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Compliance and Legislation Update March 2020

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates from the previous months.

R 399
Category Law
Accredited SAIBA
CPD Hours 2
Effort 2 Hours
Duration 2 Hours
Format Webinar
Level N/A
Assessment Yes
Supervised No
Pre-Entry No
Tuition Optional
Study Material No

What you will learn

After attending this webinar you will: 

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients; 
  • Be able to inform your staff and clients on how to stay compliant; 
  • Adapt business models to fit new legislative landscapes; 
  • Receive references to documents and guides;  
  • Have access to your own technical resource; and  
  • Have access to the presenter via email for follow-up Q & A. 

Study Units

Guides (new, updated & issued):

  • Draft guide to building allowances (Issue 2)
  • List of qualifying physical impairment or disability expenditure – Effective 1 March 2020
  • Guide on Venture Capital Companies
  • Tax Guide for Share Owners (Issue 7)

• Interpretation Notes (updated & issued):

  • Interpretation Note 67 (Issue 4) – Connected persons
  • Interpretation Note 16 (Issue 3) – Exemption from income tax: Foreign employment income
  • Interpretation Note 75 (Issue 3) – Exclusion of certain companies and shares from a "group of companies" as defined in section 41(1)
  • Interpretation Note 44 (Issue 3) – Public benefit organisations: Capital gains tax
  • Draft Interpretation Note – Doubtful debts and accompanying documents
  • Draft Interpretation Note – Public benefit organisations: Provision of residential care for retired persons

Binding Rulings (Private/Class/General) issued:

  • BPR 337 – Amalgamation transactions involving the assumption of liabilities only
  • BPR 338 – Donations of money made to a public benefit organisation at a fundraising event
  • BPR 339 – Transfer of listed shares to a collective investment scheme in exchange for participatory interests
  • BPR 340 – Share buy-back at nominal value
  • BGR 9 (Issue 4) – Taxes on income and substantially similar taxes for purposes of South Africa’s tax treaties
  • Draft BGR – Unbundling of unlisted company: Impact of non-qualifying shareholders

Notices and other publications issued

  • Notice 37, amending regulations under items (a) and (c) of the definition of "determined value" in paragraph 7(1) of the Seventh Schedule to the Income Tax Act, 1962, on the retail market value in respect of right of use of motor vehicle
  • Explanatory Memorandum on the Taxation Laws Amendment Bill, 2019
  • Final Response Document on the 2019 Draft Tax Bills – 21 January 2020
  • Updated Table of interest rates: Table 3 – Rates at which interest-free or low interest loans are subject to income tax
  • Section 12I Tax Allowance Programme – Department of Trade and Industry – Publication of decisions to approve, not approve or withdraw approval of applications received for the tax allowance programme under section 12I(12)(a)(i)(aa) and (19)(d)
  • Income tax notices, scheduled for publication in the Government Gazette, under section 8(1) relating to daily amounts in respect of meals and incidental costs, and rate per kilometre in respect of motor vehicles – effective 1 March 2020
  • Taxation proposals as tabled by the Minister of Finance during the 2020 National Budget Review on 26 February 2020
  • Draft Bill – Draft 2020 Rates and Monetary Amounts and Amendment of Revenue Laws Bill

Tax Court cases

  • IT 13798, IT 13931 and TAdm 14294 – Capital gains tax and capital losses; employee share incentive scheme and trust; meaning of "asset" as defined in the Eighth Schedule and whether that definition includes a personal right
  • VAT 1390 – Whether the delivery of food orders to the taxpayer’s customers constitutes a service supplied by it for consideration in the course, or in furtherance, of its enterprise, and hence whether the delivery charges were subject to output tax
  • IT 24819
  • VAT 2063
  • TAdm 00052/2018
  • TAdm 24643 – Whether statement lacked sufficient averments necessary to sustain a finding of gross negligence
  • VAT 1610 – Whether the Appellant was entitled to input tax and output tax claims relating to reorganising loans and substituting foreign loans

High Court cases

  • Dragon Freight (Pty) Limited and Others v CSARS (82686/19) [2019] ZAGPPHC 626
  • Siphayi and Another v CSARS and Others (34975/2019) [2019] ZAGPJHC 455
  • Glencore Operations SA (Pty) Limited v CSARS (11696/18) [2019] ZAGPPHC 545
  • Flordis South Africa (Pty) Limited v CSARS (61689/2015) [2019] ZAGPPHC 546
  • Gold Kid Trading CC v CSARS (2016/31842) [2018] ZAGPJHC 710 – The jurisdiction of the High Court to entertain ordinary review applications not ousted by the legislative powers given to the Tax Court
  • Agricultural and Industrial Mechanisation (Pty) Ltd v CSARS (21164/2017) ZAGPJHC
  • Peter v CSARS (3158/2018) ZAGPJHC
  • Brits and 3 Others v CSARS (2017-44380) ZAGPJHC – Applicant subject of VAT audit
  • Canyon Resources (Pty) Ltd v CSARS (68281/2016) [2019] ZAGPPHC – Interpretation of post-recovery and post-mining activities; interpretation of in respect of mining of coal
  • Medtronic International v CSARS (33400/19) [2020] ZAGPPHC – Whether CSARS should have included internal e-mail correspondence between staff as part of the record in a Rule 53 review application

Constitutional Court cases

  • None

Supreme Court of Appeal cases

  • CSARS v South African Breweries (Pty) Ltd (442/2017) [2018] ZASCA 101 (27 June 2018) – Classification of products for determination of excise duty rate

Standards – What’s new?

  • IFRS Monthly news summaries

Accounting issues

  • None 

Guidance

  • None 

Standards

  • None 

Legal/Ethics

  • None 

Other

  • None 

Notices and Practice Notes issued (enforcement and to customers)

  • Notice 1 of 2020 – Disparity of registration numbers and incorporation dates
  • Notice 4 of 2020 – Discontinuation of 3rd party model
  • Notice 5 of 2020 – Compulsory Name Reservation for Co-Operatives
  • Notice 6 of 2020 – Expansion of mobile services
  • Notice 9 of 2020 – Companies Compliance Checklist on e-Services: CIPC confirms that this only applies to companies that are audited/independently reviewed, and the Compliance Year is clarified

Employment law

Amended Regulations in terms of the Basic Conditions of Employment Act – New summary must be displayed in the workplace

This period’s 3 sets of big 5 include

  • The Companies Act (Annual return compliance checklist);
  • The Constitution of the Republic of South Africa (Draft Amendment Bill & Comment deadline extension);
  • The Income Tax Act (Amendment Acts);
  • The Public Administration Act (Draft regulations); and
  • The Occupational Health and Safety Act (Ergonomics regulations).
  • The Basic Conditions of Employment Act (Summary to be kept by an employer);
  • The Foodstuffs, Cosmetics and Disinfectants Act (Reduction in sodium levels & Maximum pesticide residues);
  • The National Environmental Management Act (Environmental assessment practitioner registration); and
  • The Special Investigating Units and Special Tribunals Act (Investigations & Masters offices)
  • The Auditing Profession Act (Amendment Bill 2020); and
  • The Competition Act (Buyer power and price discrimination & Draft guidelines automotive aftermarket industry)
  • None

Other Acts and articles

  • Expat tax kicked in on 1 March 2020 – Here’s what you need to know

COIDA update

  • None

IRBA News & press releases

  • IRBA foresees audit reforms will regain confidence in profession if audit firms follow suit
  • IFIAR issues Report on the 2019 Global Inspections Findings Survey
  • New Process: Online Submission of Assurance Work Declaration and Firm Related Information 2020

Professional bodies press releases & other publications

  • Professional bodies Guide in Respect of the Duties of the Commissioner of Oaths (Revised January 2020 – Version 4)
  • Professional bodies Top Tips for SMEs
  • Professional bodies latest developments in the auditing profession – interesting articles that also affect SMEs

Competition Tribunal

  • None 

Competition Commission

  • None 

Companies Tribunal

  • 6 Decisions reached on cases heard (1 Name disputes, 1 AGM, 3 Exemptions from SEC, 1 Directorship dispute, 0 Reviews)

SAIBA

  • None 

FIC Advisory & Guidance

  • Disclosure of Facts or Information Regarding the Contents of Section 29 Reports
  • Call for comments: Draft PCC 109 on the Commencement and Enforcement of the FIC Act as amended by the FIC Amendment Act
  • PCC 43 issued dealing with customer due diligence (CDD) in relation to shared clients
  • Call for comments: Draft PCC 107 on the Use of an Automated Transaction Monitoring System for the Detection and Submission of Regulatory Reports
  • Call for comments: Draft PCC 106 on Item 1 of Schedule 1 to the FIC Act

LPC

  • None 

LPFF

  • None

National Credit Regulator

  • None 

CGSO & National Consumer Commission

  • CGSO Quarterly Newsletter
  • NCC notes with concern attempted bribery of its officials by suppliers

Tax Ombud

  • None 

SARS media releases

  • SARS wins 10-year battle against non-compliant taxpayer
  • Tax fraudsters sentenced in high court

FSCA publications & press releases

  • Intergovernmental FinTech working group publishes a report on its 2019 workshops
  • Press Release on 36ONE Asset Management (Pty) Ltd
  • 10 Warnings issued to the public against fraudulent FSPs

Media articles

New perks which could be widely introduced at South African companies

Requirements

  1. There are no preconditions for this course.   
  2. Moderate level. 
  3. Recorded webinar made available on a specified date 

WHO SHOULD ATTEND

  1. Accountants in Practice SA)
  2. Business Accountant (SA) 
  3. Company secretaries 
  4. Legal advisors 

Description

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.  

Technical expert Lettie Janse van Vuuren CA(SA), RA, CBA(SA) researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.  

The webinar includes:  

  • A reference guide of all changes to share within the firm;  
  • PPT summary of all new amendments; 
  • Interactive session with the presenter; and 
  • Online Q&A. 

PRICE         

The following pricing apply: 

  • Ad hoc: R399.00  
  • Subscription: Accountant in PracticeAccountant in Practice plus tax, Bookkeeper

DATE

This webinar recording will be available from 3 April 2020.

PRESENTER

Lettie Janse van Vuuren

Technical expert Lettie Janse van Vuuren CA(SA), RA, CBA(SA) researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.  

ADDITIONAL MATERIAL  

By attending this webinar, you will be provided with:  

  • Summarised slide presentation 
  • Reference documents and / or course material where available 
  • A knowledge base of technical queries related to the topic  

WHICH SUBSCRIPTION?

This event is included in the following subscription packages. If you are not a subscriber you need to purchase as a stand-alone event.   

Accountant in Practice:Yes 

Accountant in Practice plus tax: Yes 

Bookkeeper: Yes 

Quickupdate: Yes

IFRS for SME's: No

HOW TO SUBSCRIBE? 

Subscribers pay less for their CPD points. SAIBA offers 4 subscription packages that provides access to everything to run a successful accounting and tax practice. Pay a small monthly amount and gain access to monthly webinars covering ethics, financials, reporting, audit and assurance, working papers, law, technology, management topics, and tax. 

Click here to choose your subscription option.