TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
Compliance and Legislation
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
Public hearings on two-pot retirement system in September
The National Assembly’s Standing Committee on Finance has announced the deadline for submissions on various pieces of draft tax legislation.
Potential threat to South Africans who earn an income from foreign employers
A proposed amendment to the Income Tax Act will require foreign employers to withhold employees’ taxes.
Adjudicator did not allow retirement fund to respond fully to a complaint
SCA also finds that the High Court should not have granted punitive cost orders against the fund.
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
Constitutional Court dismisses Sharemax adviser’s appeal
The High Court was asked to rule on whether the clients’ financial loss was caused by breach of agreement or the Reserve Bank’s intervention.
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?
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.
