Company directors face further responsibility and administrative burdens resulting from legislative changes earlier this year, following South Africa’s grey listing by the global financial watchdog, the Financial Action Task Force. Directors are now obliged to implement a detailed Beneficial Ownership Register for their companies and submit the register to CIPC, along with a list of supporting documents. 

Such a register must also be maintained, with beneficial ownership changes recorded timeously and the validity of the information confirmed on an annual basis. In addition to the added legal obligation and the time-consuming process, failure to comply is an offense in terms of the Companies Act and may incur penalties – providing ample reason to seek the assistance of your accountant in this matter. 

Despite some plans finally taking shape, the risk of high-level loadshedding over the next few years is still very much in place. For now, there isn’t a business in the country that needs to be told of the massive negative impact the lack of electricity can have on their productivity with lost sales, decreased production and missed deadlines being just a few of the downsides on a long list.

While the chances are low, many economists and politicians are even advising business leaders to prepare for the worst and make sure they are prepared for potential countrywide blackouts lasting weeks. Here are our tips for preparing your business to face days without electricity.

The confidentiality of taxpayers’ information has been a cornerstone of tax systems, globally and in South Africa, as it provides taxpayers with peace of mind that the sensitive financial and highly personal information, they are obliged to disclose to tax authorities will not be made public. However, recent developments have raised questions about this, with the public disclosure of President Cyril Ramaphosa’s tax status and a Constitutional Court ruling that re-evaluates the absolute confidentiality of tax information held by SARS.

In this article, we look at what information SARS can collect about taxpayers, how POPI and PAIA come into play, what protection is available for taxpayers’ information, and how to ensure compliance, while only providing relevant information to the tax authority. 

• 7 July - Monthly Pay-As-You-Earn (PAYE) submissions and payments
  
  
• 28 July - Excise Duty payments
  
  
• 31 July - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.