|
SARS:
|
-
Guides (new and updated
- The Tax Administration Act, 2011.
- Understatement penalties.
- The taxation of professional sports clubs and players.
- The determination of medical tax credits (Issue 9).
- The urban development zone (UDZ) allowance (Issue 6)
- FAQs on the increase in the VAT rate.
- The calculation of the tax payable on lump sum benefits (Issue 3).
-
Interpretation Notes (new and draft):
- 17 (Issue 4) – Employees' Tax: Independent Contractors.
- 35 (Issue 4) – Employees' tax: personal service providers and labour brokers.
- 48 (Issue 3) – Instalment credit agreement and debtor's allowance.
- 93 (Issue 2) – The taxation of foreign dividends.
-
Binding Private Rulings issued:
- 294: Amalgamation transaction between non-resident companies.
- 295: Distribution in specie of a share.
- 296: Disposal by a German limited partnership of its assets to its sole member.
- 297: Amalgamation transaction involving conversion of share block companies to private companies.
- 298: Waiver of debt.
- 299: Dividend distribution.
- 300: Intra-group transaction and conversion of debt to equity.
-
Binding Class Rulings issued:
- 061: Foreign return of capital.
- 062: Research and development conducted on behalf of a taxpayer.
-
Binding General Ruling issued:
- 47: Meaning of month in the definition of "monthly remuneration" for employers remunerating employees
on a weekly or fortnightly basis.
-
Notices issued:
- Returns to be submitted by third parties in terms of section 26.
- Due dates for submission of EMP501 returns.
- Subsistence allowances (daily amount in respect of meals and incidental costs with effect from 1
March 2018).
- Travel allowance (fixing of rate per km), including the change in treatment of reimbursive travel
allowances for PAYE purposes (with effect from 1 March 2018).
- Average exchange rates (updated Tables A and B)
- Sugary beverages.
- Section 7C donations tax calculations: practical issues addressed by SAICA.
-
Court case: transfer duty.
|
|
IFRS::
|
-
IASB: Revised conceptual framework for financial reporting that underpins IFRS standards.
-
SAICA: Circular 4/2018 - Headline Earnings: updated for amendments made to IFRSs and Interpretations
issued between March 2015 and June 2017 (effective for financial periods ending on or after 30 April
2018).
-
General: IFRS update.
|
|
IRBA:
|
-
Guidance issued:
- Revised practice statement SAAPS2 – Financial Reporting Frameworks and the Auditor's Report (effective
for audits of financial statements for periods ending on or after 1 April 2018).
- Revised standard ISAE 3420 – Assurance Engagements to Report on the Compilation of Pro Forma Financial
Information included in a prospectus, pre-listing statement or circular: Revised illustrative assurance
report prepared to meet the JSE listing requirements. (Effective for assurance reports on pro forma
financial information issued on or after 30 March 2018).
-
General:
- IFIAR issues report on the 2017 Global Inspections Findings Survey – also includes a SAICA press
release re: IFIAR report.
- Fees payable to the IRBA with effect from 1 April 2018.
|
|
CIPC:
|
-
Notices issued (enforcement and to customers):
- Enquiry system for logging tickets: updated categories rolled out on 12 March 2018 – to use for your
specific requests.
- Pilot of new online filing of changes relating to authorised shares: as per Form CoR15.2, pursuant
to Section 6(13) of the Companies Act. Refer to the new step by step guide on authorised share
changes.
- Updated List of Accredited bodies: whose members are eligible to be licensed as business rescue practitioners
– as at 28 March 2018.
-
Guidance issued:
- Revised Practice Note 6 of 2011: Detail required for registration of external companies, in terms
of Regulation 4 of the Companies Act Regulations.
|
|
Labour Law:
:
|
-
National Minimum Wages: Department of Labour postpones the implementation date indefinitely.
-
Court cases:
- “Innocent attraction vs sexual harassment”.
- “Your racist comments on Facebook will get you fired!”
|
Other Laws & Regulations affecting your
client AND impact on NOCLAR:
|
-
COIDA: Classification of industries and standard rates 2013/2018 per 100 earnings.
-
Money laundering – Updated guidance issued by FIC:
- Publication re: money laundering typologies and indicators.
- Registration with the FIC by accountable and reporting institutions.
- The mode of communication regarding Sections 27, 32, 34 And 35 of the FIC Act.
-
Consumer Protection Act: VAT increase and price displays.
|
|
Regulator news:
|
-
CIBA/UNISA: certificate for school bookkeepers.
- IRBA press release:
- 1st AFIAAR meeting heralds new focus on independent accounting and auditing regulation in Africa.
-
FIC media release:
- The SARB imposes administrative sanctions on 5 Authorised Dealers in foreign exchange with limited
authority.
-
SAICA guidance: Practice Continuation Agreements – 1st illustrative example.
-
FSB press releases:
- 3 Warnings issued to public against suspect providers.
- 1 Company fined R100 000 for contravening the FAIS Act for what?.
-
SARS media releases:
- Debt collectors appointed to recover R16.6-billion owed.
- R3.3-billion mark reached in SVDP.
- SARS Customs busts goods worth close to R400 million since 1 January 2018.
|
|
General Announcements / News Releases:
|
-
CIBA submission on Legal Practice Act (Rules) to provide for independent reviewers.
-
CIBA press release: How the auditing profession is conflicted about performing auditing and
other consulting services for the same client.
-
VAT: Impact of rate increases on fixed property rentals.
-
Tax compliance in the religious sector: Recent developments in the PBO arena and general tax
provisions applicable to PBOs.
|