RVN Chartered Accountants Incorporated

Compliance

Trust Property Control Act amendments

In December 2022, the Trust Property Control Act, no.57 of 1988 (hereinafter ‘the Act’) was amended in efforts to strengthen South Africa’s anti-money laundering and terror financing mechanisms. The amendments were predominantly aimed at increasing transparency and unveiling the warm body persons behind trusts. Consequently, extensive additional responsibilities were imposed on trustees which are concisely …

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Companies Act amendments – Beneficial ownership

Protecting the identity of a legal entity’s ultimate beneficial owner can have a legitimate purpose, yet and unfortunately, this privilege of anonymity has been misused to facilitate, amongst other crimes, fraud, money laundering and tax evasion.  In December 2022 the Companies Act, no. 71 of 2008 (hereinafter ‘the Act’) was amended in efforts to address …

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Trusts and PBO 3rd party reporting

It is important to prepare yourself for the new SARS requirements.  SARS will now require third-party data from Trusts and Public Benefit Organisations. Currently, banks, financial institutions, medical schemes, attorneys, estate agents, and issuers of bonds, debentures, and financial products are required to file third-party returns to SARS.  The third-party returns, containing information about a …

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