • Tax Administration Laws Amendment Bill [B28—2020]
        • Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B26—2020]
    • 10 High Tax court cases:
      • CSARS and Joint Liquidators of Greenbridge Group (Pty) Ltd (in Provisional Liquidation) v Van Zyl (16604/2019) [2020] ZAWCHC 109
      • CSARS v Sunflower Distributors CC and others (66077/2015) [2015] ZAGPPHC
      • CSARS v Executor of Estate Late Ndlovu (A395/2016) [2020] ZAGPPHC
      • CSARS v Zikhulise Cleaning and Maintenance and Transport Service (14886/16) [2020]; Mpisane v Zikhulise Cleaning and Maintenance and Transport CC and Another (18101/16) [2017] ZAGPPHC
      • Ackermans Limited v CSARS (16408-2013) [2015] ZAGPPHC 684
      • Zikhulise Auto Recoveries (Pty) Ltd and Others v Zikhulise Auto Restorers (Pty) Ltd and Others (SARS Intervening) (36492/2018) [2019] ZAGPJHC 531
      • Brits v CSARS and Another (70549-2015) [2019] ZAGPPHC 987
      • Zikhulise Cleaning Maintenance and Transport CC v CSARS (34564/2016) [2017] ZAGPPHC 1247
      • CSARS ('SARS') v Zikhulise Cleaning Maintenance and Transport CC; Mpisane v Zikhulise Cleaning Maintenance and Transport CC and Another (14886/2016; 18101/2016) [2017] ZAGPPHC 1248
      • Bennett and Another v The State (SARS funding prosecution) (SS 40/2006) [2020] ZAGPJHC
    • Taxpayers must be on the lookout for New Scams:
      • Payment notice
      • Test of the SARS emergency notification system

Regulator news:

    • IRBA News & press releases:
      • IRBA News Issue #51
    • SAICA press releases and other publications:
      • SAICA Guide: Engagement letter for tax services
    • Companies Tribunal:
      • 14 Cases finalised
      • Companies Tribunal Bulletin Volume 2 of 2020
    • LPC:
      • Watch out for Audit Refund scam doing the rounds
    • CGSO:
      • Q3 Newsletter
    • FSCA publications & press releases:
      • FSCA fines Markus Jooste and others R241 million for insider trading breaches
      • FSCA conducts search operations at Mirror Trading International
      • 3 Warnings issued against fraudulent FSPs
    • SARS:
      • SARS employee arrested in sting operation
      • ​SARS welcomes High Court judgment on taxpayer obligations

General Announcements / News Releases:

    • Media articles:
      • Managing an audit team remotely
      • Cybersecurity provides opportunities for auditors to serve 

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