Monthly Update - Compliance and Legislation June 2020
June2020 - Critical updates to legislation and regulations that affect members in practice.
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.
Standards – What’s new?
- IFRS Monthly news summaries
- IFRS for SME’s review (comment date 27 October 2020)
- Aligning IFRS 9, IFRS 15 and IFRS 16 into IFRS for SME’s
- SAAEPS 1 Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria
- Staff Alert 4 – Considerations with respect to Fraud
- IAASB releases COVID-19 Related Guidance for Auditor Reporting
- ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates
Other IRBA matters
- EAAB: Concession in respect of late Audit Report submissions
- Professional Bodies updates its Frequently Asked Questions: The impact of COVID-19 on audit considerations
- Professional Bodies issues updated FAQs on Assurance Engagements on Legal Practitioners' Trust Accounts
- Impact of the withdrawal of the CIPC non-binding opinion on sections 90 and 92 of the Companies Act
- IRBA lifts the suspension on the submission of second Reportable Irregularities reports
- IRBA draws attention to the Key Audit Matters (KAMs) in auditor's reports as it relates to COVID-19
- Maintaining audit quality while auditing remotely
- IAASB issues Staff Audit Practice Alert: Subsequent Events
Notices and Practice Notes issued (enforcement and to customers)
- Notice 24 of 2020 – Business Rescue Filing
- Notice 25 of 2020 – Patents & Designs, Copyright and Trade Mark Division National Lockdown Level 4
- Notice 26 of 2020 – Essential Services Certificate issued by CIPC
- Notice 27 of 2020 – Printing granted and published content
- Notice 28 of 2020 – Phasing out of deposit system
- Amendments to IFRS 16 Leases (COVID-19 implications)
- Implications of COVID-19 on financial instruments
- IAS20 Government Grants and COVID-19
COVID-19 and SARS
- The COVID-19 Notices page has been updated to include –
- Notice 487 in Government Gazette 43266 relating to essential financial services
- Updated Regulations (R480 in Government Gazette 43258)
- ITAC VAT Rebate Item 412.11 Updated list of critical medical supplies
- Updated Table 3 – Rates which interest-free or low interest loans are subject to income tax
- Businesses that are incapable of making payment due to the COVID-19 disaster, may apply to defer tax payments without incurring penalties by emailing SARS
- SARS has published detailed Questions & Answers for the COVID-19 tax relief for PAYE - See FAQs on Tax Relief Measures
- Challenges presented by COVID-19 - impact on our work arrangements as well as tax revenue collections
National Treasury and SARS
Published for public comment:
- Revised Draft Disaster Management Tax Relief Bill, 2020
- Revised Draft Disaster Management Tax Relief Administration Bill, 2020
- Revised Draft Explanatory Memorandum on the Disaster Management Tax Relief Bill, 2020
- Draft Rule amendment under Customs and Excise Act 1964
- IESBA - Staff Q&A: COVID-19 Ethics & Independence Considerations – still ongoing
- Extension of the deadline for submission of 2019 Return of Earnings
Binding Rulings (Private/Class/General) issued
- Binding Private Ruling (BPR) 343 – Donations tax implications of subscribing for shares at a discount
Notices and other publications issued
- Updated Table of interest rates: Table 3 – Rates at which interest-free or low interest loans are subject to income tax
- Draft rule amendment under sections 39 and 120 – Rule 39.01 – telephonic clearing instructions (Due date for public comment: 15 June 2020)
- Effective date of amendment to section 76C
- Rule amendment R583 under sections 107, 110 and 120 – Providing for the insertion of rules relating to requirements in respect of tobacco leaf dealers and growers, as well as the installation of product counters on cigarette production lines in customs and excise manufacturing warehouses – DAR194:
- Form DA 185 – Application form – Registration and licensing of Customs and Excise Clients
- Form DA 185.4A17 – Registration Client Type 4A17 – Tobacco leaf dealer
- Jurisdictions contemplated in Article 2(2)(ii)(b) of the regulations specifying the Country-by-Country Reporting Standard for Multinational Enterprises (MNEs)
- Proposal to introduce export taxes on scrap metal (Due date for public comment: 29 May 2020)
- Discussion paper – Reviewing the tax treatment of excessive debt financing, interest deductions and other financial payments (Due date for public comment extended to 30 September 2020)
- Publication details for tariff amendment notice R543, as published in Government Gazette 43336, are now available
- VAT Refunds Relief, VAT vendors currently registered to file VAT returns on a bi-monthly may now file VAT returns on a monthly basis, thereby allowing the earlier unlocking of refunds
- The tariff amendment notice, scheduled for publication in the Government Gazette, relates to the amendment to –
- Part 1 of Schedule No. 2, by the insertion of items in order to implement anti-dumping duties on PET originating in or imported from China
- Publication details for tariff amendment notices R528, R529, R530, R531 and R532 as published in Government Gazette 43317, are now available
- From the 2020 year of assessment, SARS is performing tax calculations on the IRP5/IT3(a) certificates.
- Enhanced tax type transfer functionality
- The new eBooking system for appointments at Branch Offices
- eFiling password enhancements
- Double taxation agreements
- Updates on the small business web page
- ITAC VAT Rebate Item 412.11 list of CRITICAL MEDICAL SUPPLIES (version 3) to include a revised classification of plastic face shields from 3926-20-20 to 3926-90-43
- Status overview of all DTAs and Protocols
- An updated SARS VAT 412.11 Mapping of ESSENTIAL GOODS has been published
- Third Party Data Annual Submissions is now open from 15 April to 31 May 2020. Banks, medical schemes, fund administrators etc. are required to send returns to SARS
- SARS released trade statistics for March 2020 recording a trade surplus of R24.25 billion attributable to exports of R118.45 billion and imports of R94.20 billion
Tax Court cases
- Calitz v CSARS and Others (10927/2017  ZAGPJHC 209 (21 June 2017), practice of state attorney not to comply with the rules of court in respect of the time periods for filing of answering affidavits to be discouraged.
- CSARS v Public Protector and Others (84074/19)  ZAGPPHC 33;  2 All SA 427 (GP) (23 March 2020), Whether on a proper interpretation of the relevant and Constitutional and or legislative provisions, SARS's refusal to provide the relevant information is unlawful
- Fowler (Respondent) v Commissioner for Her Majesty’s Revenue and Customs (Appellant)  UKSC 22 (20 May 2020), for information as it relates to a SA-UK tax treaty
- Langholm Farms (Pty) Ltd v CSARS (1657/2017)  ZAECGTHC (28 August 2018), whether carting of empty crates from exporter to applicant qualify as a primary production activity
- IT 24462 (28 August 2018), whether appellant entitled to loss based on the interpretation of section 24(10); whether appellant should be subject to understatement penalties in respect of the exchange loss incorrectly claimed
- ABC (Pty) Ltd v CSARS (TAdm 13950)  ZATC 1 (24 February 2020) – Whether the Appellant’s application for a postponement should be entertained
High Court cases
- Toneleria Nacional RSA (Pty) Ltd v CSARS (1042/2018)  ZAWCHC 29 (30 April 2020)
- SIP Project Managers (Pty) Ltd v CSARS (11521/2020)  ZAGPPHC (29 April 2020)
- Media Statement: Government’s response to the rating action by S&P Global Ratings (S&P)
- Media statement: 2nd Revised 2020 Draft Disaster Management Tax Relief Bill
- Media Statement: Publication of the 2nd revised COVID-19 Draft Tax Bill and extension of time for public comments on specific 2020 tax proposals
- Draft Disaster Management Tax Relief Bill – 19 May 2020
- Draft Explanatory Memorandum on the Revised Draft Disaster Management Tax Relief Bill – 19 May 2020
- Notices – Expanding access to living annuities – 19 May 2020
- 2020 Special Adjustment Budget Guidelines
- Early restoration planning by tax administrations key to support individual and business taxpayers towards economic recovery from COVID-19 pandemic
- Czech Republic and Korea deposit their instrument of ratification for the Multilateral BEPS Convention
- Public consultation meeting on the 2020 Review of Country-by-Country Reporting (BEPS Action 13)
- Release of Revenue Statistics in Latin America and the Caribbean 2020
- Webinar: Watch the OECD Tax Talks replay
- Tax and fiscal policies central to governments’ responses to Covid-19 crisis
- Updated database on tax policy measures in response to Covid-19
- Protocol to be adopted by the Chief Masters Office updated due to COVID-19
FSCA publications & press releases
- New Conduct Standards published
- Proposed implementation dates of specific regulatory frameworks
- Draft Conduct Standard and directive for Exchanges
- Impact of COVID-19 on compliance with The Financial Markets Act
- ESMA urges transparency on Covid-19 financial effects
- Bank urges Regulators to ease digital trade
- There are no preconditions for this course.
- Moderate level.
- Recorded webinar made available on a specified date
The month of June 2020 has seen a number of changes to legislation, new notices have been issued and guides have been updated.
Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.
Technical expert Caryn Maitland CA(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;
- Slide presentation summary of all new amendments;
- Interactive session with the presenter; and
- Online Q&A.
The following pricing apply:
- Ad hoc: R399.00
- Subscription: Included for free in Accountant in Practice, Accountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.
This webinar will be available from 1 July 2020.
Caryn Maitland CA(SA)
Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002.
Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.
Caryn has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.
WHO SHOULD ATTEND?
- Business Accountants in Practice (SA).
- Business Accountants (SA).
- Certified Business Accountants (SA).
- Certified Financial Officer (SA).
By attending this webinar, you will be provided with:
- Summarised slide presentation
- Reference documents and / or course material where available
- Access to a technical knowledge base
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
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.