SARS ruling sheds light on offshore trust loans
BPR 430 considers a proposed distribution and set-off of reciprocal loan claims, but its tax outcome is confined to the particular facts presented to SARS.
Compliance and Legislation
Treasury holds largely firm on AML Bill after public submissions
Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.
Tribunal draws line between discipline and debarment
An FSP cannot treat debarment as an automatic consequence of a disciplinary finding, the Tribunal says, setting aside a process riddled with procedural failures.
SARS begins biggest VAT reporting overhaul in decades
The shift to near real-time reporting promises better fraud detection and faster refunds, but businesses face significant technology costs and implementation challenges.
Tribunal sets aside Sanlam debarment over client cash deposits
The adviser breached Sanlam’s internal cash-handling rule, but the conduct did not establish a lack of honesty and integrity.
Regulation of Trusts Bill: Stronger powers and protections
The Bill would introduce additional safeguards for particular trust arrangements, strengthen the Master’s supervisory powers, and change the trust-termination process.
No investor harm does not mean no compliance breach
The Tribunal finds that commercial circumstances did not justify implementing a major transaction before shareholder approval.
Proposed beneficial owner rules bring fresh scrutiny for financial institutions
Institutions will have to identify and verify owners, assess their honesty and integrity at least every two years, and report beneficial-owner information to regulators.
Regulation of Trusts Bill: New duties and risks for trustees
The Bill would introduce annual reporting and accounting duties and establish a prudent-investor framework, while revising the beneficial-ownership obligations.
Last chance to register: COFI readiness for small FSPs
Moonstone Compliance will explore what the FSCA’s changing supervisory approach means for smaller practices and how they can respond proportionately.
PA proposes higher levies despite budget reduction
The provisional 3.7% increase is based on projected inflation for 2027 and will be revised using the applicable Stats SA CPI measure.
Draft tax bills target spousal donations and VDP interest relief
Treasury wants to close what it sees as a tax-avoidance route involving emigrating spouses, while proposing a taxpayer-friendly change to voluntary disclosures.
Draft TLAB will settle living annuity commutation rule
The proposal puts SARS’s existing cumulative approach into the Income Tax Act, ending uncertainty over whether the R150 000 limit applies per policy.
OPFA proposes framework for exercising summons powers
The draft guidelines set out how witnesses may be called and material obtained during complaint investigations.
Law Society calls for safeguards as AML Bill expands regulatory powers
Its submission to Parliament highlights concerns about lifestyle audits, information sharing, beneficial ownership, and administrative fines.
Court and Tribunal rulings strengthen regulator’s enforcement hand
Key judgments clarified the FSCA’s ability to investigate misconduct, resist procedural delays, and pursue cross-border enforcement.
CFDs and trader misconduct move up FSCA’s market-abuse agenda
The regulator is scrutinising how derivative positions, suspicious trading, and failures by gatekeepers can undermine market integrity.
