Law

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 early stages, it is expected to be passed into law in the near future. This leaves us …

The Companies Amendment Bill – will it make business easier? Read More »

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 38 of 2001) was amended to increase the number of sectors registering as accountable institutions with the …

FIC registration requirements for accountants clarified by Public Compliance Communication 6A Read More »

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 2023, 17:00 pm. Accountable institutions registered under the items above should submit the return online. You can …

Risk and Compliance Return to the FIC is due by Monday, 31 July by certain Accountable Institutions Read More »

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 disqualification from being an office-bearer of a registered nonprofit organisation, including, amongst others, being convicted under the …

New Non-Profit Organisations Act Regulations were issued Read More »

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, included a new category called Trust and Company Service Providers (TCSP). TCSPs includes accountants and other service …

Urgent call for Accountants to register as accountable institutions with the FIC Read More »

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 equality in the workplace. The new law has not been implemented yet, but it is expected soon. …

Employment Equity Amendment Act 4 of 2022 singed into law. Read More »

Chief Master Directive 1 of 2023   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 QR code is linked to the Master’s system and can be used to verify the appointment letter. …

Deceased Estate Appointments Implementation of QR CODE Read More »

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 calculated was increased to R563 520 (1 March 2023 to 28 February 2024). The submission of return …

COIDA: Maximum earning updated for returns of earnings Read More »

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. In 2022 out of the 256,212 registered NPOs, over 58% were found to be non-compliant. The vast …

NPOs need to get compliant ahead of the planned de-registration campaign Read More »

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 employment. An employer is defined as any government department, implementing agency, private employer or contractor that hires …

Basic Conditions of Employment Act, 75 of 1997 and Regulations Read More »