Law Updates
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Law Updates
The Companies Amendment Bill – will it make business easier?
The Companies Amendment Bill of 2023 (the Bill) introduced in Parliament on 28 August 2023, proposing modifications to some operational aspects of companies in South Africa. The Bill focuses on two main areas: The Bill is in its...
FIC registration requirements for accountants clarified by Public Compliance Communication 6A
The Financial Intelligence Centre (FIC) issued Public Compliance Communication 6A (PCC6A) on 21 August 2023, clarifying what services will trigger the requirement to register as an accountable institution. Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act...
Risk and Compliance Return to the FIC is due by Monday, 31
Directive 7 of the FIC applies to accountable institutions listed in items 11, 14, 20, 21, and 22 of Schedule 1 of the FIC Act. The submission deadline for all entities registered with the FIC is 31 July...
New Non-Profit Organisations Act Regulations were issued
New non-profit organisation regulations were issued on 11 May 2023. The regulations prescribe: Provisions from the GLA Act The General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Act will, from 1 April 2023, set out grounds for...
Urgent call for Accountants to register as accountable institutions with the FIC
Certain accountants were obligated to register with the FIC by 20 March 2023 as per the Financial Intelligence Centre Act (FIC Act). The amended Schedule 1 of the FIC Act, which came into effect from 19 December 2022,...
Employment Equity Amendment Act 4 of 2022 singed into law.
The Employment Equity Amendment Act 4 of 2022 has been signed into law by President Cyril Ramaphosa. This law changes the Employment Equity Act of 1998 (Act 55 of 1998) by adding new rules to encourage fairness and...
Deceased Estate Appointments Implementation of QR CODE
Chief Master Directive 1 of 2023 Â Due to cases of fraudulent manipulation relating to appointment letters issued by the Master for deceased estates, a new format of the appointment letter was issued including a QR code. The...
COIDA: Maximum earning updated for returns of earnings
10 March 2023 The Department of Employment and Labour issued Notice 1617 of 2023 relating to the Compensation for Occupational Injuries and Diseases Act. Maximum earnings per employee per annum on which an assessment of an employer is...
NPOs need to get compliant ahead of the planned de-registration campaign
10 March 2023 The Department of Social Development discussed plans to de-register non-compliant NPOs with key stakeholders in a meeting held on 9 March. The de-registration process will start as soon as 1 April, following a phased-in approach....
Basic Conditions of Employment Act, 75 of 1997 and Regulations">Basic Conditions of Employment Act, 75 of 1997 and Regulations
Comment deadline for the draft determination is extended to 28 February 2023 relating to community health workers wages and conditions investigation. Basic conditions of employment is aiming to establish a sectoral determination prescribing minimum wages and conditions of...
Amendments to the Carbon Tax Act, 15 of 2019 and RegulationsÂ
5 January 2023 The Taxation Laws Amendment Act 2022 amended sections 5 and 6 of the Carbon Tax Act providing for a progressive increase in the rate of tax. The following amendments are applicable as follows from 1...
Changes to the Income Tax Act and Regulations
5 January 2023 Amendments to the Income Tax Act were made by the following Acts 1. Tax Administration Laws Amendment Act, 16 of 2022 (TALAA), Section 1: definition of neighboring country 64M: refund of tax in terms of...
