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Monthly Compliance Update - March 2019 - Studio Recording

CPD Hours: 2

Price: R399.00

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Monthly Compliance Update - March 2019

Presenter: Lettie Janse van Vuuren CA(SA)


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.

Content 

The following legislative, regulatory, industry standard, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar. 

 

SARS: 

  • Guides (updated & issued): 

    • Guide for tax rates/duties/levies (Issue 14). 

    • Budget 2019 Tax Guide. 

  • Interpretation Notes (updated & issued): 

    • 109 (Issue 1) – Lease premiums. 

    • 110 (Issue 1) – Leasehold improvements. 

    • 43 (Issue 7) – When disposal of specified shares are deemed to be of a capital nature. 

    • 1 (Issue 3) – Provisional tax estimates. 

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

    • BPR 316 – Amalgamation of companies in terms of business rescue plan 

    • BPR 317 – Disposal of business by way of asset-for-share transaction 

    • BPR 318 – Corporatisation of a collective investment scheme in property by way of an asset-for-share transaction followed by an amalgamation transaction 

  • Other publications issued: 

    • Budget 2019 Proposals  

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

IRBA: 

  • Standards:  

    • ISA 540 (Revised) - Audit of accounting estimates and applying professional scepticism now effective - beginning on or after 15 December 2019. 

CIPC: 

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

    • CIPC to keep record of all past directors linked to deregistered. companies and close corporations.  

    • Reversal of incurred penalty fees for 2019 - but only if you request it. 

    • State-Owned Companies re Filing of AFS and GRAP. 

  • Guidance issued:  

    • Guidance note issued re Court Orders Submitted to CIPC for Implementation. 

    • Annual returns: Update on mandatory filing of AFS/FAS with annual returns. (“Hard-stop”). 

  • Companies Tribunal: 

    • 1 Decision reached on cases heard(Exemptions) 

Labour Law: 

  • Employment law: 

    • Fixed Term Contracts – Effect on minimum wage, unfair dismissal, reasonably expectation of being permanently employed, are they still allowed.  

Other Laws & Regulations affecting your client AND impact on NOCLAR

  • This month’s big 5: 

    • The Competition Act (Amendment Act 2018 - not commenced); 

    • The Draft Conduct of Financial Institutions Bill (Financial Products); 

    • The Draft Feeds and Pet Food Bill; 

    • The Financial Sector Regulation Act (1 April 2019 amendments); and 

    • The Value-added Tax Act (1 April 2019 amendments) 

  • Competition Amendment Bill: 

    • A new era of competition law enforcement in South Africa, focusing on economic inclusiveness and participation by SMMEs and businesses run by historically disadvantaged persons (HDPs). 

Regulator news: 

  • IRBA News & press releases: 

    • IRBA 2018 Public Inspections Report shows recurring deficiency themes. 

    • Financial Matters Amendment Bill, 2019 gives IRBA search and seizure powers, and enhanced disciplinary processes, limit on maximum fined removed.  

  • SAICA Guidance: 

    • Top tips for SMPs (Small and Medium Practices) 

    • SAICA advocates for uniform financial reporting guidelines for public schools. 

    • Information session on public inspection reports. 

    • SAICA Budget Pack Summary. 

    • SAICA Special Report and Budget Edition. 

  • SAIBA:  

    • SAIBA advocates for extensive agreed-upon-procedures for public schools focussing on governance and not financial statements.  

    • SAIBA Guide for Examination by Accounting Officers of Public Schools.  

  • FIC Advisory:  

    • PCC 40 on licencing, registration, approval or authorisation conditions issued by Supervisory Bodies to Accountable Institutions, in terms of Section 45 and 45(1B)(e) of the Financial Intelligence Centre Act (act no. 38 of 2001). 

    • PCC31A: Guidance for Accountable Institutions on acceptance and receipt of funds. 

    • Draft Directive on the usage of an Automated Transaction Monitoring System for the detection and submission of Regulatory Reports. 

    • Outcomes of the February 2019 meeting of the Financial Action Task Force. 

    • ADVISORY: Financial Action Task Force public statement on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies – February 2019. 

    • ADVISORY: Financial Action Task Force ongoing process to improve global AML/CFT compliance – February 2019.  

  • SARS media releases: 

    • Pay outstanding debt by 29 March to avoid penalties and interest 

  • FSCA publications & press releases: 

    • FSCA fines Prime CIS (RF) (Pty) Ltd R30 000 

    • 1 Warning issued to the public against fraudulent FSP 

General Announcements / News Releases: 

  • Amendments to the auditing profession:  

    • Regulator may get more muscle to crack down on auditors. 

  • Tax breaks for religious institutions being abused:  

    • SARS is eyeing suspect pastors. 

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