Slide 2

Monthly Compliance and Legislation Update May 2020

CPD Hours: 2

Price: R399.00

Title / Topic

Monthly Compliance and Legislation Update May 2020

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. 


These are examples of the topics covered that will include legislative, regulatory, industry standards, items and guides that have been issued and/or updated during the preceding month and will be covered in the webinar:  


  • Guides (new, updated & issued):
    • VAT Rulings Process Reference Guide (Issue 2)
    • VAT Reference Guide for Foreign Donor Funded Projects
    • Comprehensive Guide to Capital Gains Tax (Issue 8)
  • Interpretation Notes (updated & issued):
    • Draft Interpretation Note – VAT consequences of points-based loyalty programmes
  • Binding Rulings (Private/Class/General) issued:
    • BPR 341 – Distribution of a bank account as dividend in specie  
    • BPR 342 – Donation by a resident to a foreign trust of property received from another foreign trust
  • Notices and other publications issued:
    • SARS issues Explanatory Notes on Further COVID19 Tax measures
    • SARS Q&As for Employers on COVID19 Tax Relief
    • Updated Table of interest rates: Table 3 – Rates at which interest-free or low interest loans are subject to income tax (reduced on 30 April 2020)
    • Employer Annual Reconciliations - Remember the deadline of 31 May 2020
  • Tax Court cases:
    • None
  • High Court cases:
    • None
  • Constitutional Court cases:
    • None
  • Supreme Court of Appeal cases:
    • Telkom SA SOC Limited v CSARS (Losses or gains caused by foreign exchange fluctuations)
    • Diageo South Africa (Pty) Ltd v CSARS (single supply of advertising and promotional goods and services to non-resident entities and the applicability of deeming provision applied to goods portion of the supply)
    • CSARS v United Manganese of Kalahari (Pty) Ltd (royalty calculation based on gross sales determined in terms of section 6(2)(b))


  • Standards – What’s new?
    • IFRS Monthly news summary
  • Accounting issues
    • ASB Guide: Accounting for COVID-19
    • Application of IFRS Standards in light of the Coronavirus disease (COVID-19) Uncertainty: Going concern
      • With reference to all 12 sets of SAICA Educational Material re COVID-19 Financial Reporting


  • Guidance:
    • Guide for Registered Auditors – Engagements on LP Trust Accounts (Revised March 2020)
    • IRBA shares guidance with auditors on the implications of COVID-19 on audits and auditors
    • The impact of COVID-19 on Auditor Reporting: Going Concern
    • The impact of COVID-19 on File Assembly (Archiving)
  • Standards:
    • None
  • Legal/Ethics:
    • IESBA - Staff Q&A: COVID-19 Ethics & Independence Considerations
  • Other:
    • IAASB Staff Alert – Audit Considerations Arising from Changes Due to Coronavirus
    • IAASB Support Material – Audit Documentation when using Automated Tools and Techniques


  • Notices and Practice Notes issued (enforcement and to customers):
    • Notice 20 of 2020 – Available automated services
    • Notice 21 of 2020 – Company, Close corporation and Co-operative services during Government lock down of South Africa
    • Notice 22 of 2020 – Intellectual Property
    • Notice 23 of 2020 – Recommencement of Services

Labour Law:

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

  • This month’s big 5 include:
  • The Disaster Management Act: COVID-19 regulations;
  • The Disaster Management Act: COVID-19 directions for workplaces;
  • The Disaster Management Act: COVID-19 directions for communication and digital technologies sector;
  • The Meat Safety Act: Draft amendment to which animals the Act applies; and
  • The Medicines and Related Substances Act: Exemption from 6 month dispensing requirement
  • Other Acts and articles:
    • Department of Labour released Occupational Health and Safety Measures to reduce and eliminate the escalation of COVID-19 infections in workplaces
    • COVID-19 Potential points of impact on businesses
  • COIDA update:
    • Increase of maximum amount of earnings on which the assessment of the employer shall be calculated (effective from 1 March 2020)
    • Return of Earnings revised prescribed form 2020 – W.As 8
      • Remember that the 2019 ROE Submission has been extended to 31 May 2020
    • Compensation Fund released CompEasy FAQs: External user during the reporting of an IOD claim

Regulator news:

  • IRBA News & press releases:
    • IRBA opens a COVID-19 webpage
    • IRBA shares guidance with auditors on the implications of COVID-19 on audits and auditors
    • COVID-19 Newsletter Auditors Report
    • IRBA News #49
  • SAICA press releases & other publications:
    • The SAICA Companies Act Guide (released April 2020)
    • SAICA comments on IRBA Guide on Legal Practitioners Trust Accounts
    • SAICA opens a very comprehensive COVID-19 webpage
    • SAICA FAQs – The impact of COVID-19 on audit considerations
    • SAICA Media release on CoVID-19 TERS misunderstanding
    • Tools that can assist in running your business
  • Companies Tribunal:
    • Submission of Applications during COVID-19 Lockdown
    • 3 Decisions reached on cases heard (0 Name disputes, 2 AGM, 1 Exemption from SEC, 0 Directorship dispute, 0 Reviews)
  • CSOS:
    • Notice to Bodies Corporate on Disconnection of services
  • Competition Tribunal:
    • None
  • SAIBA:
  • FIC Advisory & Guidance:
    • Innovation Hub launched to promote responsible innovation in the South African financial sector
    • Media statement on the release of the Intergovernmental Fintech Working Group’s (IFWG) Position Paper on Crypto Assets
  • LPC:
    • Extension of submission date for trust account auditors’ reports
  • LPFF:
    • List of banks that have entered into a banking arrangement with the Fund
    • List of recoverable and non-recoverable bank charges
      (Issued in 2009)
    • Mandatory Grant submission deadline has been extended to 31 May 2020
  • CGSO & National Consumer Commission:
  • CGSO Quarterly Newsletter (January to March 2020)
  • SARS media releases:
    • How to contact SARS with debt queries
    • SARS opens a COVID-19 Media page
  • FSCA publications & press releases:
    • FSCA takes several enforcement actions against Leon Goosen Verskeringsmakelaars CC, including license withdrawal and an administrative penalty of R1,2 million
    • 4 Warnings issued to the public against fraudulent FSPs

General Announcements / News Releases:

  • Media articles:
    • How Accountants can help to reshape the world because of COVID-19
    • Mental health for CAs in challenging times

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