August 1, 2022

Occupational Health and Safety Act: Schedule of fees to register entities with Department of Employment and Labour

29 July 2022 Schedule of fees to register entities with Department of Employment and Labour as from 01 July 2022 were published. The list includes fees for asbestos contractors; diving schools, diving contractors, divers, diving supervisors, instructors, and chamber operators; electric fence system installers; electrical installation rules (wireman’s license); explosives managers; first aid training organisations; government …

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The First episode of the ISSB podcast available

Assurance / By Eszter Rapanos

The ISSB met on 21 July 2022 to review a summary of preliminary feedback gathered during meetings with stakeholders on the exposure drafts: IFRS S1 General Sustainability-related Disclosure Requirements and IFRS S2 Climate-related Disclosures. ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd talk through the highlights from this inaugural ISSB meeting. The discussion includes: background on the ISSB; …

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Audit of Financial Statements: New Implementation Guide for Identifying and Assessing the Risks of Material Misstatement (ISA 315)

Assurance / By Eszter Rapanos

Information Jul 27, 2022 The International Auditing and Assurance Standards Board (IAASB) released its First-Time Implementation Guide for ISA 315, Identifying and Assessing the Risks of Material Misstatement. The guide focuses on the more substantial changes that were made to International Standard on Auditing (ISA) 315 (Revised 2019) and will help stakeholders understand and apply the …

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Updated Mobile Tax Unit Schedule

Tax / By Eszter Rapanos

29 July 2022 Western Cape Mobile Tax Unit Schedules have been added – you can access the list here. Kwazulu-Natal has published updated Mobile Tax Unit (MTU) schedules: Schedule for August 2022 click here. Schedule for September 2022 click here. Schedule for October 2022 click here. What services are offered and which documents to take …

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Emigration withdrawal changes

Maintain, Tax / By Eszter Rapanos

25 July 2022 Information The tax directive system currently includes a validation that rejects tax directive applications, with the ‘Emigration withdrawal’ reason where the date of accrual is on or after 1 March 2022. The tax directive validation has been subsequently removed. When the accrual date for tax directive applications with the reason ‘Emigration withdrawal’ …

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Legal Counsel Publications – Tables of Interest Rates – Interest-Free Loans

Tax / By Eszter Rapanos

26 July 2022 Information SARS updated the rates at which interest-free or low interest loans are subject to income tax. The rate has been changed from 5.75% to 6.5% from 1 August 2022. You can see the table of interest rates here.

Media update on the ongoing SARS strike

Tax / By Eszter Rapanos

27 July 2022 Information The South African Revenue Service (SARS) issued a media statement on the ongoing strike action. It is stated that SARS remains committed to resolving the ongoing industrial action with organised labour. As communicated earlier, SARS does not determine its own budget, but relies on funding allocation from National Treasury. It is …

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SARS Customs – Revised Offences and Penalties Policy

Tax / By Eszter Rapanos

28 July 2022 Information The Offences and Penalties Policy document has been revised to explain how to apply PAJA when a client elects to be dealt with departmentally in terms of Section 91 and the client have supporting documents to prove their mitigating circumstances. The deposit amount for the possible penalty (SC-CO-01-01-A01) relating to the contravention …

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VAT Domestic Reverse Charge transitional measures

Tax / By Eszter Rapanos

29 July 2022 Information The commencement date of the DRC Regulations was 1 July 2022. How do the transitional measures work? A transition period of one month from 1 July 2022 was allowed for affected vendors to ensure that they make the necessary adjustments to invoicing, accounting systems and other requirements under the DRC Regulations. …

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Changes to Cargo Processing Hours at Selected Ports

Tax / By Eszter Rapanos

29 July 2022 Information Due to SARS wage negotiation dispute notice was issued that cargo processing times will be adjusted from 06:00 to 18:00 at the following ports with effect from 01 August 2022 until further notice. To view the list of ports affected and for more information you can read here. Need assistance Email …

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Occupational Health and Safety Act: Schedule of fees to register entities with Department of Employment and Labour

The First episode of the ISSB podcast available

Audit of Financial Statements: New Implementation Guide for Identifying and Assessing the Risks of Material Misstatement (ISA 315)

Updated Mobile Tax Unit Schedule

Emigration withdrawal changes

Legal Counsel Publications – Tables of Interest Rates – Interest-Free Loans

Media update on the ongoing SARS strike

SARS Customs – Revised Offences and Penalties Policy

VAT Domestic Reverse Charge transitional measures

Changes to Cargo Processing Hours at Selected Ports

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