Eszter Rapanos, Author at CIBA Academy

South Africa is ‘greylisted’ by FATF – what can accountants expect?

The Financial Action Task Force (FATF) announced on Friday that South Africa will be placed under increased monitoring and placed on the so-called ‘grey list’. Countries under increased monitoring must improve their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. The decision to place South Africa on the ‘greylist’ was based on the progress made relating …

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New regulations for trust on beneficial interest reporting

Accounting / By Eszter Rapanos

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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Companies to report Beneficial ownership information from 1 April 2023

Accounting / By Eszter Rapanos

22 February 2023 Introduction Companies will have to provide their beneficial ownership information to CIPC from 1 April 2023. 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 …

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SARS Survey issued on Trade Facilitation Indicators

Tax / By Eszter Rapanos

10 February 2023 A survey will be distributed to a selected group of traders. On the Current Surveys, SMSs and emails webpage you can find an extract of the cover letter for confirmation that it’s legit and not a scam. The survey will run from 13 – 28 February 2023. Visit the Current Surveys, SMSs and emails …

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Updated list of approved venture capital companies

Tax / By Eszter Rapanos

9 February 2023 The list of approved venture capital companies has been updated with the following changes: To find out more about what are venture capital companies and how to apply visit the SARS website here. You can access the list of approved venture capital companies here.

WC High Court judgment on penalties charged by SARS

Tax / By Eszter Rapanos

9 February 2023 Case of Lance Dickson Construction CC v CSARS Relevant Act(s): Tax Administration Act, 2011 Understatement penalty: Whether the Tax Court, having found that SARS had failed to establish that the taxpayer’s understatement of its taxable income resulted from a failure to take reasonable care completing its return, was nonetheless entitled to impose …

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Supreme Court of Appeal Judgment – Controlled Foreign Company and section 9D exemptions

Tax / By Eszter Rapanos

8 February 2023 CSARS V Coronation Investment Management SA (Pty) Ltd Relevant Acts: Income Tax Act, 1962, and Tax Administration Act, 2011 The judgment deals with section 9D exemptions – whether a ‘controlled foreign company’ is a ‘foreign business establishment’ as defined – Tax Administration Act 28 of 2011 and the respective issue of …

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Eszter Rapanos

South Africa is ‘greylisted’ by FATF – what can accountants expect?

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

Companies to report Beneficial ownership information from 1 April 2023

SARS Survey issued on Trade Facilitation Indicators

Updated list of approved venture capital companies

WC High Court judgment on penalties charged by SARS

Supreme Court of Appeal Judgment – Controlled Foreign Company and section 9D exemptions

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