RVN Chartered Accountants Incorporated

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Strengthening the Fight Against Financial Crime: New Beneficial Ownership Regulations in South Africa

In a significant advancement in the ongoing battle against financial crime, South Africa has recently introduced robust regulations concerning Ultimate Beneficial Ownership (UBO). The Financial Intelligence Centre (FIC) has issued new guidance, lowering the threshold for identifying controlling ownership from 25% to 5%. This pivotal change, outlined in Public Compliance Communication 59 (PCC59), marks a …

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Key Considerations Before Borrowing Money in South Africa

Securing a loan is a common approach for financing various personal and business needs in South Africa, from purchasing property to covering unexpected expenses. However, the decision to borrow money requires careful thought and planning. Here are essential factors to consider before you commit to a loan. Assess your financial situation: Evaluate your needs and …

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Managing Complexities in Tax Practice: Resolving Current SARS Operational Concerns

Tax professionals and taxpayers encounter hurdles stemming from current operational and administrative issues within SARS. Recently, a surge in these issues necessitated collaborative efforts between regulatory bodies and SARS to identify remedies. One significant concern revolves around unauthorised access to e-Filing profiles, leading to user frustration. This longstanding issue has resurfaced, with instances of profile …

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