News

Bringing Renewable Energy to Businesses in Rural Areas in Africa

Investors have identified opportunities to develop renewable energy in rural areas in several African countries, bringing power to small and medium-size businesses and the communities that surround them.
 
Together with technical partners, consulting and advisory firm, Moore Stephens Africa Advisory (MSAA) has a strategy to facilitate assisting rural communities and private developers to own and operate their own renewable energy farms.

SARS Special Stoppers

The issue of refunds remains of great concern to all involved. (See also the SAIT Member Alert 1 September 2016). We are sending this alert once again to inform you that you are not alone in your concerns. The issue of refunds is a widespread issue, based on the myriad of complaints that we receive daily, as well as on our discussions with other key recognised controlling bodies. The most urgent concerns relate to ITR12’s, with VAT refunds being an ongoing issue.

My Will and Estate Planning

We never like talking about death and taxes, but ensuring that you have a valid and current will can alleviate further hardship for the loved ones whom you leave behind. In this way, some unintended consequences are avoided, not to mention the unnecessary hardship for surviving family members during an already difficult time. 

Recent Developments in Terms of South African Transfer Pricing Documentation Requirements

South Africa’s transfer pricing legislation came into effect on 1 July 1995 and was followed by Practice Note 2 and Practice Note 7. These provided taxpayers with guidance on how the South African Revenue Service (“SARS”) intended to apply the legislation, including certain guidelines on transfer pricing documentation, which was largely based on the Organisation for Economic Cooperation and Development (“OECD”) transfer pricing documentation guidelines. This remained the only point of reference for taxpayers and transfer pricing service providers until recently.  

Changes in The BEE Regulation Environment

Owing to recent changes in the BEE environment, our regulating body, the IRBA, has decided to withdraw from the regulation of B-BBEE assurance services with effect from 30 September 2016. All assurance engagements entered into prior to 30 September 2016, will be allowed a transitional period of three months until 31 December 2016 to complete these engagements.

Introducing the Draft King IV Report on Corporate Governance

The Institute of Directors in Southern Africa (IoDSA) and the King Committee have arguably been at the forefront of redesigning and institutionalising the corporate governance landscape in South Africa. King I was introduced in 1994, together with two further editions - one in 2002 (King II) and another in 2009 (King III)[1]. In 2014, taking into account local legislative and economic changes and international trends, IoDSA and the King Committee began the work of drafting a new report, King IV. This aimed at speaking to the aforementioned challenges, as well as concerns and issues faced by many private companies, non-profit companies and other juristic entities which had faced difficulties in implementing King III.
 
[1] As published on IoDSA’s website - http://www.iodsa.co.za/page/AboutKingIV

Amendments to The IFRS For SMEs Standard

After being with us for a little more than six years in its current form, the IASB has published amendments to the International Financial Reporting Standard for Small to Medium-sized Entities (IFRS for SMEs). Amendments become effective for annual periods beginning on or after 1 January 2017. Earlier application is permitted, in which case all amendments must be adopted.

Brexit: Two Weeks Later……

Two weeks after the United Kingdom voted to leave the European Union (EU), the focus of attention is in three different areas: the political turmoil that has erupted in UK politics, the widespread speculation about the response of the remaining members of the EU and the reaction of global equity, bond and currency markets. 

Implications If MOI Is Not Completed and Submitted to CIPC

The Presidency proclaimed 01 May 2011 as the implementation date of the Companies Act, No. 71 of 2008, as amended by the Companies Amendment Act, No. 3 of 2011 (“New Companies Act”) and the Companies Regulations. This Act replaced the Companies Act, No. 61 of 1973 (“Old Companies Act”) on 01 May 2011, other than the provisions relating to liquidations and winding-up.

Security Best Practices for Cellphone Users - Part 1

There is no doubt that technology brings with it many advantages. However, there are also attendant risks which need to be carefully managed, to ensure that all its advantages can be enjoyed with the risks minimised as far as possible. Nowhere is this, perhaps, more important than in the case of mobile phones, where data can be accessed and compromised with relative ease.

Risk Management

We have seen many organisations implement an Enterprise-wide Risk Management Process during the last few years.  Yet very few have derived any practical value from this process.
 
The most common reasons why most ERM processes effectively fail during the first year, are discussed below.

Non-Submission of Annual Financial Statements and Late Submission in Contravention of Companies Act

The implementation of the Companies Act, Act 71 of 2008 as amended since 1 May 2011, included the requirement for all companies (including external companies) and close corporations to file either their audited or reviewed financial statements. Owing to the CIPC system limitations, CIPC could not accommodate the uploading of documentation and subsequently waived filing of financial statements for all entities, except Public and State-owned companies until 31 March 2013.
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