ASISA flags ‘problematic’ amendments to two-pot legislation
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Sasria’s five-year strategic plan includes the reintroduction of R1bn excess of loss cover and expanding its coverage for events such as natural disasters.
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
CEOs and other decision-makers have just under three months to provide input on the Draft South African Financial Education Commitment Charter.
One of its four proposals is to allow members to transfer up to a third of their vested savings to their savings component.
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
The annual benefit escalations for policies that fall under the Demarcation Regulations.
The expected legal challenges to the legislation and the pressure on the state’s finances could delay full implementation of the system for many years.
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
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