South Africans abroad must review their Sars profiles for tax compliance
The South African Revenue Service is flagging tax returns that have not been filed and where it has third-party information available to it.
Compliance and Legislation
Two pots: MPs envisage staggered implementation
The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.
LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024
The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
Second take: Joint Standard on IT governance and risk management
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
FIC publishes draft guidance on how accountable institutions can identify beneficial ownership
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Joint Standard on how financial institutions should manage their IT risks
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
Supreme Court of Appeal dismisses challenge to the procedural fairness of sections of the FSR Act
It was argued that the Act does not require the FSCA to invite submissions before deciding whether a person has contravened a financial sector law.
Treasury makes some concessions on drastic tax proposals
Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.
Time is running out to apply for a crypto asset licence
One can continue to render crypto asset financial services if the application is submitted by 30 November.
Higher level of compliance by individual taxpayers this filing season
But Sars has identified categories of non-compliant taxpayers who face penalties and legal action if they don’t come clean.
FIC highlights money laundering risks in the accountancy sector
The aim of the draft risk assessment is to help accountants understand the sector’s money laundering and terrorism financing vulnerabilities.
More amendments on the table to get SA off the grey list
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
Discovery Connect acts against sales agents who manipulated clients’ policies
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
Man who married four wives loses claim to 50% of his first wife’s pension interest
The first wife bought wedding dresses for the third and fourth wives, but this did not prove that she consented to the marriages.
Two defective intention notices scupper representative’s debarment
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
