Thought Leadership

New Filing Requirement For All South African Companies; Protecting The Integrity Of Our Regulatory Framework

The Companies and Intellectual Property Commission (“CIPC”), which administers about 2.1 million active companies in South Africa, has recently introduced the requirement for companies to register their beneficial owners (“BOs”) as part of their annual returns process. The introduction of BO registration is aimed at promoting transparency and combating financial crimes such as money laundering and corruption.

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Key Changes in the Finance Act 2021

On 8 December, the National Assembly received the 2021 Finance Bill (the Bill) for consideration and eventual passage. As a build-on of the 2020 version, the Bill seeks to amend multiple laws such as the; the Capital Gains Act; Stamp Duties Act, Personal Income Tax Act; Companies Income Tax Act; Tertiary Education Trust Fund (Establishment Act) etc.

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South African Revenue Service (Sars) Implements New Rules for the Customs and Excise Client Accreditation

The South African Revenue Service (SARS) is established in terms of the South African Revenue Service Act 34 of 1997 as an autonomous agency, which is responsible for administering the South African tax system and customs service. SARS recently implemented new rules under section 64E of the Customs and Excise Act No.91 of 1964 (“the Act”).  The old Rules which provided for accredited client status have been repealed in their entirety and replaced by a new set of Rules. This new set of rules became effective on 23 July 2021.

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