WHAT’S HAPPENED THIS WEEK?
LINK TO NOTICE
CORPORATE – COMPANIES – STATE OWEND ENTERPRISES – SOC’S – SUBMISSION OF ANNUAL FINANCIALS
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
G43734 GoN 1018 DEPARTMENT OF TRADE, INDUSTRY AND COMPETITION SEPTEMBER 2020
For a detailed overview and analysis see –THE LEGAL TEAM
G43784GeN 548 Comment by 9 Nov 2020
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 18.104.22.168 Comments invited
The Council intends to amend the Rules – Amendment of Rule 22.214.171.124 Which will read:
126.96.36.199 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;
LINK TO NOTICE
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
G43784GeN 549 9 Oct 2020
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
G43781 RG11184 GoN 1070 9 Oct 2020
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.
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)
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G43777 GoN 1063 7 Oct 2020
G43778 GoN 1064 7 Oct 2020
G43772 GoN 1057 5 Oct 2020
G43771 GoN 1056 3 Oct 2020
G43752 GoN 1032 1 Oct 2020
G43753 GoN 1033 1 Oct 2020
G43754 GoN 1034 1 Oct 2020
G 43749 GoN 1029 1 Oct 2020
G43729 GeN 512 23 Sep 2020
G 43729 GeN 512 23 Sep 2020
G43725 GoN 999 20 Sep 2020
G43725 GoN 999 23 Sep 2020
PRESCRIBED RATE OF INTEREST ACT, 1975 (ACT NO. 55 OF 1975)
Note the revised rate of interest of 7,25 percent per annum as from 1 July 2020 under G43781 RG11184 GoN 1067
dated 9 Oct 2020