GAZETTE WATCH 25 October 2024 – 30 October 2024

The document outlines several amendments to the Consumer Protection Act Regulations in so far as they relate to opt out procedures in terms of one’s right when one receives direct marketing materials.

Here is a detailed summary of the proposed changes:

Definitions:

1. • Cleansing: Added definition for the process where direct marketers remove data of consumers who have registered a pre-emptive block.
   • Department: Updated to mean the Department of Trade, Industry and Competition.
   • Direct Marketer: Defined as a person who engages in direct marketing.
   • Electronic Communication Recipient: Defined as a consumer who receives electronic communication from a direct marketer and has registered a pre-emptive block.
   • Pre-emptive Block: Defined as registering a block on the opt-out registry to prevent unwanted electronic communication from direct marketers.

Regulation 4 Amendments:

1. • Sub-regulation (1)(b): Updated to reference the pre-emptive block.
   • Sub-regulation (3)(b): Ensures the registry is accessible to all persons in the Republic, except during unforeseen technical interruptions.
   • Sub-regulation (3): Deleted paragraphs (i), (j), and (k).

1. • New Sub-regulations (7) to (11):
     • Direct marketers must register annually on the opt-out registry and ensure their information is up to date.
     • Direct marketers must be identifiable and not send unidentifiable electronic communications.
     • Direct marketers must not market to consumers who have registered a pre-emptive block and must cleanse their data monthly.
     • Consumers can register a pre-emptive block by completing a specified form.
     • The Commission must use the information solely for operating the opt-out registry, verify information, and assist consumers and direct marketers.
     • A fee structure for registration and renewal is established, with penalties for late renewal.

Annexures Amendments:

• • Annexure E: Updated the complaint form to include detailed information about the complainant and the nature of the complaint.
  • Annexure N: Introduced a fee structure for filing registration, annual renewal, and cleansing registration fees for 2024, 2025, and 2026.
  • Annexure O: Added a form for consumers to register a pre-emptive block.
  • Annexure P: Added a form for direct marketers to register on the opt-out registry.

These amendments aim to enhance consumer protection by regulating direct marketing practices and ensuring consumers can effectively opt out of unwanted communications.

Comment by: Comment by 12 Dec 2024.

FINANCE AND TAXATION

A NUMBER OF AMENDMENTS HAVE BEEN MADE TO OUR TAX LAWS AND OUR FINANCIAL MARKETS LAWS :

Financial Markets Act: JSE Equities Rules: Off Book Bookbuild Trades: Amendments: Comments invited.

Revenue Laws Amendment Bill B18-2024

The Revenue Laws Amendment Bill of 2024 has been introduced. It includes significant changes to the Income Tax Act, Skills Development Levies Act, and Unemployment Insurance Contributions Act, particularly around the management and distribution of retirement funds. These amendments will come into effect on 1 September 2024.

Taxation Laws Amendment Bill B16-2024

Key takeaway from the Taxation Laws Amendment Bill 2024:

• Income Tax Act: New definitions for electric and hydrogen vehicles, updates to company and trust definitions, and new deductions for green vehicle production.
• Customs and Excise Act: New tariff items for various fuels and amendments to rebates and refunds.
• VAT Act: Updates to resident definitions, deemed supplies, and financial services.
• Securities Transfer Tax Act: Changes to collateral arrangements and exemptions.
• Mineral and Petroleum Resources Royalty Act: Adjustments to mineral resource conditions.
• Employment Tax Incentive Act: Updates to remuneration definitions and penalties.
• Carbon Tax Act: Amendments for renewable electricity and emission factors.

These changes aim to modernize tax laws and align them with current economic and environmental goals.

Global Minimum Tax Administration Bill B21-2024

Global Minimum Tax Bill B20-2024

South Africa has introduced the Global Minimum Tax Bill, which incorporates the OECD’s Global Anti-Base Erosion (GloBE) Rules. This means large multinational enterprises operating in South Africa will now be subject to a minimum level of tax on their income, ensuring fairer tax practices and addressing challenges from the digital economy.

The Global Minimum Tax Administration Bill, 2024, has been introduced in the National Assembly. It outlines the administrative provisions for implementing the Global Minimum Tax Act, ensuring consistent treatment of multinational enterprises (MNEs) across jurisdictions. Key points include the obligation for Domestic Constituent Entities to submit a GloBE Information Return (GIR), due dates for submission and payment, and penalties for non-compliance. The Bill also allows for automatic exchange of information under certain agreements.

HEALTH AND SAFETY

Explosives Regulations:

• New Regulations: Covering definitions, authorisation, classification, licensing, record-keeping, disposal, safety, and security.
• Compliance: Detailed requirements for manufacturing, storage, transport, and use of explosives.
• Comment by: Comment by 24 Nov 2024. 

PETROLEUM

The UPSTREAM PETROLEUM RESOURCES DEVELOPMENT ACT 23 OF 2024 has been published – but we still await a commencement date:

This law is designed to manage the exploration and production of petroleum resources in an orderly and sustainable manner, ensuring that the benefits were shared equitably among all South Africans.

Key Objectives of the Act:

1. State Sovereignty: The State has the right to control all petroleum resources within the country.
2. Equitable Access: Ensures all South Africans have fair access to petroleum resources.
3. Black Persons’ Participation: Expands opportunities for black persons to participate in the petroleum sector.
4. Local Content: Promotes local employment, skills development, and the use of local goods and services.
5. Economic Growth: Fosters economic growth and development through petroleum resources.
6. Environmental Sustainability: Develops petroleum resources in an environmentally sustainable way.
7. Exploration and Production: Accelerates exploration and production activities.
8. Third-Party Access: Provides a framework for third-party access to petroleum infrastructure.
9. Data Acquisition: Facilitates the acquisition of petroleum geo-technical data.

Should you like to receive more detailed reports, please contact us directly for further information.

mailto:info@compliancetools.co.za

THE LEGAL TEAM