By Tarryn Atkinson CA(SA) SARS is both the administrator and implementor of tax legislation in what can be a lengthy process. While many people anticipate and focus on the budget delivered in February each year by the incumbent Minister of Finance, the legislative process itself begins much earlier. National Treasury is the custodian of tax… Read More The birth of tax legislation
By Madelein Grobler Tax practitioners are required by law to provide their clients with access to their own individual eFiling profiles, and refusing to do so will not only have ethical consequences but also legal consequences As the 2019 tax year comes to an end on 28 February 2019, taxpayers may be scouting for a… Read More The tax practitioner’s lien for outstanding debt
By Dhanesh Mohanlal CA(SA) The South African Revenue Service (SARS), through the automatic exchange of information (AEOI), began exchanging tax information with the revenue authorities of over 50 jurisdictions in September 2017. This number has increased to over 100 in September 2018, and this number is set to grow further in the coming years. The… Read More What do developing countries hope to achieve from implementing the AEOI?
By Shaaheen Tar-Mahomed We are seeing rapid digitisation of our society and our lives, where everything creates data. More data was produced in 2017 than in the previous 5,000 years of humanity. New and disruptive technologies are emerging at a rapid pace. Blockchain, the cloud, robotic process automation (RPA), digital labour, machine learning, deep learning,… Read More New technologies set to power an audit
By Karlien Dempsey and Ben Marx Information technology is an integral component of most organisations’ business operations, with individuals and societies placing ever-increased reliance thereon. IT brings with it significant benefits but also significant risks which impact directly on how entities conduct business . The rapid evolution of the IT landscape, coupled with the Fourth… Read More IT as a key audit matter
By Esther Pieterse and Gerdus Dixon This is not the time to take the foot off the pedal… The International Accounting Standards Board (IASB) at its meeting on 14 November 2018 tentatively decided to propose that: The mandatory effective date of IFRS 17, Insurance Contracts (IFRS 17), be deferred by one year, to 2022, and The fixed… Read More Proposed deferral of IFRS 17