Tribunal rules on Brite’s application to reconsider R10m fine and licence withdrawal
Did the FSCA’s regulatory reach extended to UK pension funds and structures, held offshore, and permitted and regulated by UK and European Union law?
Compliance and Legislation
Before you invest … tell-tale signs that a stokvel is not the real deal
Unscrupulous operators are taking advantage of the ‘light touch’ regulation of the stokvel sector. Here’s what you should know about the laws and bodies that govern stokvels.
FSCA to issue a new interpretation ruling on section 37C
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Ombud Council wants to avoid another property syndication complaints scenario
The problems with resolving these complaints also highlight the need to integrate the advice- and the product-related ombud schemes.
AARTO set to create complications for employers, says law firm
Consider the impact of the demerit and cancellation system on employees who are engaged as drivers or who need to have a valid driving licence.
Here are the details of the government’s loan scheme for solar energy
Businesses and households can apply for both the renewable energy tax breaks and the Energy Bounce Back Loan Guarantee Scheme.
Tax law change may shrink SA multinationals’ global footprint
The Supreme Court of Appeal’s judgment in the Coronation case finds its way into proposed amendments to the ‘controlled foreign company’ rules.
Clarity on anti-avoidance rules for low-interest or interest-free loans to trusts
The amendments encompass debt denominated in a foreign currency and the primary residence exclusion.
Treasury publishes retirement fund tax amendments for comment
One amendment will affect inter-fund transfers by members who have reached normal retirement age but who have opted not to retire.
Treasury moves to end ‘double dipping’ the TFSA and retirement fund tax exemptions
An anomaly in the Act results in the creation of two years of assessment during a single 12-month period when an individual ceases to be a tax resident.
Constitutional Court overturns ‘deeply disturbing’ retirement fund rule judgment
The decision clarifies the application of an amended rule to the calculation of a withdrawal benefit that accrued before the amendment was approved and registered.
‘Unacceptable’ delay in prosecuting hedge fund manager, judge says
Evercrest Capital collapsed 16 years ago after it incurred a huge loss trying to short Sanlam’s shares.
FSCA’s cautions and warnings to the investing public
Use the online search facility on the Authority’s website before conducting financial services business with anyone.
Significant Santam legal victory in dispute over vehicle storage costs
The insurer was entitled to provide security for the disputed balance of the storage costs to have the motor vehicle released and stop incurring further charges.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
‘Sensible ruling’ on the cession of a loan account to a special trust
Binding Private Ruling addresses the donations tax and CGT consequences resulting from the beneficiary of a special trust ceding his loan account against the trust to that trust.
Sars publishes final provisions for diesel refund for food manufacturers
The most notable are changes to the definition of ‘foodstuffs’, as well as the requirements for applying for registration and claiming refunds.
