Law

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 January 2023. Section 5 (1). provides that carbon tax should be imposed at a rate of R144 …

Amendments to the Carbon Tax Act, 15 of 2019 and Regulations  Read More »

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 dividends paid by regulated intermediaries Fourth schedule: minor textual and reference corrections 2. Taxation Laws Amendment Act, …

Changes to the Income Tax Act and Regulations Read More »

On 19 October 2022, the crypto asset were declared as a financial product under the Financial Advisory and Intermediary Services Act, 2002 (“the Act”).  In effect this means that: Any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider (FSP); …

The declaration of Crypto assets as a financial product – What does this mean? Read More »

6 January 2023 President Cyril Ramaphosa has recently signed into law two key Acts of Parliament, namely the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (“General Laws Amendment Act”) and the Protection of Constitutional Democracy Against Terrorism and Related Activities Amendment Act, 2022 (“POCDATARA Amendment Act”). This is a significant step …

ENACTMENT OF KEY ANTI-MONEY LAUNDERING AND COMBATING OF TERROR FINANCING LAWS Read More »

8-9 December 2022 CIBA participated in the second instalment in a series of events for the project to complete a Terrorist Financing Risk Assessment (TF SRA) for the NPO sector. The project is undertaken with the technical assistance support of the EU AML/CFT Global Facility and the Greenacre Group. The workshop included representatives from the …

Feedback from the Terrorist Financing Risk Assessment Workshop for NPOs in South Africa Read More »

30 November 2022 The Schedules in the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act) were amended with changes coming into effect from 19 December 2022. The changes will significantly increase the number of sectors included as accountable institutions in Schedule 1 to the FIC Act. Additional sectors will improve the FIC’s …

Amendments to Financial Intelligence Centre Act Schedules Read More »

26 October 2022 The General Laws Anti-Money Laundering and Combating Terrorism Financing) Bill aims to strengthen South Africa’s legislative framework to fight against money laundering and terrorist financing. It proposed amendments to the following laws: Trust Property Control Act, 1988: Minister of Justice and Correctional Services Nonprofit Organisations Act, 1997: Minister of Social Development Financial …

SAIBA submission on the General Laws Amendment Bill Read More »

The due date for landlords and property owners is less than 2 months to obtain and display Energy Performance Certificates (EPC). The due date to comply with is 7 December 2022. EPCs are now mandatory for private, non-residential, non-industrial buildings with a total net floor area of over 2000sqm, and government buildings of over 1000sqm. Section 19(1)(b) of the …

Mandatory Energy Performance Certificates Deadline for Buildings Read More »

South Africa is on the verge of being greylisted by the Financial Action Task Force (FATF). FATF is the global money-laundering and terrorist financing watchdog, responsible to set international standards and assess technical compliance. It also assesses the effectiveness of frameworks put in place, for instance, whether prosecutions have taken place for money laundering or …

Greylisting by FATF is a real threat for South Africa Read More »