Beneficial Ownership.
A beneficial owner is a natural person who ultimately owns or controls a legal entity, such as a company or a close corporation. The CIPC requires any person with more than 5% beneficial ownership of a company or close corporation to file their BO information with the CIPC.
CIPC has implemented a beneficial ownership interface with effect from 11 December 2023, which means that clients have to file their BO information before filing their annual returns. The interface also validates whether the BO information is up to date and provides a warning message and a link to the BO register if not.
The purpose of the BO interface is to improve transparency and accountability in the corporate sector, and to assist law enforcement agencies in combating money laundering, tax evasion, and other financial crime.
Should you require professional advice in this regard please do not hesitate to contact us.
COP 28.
It is expected to be a turning point for climate action, as countries will assess their progress and plans to limit global warming to 1.5°C above pre-industrial levels, as agreed in the Paris Agreement. COP28 will also conclude the first global stocktake, a process that evaluates the collective efforts and gaps in achieving the Paris goals. COP28 is an opportunity to identify global solutions, accelerate the green transition, and protect lives and livelihoods from the impacts of climate change.
COP 28 ends on the 12th December and we will keep you posted on the outcomes.
Two Pot Retirement System Implementation Delayed.
The remaining two-thirds of a pension fund will thereafter be transferred to a “retirement fund” that can only be accessed upon retirement.
However, the implementation of the two-pot retirement system has been postponed to September 2024 . The postponement was agreed upon by the minister of finance and the portfolio committee on finance in parliament .
VAT Enhancements for Estimated Assessments.
- SARS can issue an estimated assessment based on the information available to them, such as previous returns, third-party data, industry averages, or any other relevant information
- The estimated assessment is due and payable within 21 business days after the date of assessment, unless the taxpayer objects or requests a suspension of payment
- The taxpayer can avoid the estimated assessment by submitting the outstanding return or documents before the date of assessment, or by providing a satisfactory explanation for the delay
- The taxpayer can object to the estimated assessment within 30 business days after the date of assessment and must provide the outstanding return or documents with the objection
- SARS can impose penalties and interest on the unpaid tax resulting from the estimated assessment, as well as administrative non-compliance penalties for the late submission of returns or documents
Sincerely,
