What ‘capital’ could be in a CIS capital distribution
A proposed amendment to the Income Tax Act will tax unit trust investors on capital distributions before disposals, without any base cost offset.
Compliance and Legislation
Levies payable to the FSCA set to rise in 2025/26
The proposed amendments will also see increases in the Tribunal levy and the FAIS Ombud’s charge per KI/representative.
Regulators invite comment on draft IT and cyber incident reporting rules
Financial institutions subject to Joint Standards 1 of 2023 and 2 of 2024 are asked to provide feedback by 5 October 2025.
Outdated affidavit rules clash with digital era demands
Sixty-year-old legislation continues to bind litigants to physical processes, even as remote work and electronic communication have become the norm.
SCA clarifies legality of ‘on-the-road fees’ in vehicle finance agreements
The Court says credit providers must ensure full transparency in disclosing the nature, cost, and financing implications of these charges.
Business groups criticise withdrawal of NCA amendments
The Regulations have allowed credit bureaus to obtain consumer information from educational institutions for the past 19 years.
Policy breaches alone are not enough to justify debarment
The Tribunal said allegations of not following sales scripts may breach internal policy but do not in themselves demonstrate dishonesty or a lack of integrity.
Tribunal upholds R1.18m fine and debarment for unauthorised services
Pierre Erasmus said the sanctions were disproportionate, and his dealings with clients were friendships, not formal business relationships.
New dismissal code recognises small business constraints
The code sets out how dismissals must meet substantive and procedural fairness requirements.
Draft Bill hides a ‘stealth tax’ in your unit trust investments
Proposed amendments could undermine the tax-efficient compounding that makes a collective investment scheme an attractive investment vehicle.
Client’s ‘substance-induced’ U-turn fails to convince Tribunal
The client initially swore to non-consent, but in a second affidavit he said drugs clouded his memory, insisting he was present when the policies were initiated.
‘Appropriate’ and ‘adequate’ – two words that will shape SA’s next FATF review
New criteria require closer supervisory scrutiny of DNFBPs on market entry, ongoing oversight, and high-quality suspicious-transaction reporting.
Used car dealer loses appeal over sale of defective vehicle
The High Court upholds a National Consumer Tribunal ruling that the dealer must refund the purchase price and pay a fine for breaching the Consumer Protection Act.
Information Regulator warns: Form 2 must be used for PAIA requests
Information officers should purge Form A from internal and public systems and replace it with Form 2 immediately.
FIC publishes Revised Guidance Note 7A
The updated guidance gives concrete examples of compliance failures and explicitly states that poorly documented RMCPs may be treated as non-compliant.
FIC’s goAML will be offline from 8 to 14 September for upgrade
Ensure registrations and filings are finalised by 5pm on 8 September and back up all records – the old system will be retired after the upgrade.
Draft amendments narrow taxpayers’ ‘bona fide inadvertent error’ defence
The proposal restricts the ‘bona fide inadvertent error’ defence under the understatement penalty regime to cases where the tax shortfall is a ‘substantial understatement’.
