News

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.

VIPA - Changing the Face of Global Agriculture

VIPA Holdings is on a mission to save the agricultural industry, one field at a time. This fully independent manufacturer and distributor of sustainable agricultural products embraces a humanitarian ethos and is committed to improving the foundation of food - our soils - and ensuring the longevity of our planet.
After more than a decade of proven success in the agricultural sector, VIPA Holdings is a force to be reckoned with in the SADC region and the rest of the world. A principal trading company, VIPA is owner-managed by CEO David Smillie, who has entrenched his passion for sustainability, quality and service excellence in his reliable team. VIPA’S head office is based at Durban’s Point district, near its state-of-the-art manufacturing and coating facility, both situated close to the harbour for shipping and transport convenience.

What Is Skills Development?

The Skills Development Act and Skills Development Levies Act require businesses with yearly payrolls of R500 000 and over to register for Skills Development Levies (SDL).
 
The purpose of the Skills Development Act is to develop the skills of the South African workforce and to improve the quality of life of workers and their prospects of work.

International Foreign Exchange Payments: What You Need to Know

South Africa’s uncertain economic and political climate has put unprecedented pressure on the Rand. From February to December 2015, the Rand weakened against the US Dollar from R12.50 to R17, more than 35%. This has resulted in an increased number of people who wish to diversify their assets in offshore safe haven markets, and therefore an increase of outflows of personal wealth.

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