The government intends introducing several amendments to legislation that will affect exchange control in general and crypto assets in particular. The 2022 Budget Review set out the following proposals that will ease the […]
The government intends to amend section 7B of the Income Tax Act to cater for performance-based variable remuneration, the 2022 Budget Review says. In terms of the Act, “variable remuneration” includes: Overtime pay, […]
National Treasury intends to close an anomaly in the Income Tax Act that enables individuals whose tax residency ceases to double dip into certain exemptions and exclusions, according to the 2022 Budget Review. […]
National Treasury will publish a discussion document dealing with the tax treatment of collective investment schemes’ trading profits before proposing amendments to the Income Tax Act, the 2022 Budget Review says. CIS distributions […]
The FSCA has published a notice that clarifies the costs that can be deducted from a collective investment scheme portfolio, apart from those provided for in section 93(1) of the Collective Investment Schemes […]
The latest move by the South African Revenue Service (Sars) to require the withholding of PAYE from annuity payments at an “effective tax rate” as required in directives issued to payers of annuities […]
You can claim back up to 20% of your Skills Development Levy (SDL) simply by submitting an Annual Training Report (ATR) and Workplace Skills Plan (WSP) to the Seta with which your business […]
The draft conduct standard on the “Requirements related to the payment of pension fund contributions”, which will replace Regulation 33 of the Pension Funds Act (PFA), was submitted to Parliament in December last […]
There will be dire consequences for the economy if South Africa’s measures to combat money laundering and terrorism financing are not brought up to international standards this year, the Financial Intelligence Centre (FIC) […]
Insurers that issue primary health insurance policies have been given another reprieve after the Council for Medical Schemes (CMS) extended the exemption for another two years, from 1 April 2022 to 31 March […]
The annual costs to fund the Corporation for Deposit Insurance (CoDI) and the Deposit Insurance Fund (DIF) will work out to R14 per qualifying depositor, National Treasury told Parliament’s Standing Committee on Finance […]
The Gauteng High Court has dismissed, with costs, an application by Fusion Guarantees and its directors to declare sections 154, 167 and 231 of the Financial Sector Regulation Act (FSRA) unconstitutional and invalid. […]
The provisions of the Prescription Act have resulted in the dismissal of a R2 million claim against Sanlam Private Wealth (SPW). This was despite the High Court finding that even if the money […]
The FSCA forecasts it will have a total income of R949 million in the 2022/23 financial year, while its operating expenditure will be R967m, leaving it with a shortfall of R18m. This emerged […]
The Taxation Laws Amendment Act (TLAA) of 2021, which, among things, gives retirement fund members greater flexibility in terms of the type of annuities they can purchase, was promulgated on 19 January. The […]
The FSCA has extended for 12 months, to 31 January 2023, the exemption that allows independent intermediaries to receive compensation, over and above commission, for performing activities that support the direct collection of […]
An investor who lost R346 000 while trading on Oinvest has failed in his attempt to have the Financial Services Tribunal order the FSCA to reimburse his loss. He said the FSCA was liable, […]
