February 23, 2023

New regulations for trust on beneficial interest reporting

Introduction The new requirements are due to the General Laws Amendment Act was promulgated in early 2023 bringing in requirements for companies and trust to provide information on beneficial ownership. It amends five different Acts, namely: The aim of reporting on beneficial ownership is to develop a comprehensive mechanism to bring transparency to corporate vehicles …

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Tax Ombudsman case 22: Delays in Payment of Refunds

Tax / By Eszter Rapanos

February 2023 The Office of the Tax Ombud (OTO) continues to receive many complaints about nonpayment of refunds and delays in finalising disputes lodged. Not all complaints received within these categories are due to the South African Revenue Service (SARS) not adhering to timeframes but rather to a lack of taxpayer awareness of applicable turnaround …

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ISSB approved sustainability Disclosure Standards S1 and S2 to become effective from January 2024

Accounting / By Eszter Rapanos

17 February 2023 The International Sustainability Standards Board (ISSB) plans to issue the IFRS Sustainability Disclosure Standards, S1, and S2, by the end of June 2023. In their last meeting, the ISSB entered the draft standards into the balloting process for final drafting, review, and approval. The standards become effective starting January 2024. The next …

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Critical Pillars for the Digital Transformation of PAOs

Technology / By Eszter Rapanos

7 February 2023 Professional Accountancy Organizations (PAOs) are ready to accelerate digital transformation to improve the delivery of their mandate. The Digital Readiness Tool assisted 20 countries from Sub-Saharan Africa and other regions in their digital transformation journeys. The IFAC PAO Digital Readiness Tool is a free self-assessment tool designed to help PAOs assess their …

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New regulations for trust on beneficial interest reporting

Tax Ombudsman case 22: Delays in Payment of Refunds

ISSB approved sustainability Disclosure Standards S1 and S2 to become effective from January 2024

Critical Pillars for the Digital Transformation of PAOs

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