Law

The Minister of Mineral Resources and Energy determines a maximum retail price for Illuminating Paraffin (excluding the price of any form of packaging). The maximum retail prices will become effective on the first Wednesday of every month. The single maximum retail price for illuminating paraffin, excluding the price of any form of packaging will be …

Maximum retail price for illuminating paraffin  Read More »

3 September 2022 Compliance with the COID Act Notice is given that the Compensation Fund will embark on employer engagements, site visits and audits to establish effective registration and compliance with this Act.  a) Section 80 of the COID Act requires all employers, who are operating a business with one or more employees, to register with …

Compensation for Occupational Injuries and Diseases Act Amendment Bill Read More »

3 September 2022 The Minister of Finance announced the new standard interest rate applicable to loans granted by the State out of a Revenue Fund and/or to all other debts which must be paid into a Revenue Fund. The new interest rate is at 9,00% per annum as from 1 September 2022 (previously 8,25%).

29 August 2022 The Minister of Finance tabled the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill [B18-2022] aiming to strengthen fight against money laundering in Parliament.  The Bill has been submitted to the Standing Committee on Finance (SCOF) and the Select Committee on Finance (SECOF). The Bill seeks to strengthen the country’s Anti-Money Laundering and …

National Treasury on approval of bill to strengthen fight against money laundering Read More »

Aug 26, 2022 Notice is given to submit all foreign national’s personal information listed in section (5)(a), (b), (c) and (g) and the assurance thereof for registering as a customer, appointment and changes of director information, or other purpose communicated by the CIPC. The documents should be submitted in electronic format on the available electronic …

Companies Act, 71 of 2008 (including Oct 2021 proposals) and Regulations Read More »

Carbon Tax Act 15 of 2009 The proposed change includes the rate of the carbon tax to be [R134] R144 per ton carbon dioxide equivalent of the greenhouse gas emissions of a taxpayer. Subsequent annual increases are provided on an increasing scale, considering the consumer price index and average exchange rate changes. Annual increases are provided for …

Legislative updates July-August 2022 Read More »

29 July 2022 The law forbidding creditors from collecting on prescribed debts which falls under the National Credit Act 34 of 2005 (NCA) is well-known, established and adhered to – or so everyone would think.  The Ombudsman for Banking Services (OBS) confirmed that, between January 2021 and July 2022, the OBS received and investigated a …

Consumers Beware: Some Banks Are Still Collecting On Prescribed Debts Read More »

Jul 29, 2022 Information The Minister of Justice published new prescribed rate of interest in terms of section 1 (2)(b) of the Prescribed Rate of Interest Act, 1975 (Act 55 of 1975). The new prescribed rate of interest is set at 7,75 per cent per annum as from 1 May 2022 for the purposes of section 1(1) …

Prescribed Rate of Interest Act, 55 of 1975 Read More »