Alison Lee

GAZETTE WATCH OCTOBER 2020

WHAT’S HAPPENED THIS WEEK?

OCTOBER 2020

LINK TO NOTICE

CORPORATE – COMPANIES – STATE OWEND ENTERPRISES – SOC’S – SUBMISSION OF ANNUAL FINANCIALS

Companies Act: Submission of Annual Financial Statements using Generally Recognized Accounting Principles (GRAP) in XBRL

State Owned Companies (SOC’s) who previously could not submit their GRAP standard based AFS’s

in the XBRL format because it was not supported will from the 1st of October 2020 be able to submit

their AFS’s in the XBRL format as opposed to submitting Financial Accountability Supplements (FAS’s)

in the process of them filing their Annual Returns (AR’s).

From 01 October 2020 until 30 September 2021, SOC’s whose financials are based on the GRAP

standard must voluntarily file their GRAP standard based AFS in the XBRL format.

From 01 October 2021, it will become mandatory for all SOC’s to submit AFS’s in the XBRL format in

compliance with the Companies Act, Act 71 of 2008 as amended.

For a detailed overview and analysis see -THE LEGAL TEAM

015-COMPANIES ACT: SUBMISSION OF ANNUAL FINANCIAL STATEMENTS USING GENERALLY RECOGNIZED ACCOUNTING PRINCIPLES (GRAP) IN XBRL

G43734 GoN 1018 DEPARTMENT OF TRADE, INDUSTRY AND COMPETITION SEPTEMBER 2020

For a detailed overview and analysis see –THE LEGAL TEAM

LEGAL PRACTICE ACT: AMENDMENT TO RULE 16.10: COMMENTS INVITED

G43784GeN 548 Comment by 9 Nov 2020

LEGAL PRACTICE ACT: RULES: AMENDMENT: COMMENTS INVITED

G43784 GeN 547 9 Oct 2020 Comment by 9 Nov 2020

ATTORNEYS, LEGAL PRACTITIONERS AND ADVOCATES

Legal Practice Act: Amendment to Rule 16.10:

The Council intends to amend the Rules of the Council by the deletion of rule 16.10 and the substitution therefore of the new Rules: under 16.10 which pertains to the nomination of an eligible attorney as an attorney member of the Provincial Council.

Comments invited by 9 Nov 2020

Legal Practice Act: Rules: Amendment: Rule 54.9.2.1 Comments invited

The Council intends to amend the Rules – Amendment of Rule 54.9.2.1 Which will read:

54.9.2.1 in the case of electronic accounting records or files hosted offsite, such records or files shall always be kept confidential, shall be reasonably secured and shall remain immediately accessible to authorised persons from the office of the firm, to the Council, and to all persons entitled to access thereto by law. Where the firm engages a service provider to provide offsite storage facilities for the records and files of the firm, the firm shall procure that the contractual arrangements with the service provider shall bind the service provider to ensure compliance with the aforegoing provisions;

AGRICULTURE

INSPECTION FEES

LINK TO NOTICE

43784gen549.pdf

Agricultural Product Standards Act: Inspection fees: Comments invited

Applies to – All regulated fresh fruit and vegetables

The rates above will apply to inspections carried out at any harbour, airport, distribution center, packhouse, cold storage facility and any other designated facility that holds, handles or distributes imported fresh fruit and vegetables for sale in South Africa.

For a detailed overview and analysis see – THE LEGAL TEAM

AGRICULTURAL PRODUCT STANDARDS ACT: INSPECTION FEES: COMMENTS INVITED

G43784GeN 549 9 Oct 2020

TAX

REGULATIONS FOR PURPOSES OF PARAGRAPH (a) OF THE DEFINITION OF “INTERNATIONAL TAX STANDARD” IN SECTION (1) OF THE TAX ADMINISTRATION ACT, 2011 (ACT NO. 28 OF 2011), PROMULGATED UNDER SECTION 257 OF THE ACT, SPECIFYING THE CHANGES TO THE OECD STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION IN TAX MATTERS

A. These Regulations have effect for and in connection with the implementation of obligations which may arise or arise under—

(1) the following agreements or arrangements, in respect of which these Regulations apply separately except where the context otherwise requires:

(a) the Multilateral Competent Authority Agreement signed by the Competent Authority of South Africa on the 23rd of October 2014, with the Participating Jurisdictions as updated and published by the OECD from time to time; and

(b) any other multilateral or bilateral agreement or arrangement between South Africa and another jurisdiction, as updated and published by SARS from time to time, which provides for the implementation of the Standard, or

(2) these Regulations in respect of or in connection with obtaining, maintaining and provision to SARS of information regarding a Reportable Jurisdiction Person in any jurisdiction not included under subparagraph A(1) for domestic purposes or subsequent exchange of information when such jurisdiction becomes a jurisdiction included under subparagraph A(1).

The Standard encompasses the CRS for automatic exchange of information under an agreement or arrangement referred to in paragraph A.

Alert Name and link

Tax Administration Act: Regulations: New Common Reporting Standard

43781rg11184gon1070.pdf

005 – TAX ADMINISTRATION ACT: REGULATIONS NEW COMMON REPORTING STANDARD

G43781 RG11184 GoN 1070 9 Oct 2020

VAT

The importation of goods for official use by an organisation or institution in terms of an agreement entered into by the Republic of South Africa.

Take note of the amendment to paragraph 8 of Schedule 1 to the Act – relating to the exemption from value added tax on the importation of goods for official use by an organisation or institution in terms of an agreement entered into by the Republic of South Africa.

More Detail

AMENDMENT OF PARAGRAPH 8 OF SCHEDULE 1 TO THE VALUE-ADDED TAX ACT, 1991 (ACT NO. 89 OF 1991) IN TERMS OF SECTION 74(3)(A) TO INSERT ITEM 406.00 IN CONSEQUENCE OF THE INSERTION OF REBATE ITEM 406.04 IN SCHEDULE NO. 4 OF THE CUSTOMS AND EXCISE ACT, 1964 (ACT NO. 91 OF 1964)

September 2020-Government Gazette 2020-10-09

AMENDMENT OF PARAGRAPH 8 OF SCHEDULE 1 TO THE VALUE-ADDED TAX ACT, 1991 (ACT NO. 89 OF 1991) IN TERMS OF SECTION 74(3)(a) TO INSERT ITEM 406.00 IN CONSEQUENCE OF THE INSERTION OF REBATE ITEM 406.04 IN SCHEDULE NO. 4 OF THE CUSTOMS AND EXCISE ACT, 1964 (ACT NO. 91 OF 1964)

Link to full document

43781rg11184gon1069.pdf

COVID DIRECTIVES

Click on green text to access

Disaster Management Act: Directions: Measures to address, prevent and combat the spread of Coronavirus COVID-19 in social development

G43777 GoN 1063 7 Oct 2020

Disaster Management Act: Directions: Measures to address, prevent and combat the spread of Coronavirus COVID-19 relating to biodiversity auctions

G43778 GoN 1064 7 Oct 2020

Disaster Management Act: Directions: National framework for tuition and accommodation fees for academic years 2020 in public higher education institutions

G43772 GoN 1057 5 Oct 2020

Disaster Management Act: Directions: Measures to address, prevent and combat spread of Coronavirus COVID-19 for Alert Level 1: Norms and standards for religious gatherings

G43771 GoN 1056 3 Oct 2020