The compliance landscape has shifted from ticking the boxes to risk anticipation, risk identification, and proper disclosure.
COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC
Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).Read more
Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.
The South African Revenue Service has introduced measures to prevent abuse in share buyback arrangements.
The Labour Court upholds a two-year restraint in a case involving two wealth management companies.
Place of supply rules are becoming more important as transactions become increasingly digital and supply chains become more complex.
Vendors may have to acquire new software to be able to communicate with the Sars systems, or they may have to adjust their existing systems.
An amendment to the Income Tax Act makes it easier for Sars to collect taxes owed by tax non-resident beneficiaries of South African trusts.
A proposed amendment to the Income Tax Act will require foreign employers to withhold employees’ taxes.
The Supreme Court of Appeal’s judgment in the Coronation case finds its way into proposed amendments to the ‘controlled foreign company’ rules.
Choosing the wrong one could close the door to the dispute resolution process.
Trusts that have failed to comply with the rules are exposed to penalties and fines.
Clarity on when a gain is considered revenue or capital.
There is still a high threshold to meet before access to an individual’s tax records will be granted.
Meanwhile, a change in the VAT registration process may inconvenience taxpayers.
‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’
Questions remain whether the automation of certain procedures will have the desired results.