Law Updates

The latest from Parliament, Departments, and Regulators

Law Updates

Amendments to Financial Intelligence Centre Act Schedules

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...

Promulgation of new Preferential Procurement Regulations

On 4 November 2022, the Minister of Finance promulgated the Preferential Procurement Regulations, 2022 (2022 Regulations) in terms of the Preferential Procurement Policy Framework Act 5 of 2000 (PPPFA). On 8 November 2022 National Treasury published a media...

SAIBA submission on the General Laws Amendment Bill

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...

Mandatory Energy Performance Certificates Deadline for Buildings

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...

Greylisting by FATF is a real threat for South Africa

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...

Maximum retail price for illuminating paraffin 

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...

Public Finance Management Act, and Regulations

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....

Legislative updates July-August 2022

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...

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