SARS:

• Guides (updated & issued):

  • SARS Guide for individual taxpayers.
  • Guide to the Employment Tax Incentive (Issue 2).
  • Draft Guide on venture capital companies.
• Interpretation Notes issued:
  • IN 3 (Issue 2) – Resident: Definition in relation to a natural person – ordinarily resident.
  • IN 9 (Issue 7) - Small Business Corporations.
  • IN 51 (Issue 5) - Pre-trade expenditure and losses.
  • IN 100 – Meaning of "extracted".
• Binding Private Rulings issued:
  • BPR 303 - Tax implications of a group restructuring transaction.
  • BPR 304 - Debt reduction and subsequent liquidation of debtor.
  • BPR 305 - Registration of units in the name of the beneficial owners.
  • BPR 306 - Donation to a special trust.
• Notices issued:
  • Public Notice in terms of section 25 for submission of 2018 income tax returns.
• Other:
  • Draft Dispute Resolution Rules in terms of section 103 of the Tax Administration Act, 2011.
• Tables updated:
  • Tables A and B of the Average Exchange Rates.
• Court cases:
  • Under-declaration of income and turnover through the intentional manipulation of taxpayer’s point of sales system (POS). 
  • Dimunition in value of appellant's trading stock.
  • 4 SCA (Supreme Court of Appeal) cases.

IFRS:

• General: 

  • IFRS News summary.

IRBA:

• Guidance issued:

  • Revised Guide for Registered Auditors: Access to Working Papers. 
  • Proposed Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme.
  • 6 Illustrative engagement letters, assurance reports and related guidance notes - Sustainability engagements.
• Inspections publications:
  • Practice Alert Companies Act Section 90(2)(b)(ii) - Prohibition of the company secretary from being appointed as the company auditor and/or for the auditor to perform prohibited related secretarial work. 

CIPC:

• Notices issued (enforcement and to customers): 

  • Mandatory submission of Annual Financial Statements (AFS) and Financial Accountability Supplement (FAS) when filing Annual Returns as from 01 July 2018.
  • Reminder that entities not qualifying to submit AFS via XBRL still need to file FAS together with Annual Returns.
• Companies Tribunal publications:
  • Social & Ethics Committees: requirements & exemptions.
  • Save business costs through ADR.
  • 7 Cases re Name disputes, Exemptions and Annual General Meeting.

Labour Law:

• Court cases:

  • How to deal with bogus medical certificates.
  • Can an employer rely on the termination provision of an employment contract to terminate an employee's fixed-term contract without reason and without a hearing? 
  • Fair selection criteria in retrenchments – can your employer make you re-apply for your job?

Other Laws & Regulations affecting your client AND impact on NOCLAR:

• The Big 5:

  • Draft Climate Change Bill.
  • Electricity Regulation Act (Draft licence exemptions).
  • National Credit Act (Data Transmission Hub Fees Guideline).
  • National Minimum Wage Bill (Draft exemption process).
  • State Liability Act (Amendment Bill 2018).
• Proposed:
  • Debt Relief Bill: what's the latest?
  • BEE schedule out for comment: amendments to some of the definitions within the Generic Codes of Good Practice of 11 October 2013 as well as scoring and methodology under Code Series 400 (Enterprise and Supplier Development). 
• National Credit Regulator:
  • Fee guideline and schedules pursuant to the guideline in terms of regulation 19(13) of the National Credit Act.

Regulator news:

• IRBA news & press releases:

  • IRBA welcomes standard setting reform focused on greater independence and enhanced public interest focus.
  • Firm Fees Payable to the IRBA with effect from 1 April 2018. 
  • Responding to assurance needs on non-financial information. 
• SAICA Guidance, news & press releases:
  • This month's Top tips for SMPs (Small and Medium Practices).
  • Updated Guide to Practice Management issued for SMPs.
  • Draft Guidelines issued on preparation of financial statements in public schools.
  • SAICA Training Unit Newsletter.
  • SAICA & SAIPA issues Proposed Guide - Factual Findings Report to Applicant on Application for a Business Visa/Permanent Residence Permit.
• FIC news:
  • FIC and SIU sign co-operation pact.
• NCR news: 
  • Credit extension slows down.
• National Consumer Commission news: 
  • NCC Newsletter. 
• Attorneys' Fidelity Fund publication:
  • Who is responsible for attorneys’ accounting records – both firm and trust records?
• EAAB news:
  • Renewal of Fidelity Fund Certificates for 2019.
• FSCA press releases (formerly FSB):
  • FSCA halts Regulatory Examinations administered by the FPI.
  • FSCA warning issued.
• SARS media releases:
  • SARS is showing its information gathering teeth.
  • SARS ditches drop boxes and certain printed forms.

General Announcements/ News Releases:

• Minister in the Presidency: 
  • Trevor Manuel says SA auditors got too comfortable.
• The Daily Maverick: 
  • SAICA's integrity questioned in an explosive opinion piece.
  • In response, SAICA takes a stance on allegations in the media.  
• Technology: 
  • Addressing your data breach risk.