Every organisation that holds personal information carries a responsibility that extends far beyond its own systems. How that information is protected, shared, and used reflects not only legal compliance but also the values and discipline of the business itself. The Protection of Personal Information Act, known as POPIA, places this responsibility at the centre of […]
POPIA Compliance in a Global Context Read More »
Understanding Beneficial Ownership A beneficial owner is the individual (natural person) who ultimately owns, controls, or benefits from an entity’s operations or assets. This may include someone who holds shares directly or indirectly through another entity or a trust. It is important to note that a beneficial owner must always be a natural person, not
Beneficial Ownership and Corporate Transparency in South Africa Read More »
A Closer Look at the Challenge For many years, South African legal and fiduciary professionals have encountered ongoing challenges in their interactions with the Master’s Office. These backlogs have become increasingly severe, now affecting estates, trusts, and related fiduciary matters across the country. The difficulties stem from a combination of administrative inefficiencies, legacy systems, and
Master’s Office Processing Delays Read More »
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
Trust Property Control Act amendments Read More »
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
Companies Act amendments – Beneficial ownership Read More »
Meet Brezilda van Heerden, a dynamic consulting attorney at RVN, whose day begins with a cup of coffee and a burning desire to tackle new challenges. For her, success is not a distant goal but a daily accomplishment, making the most of every opportunity that comes her way. Having transitioned from practising attorney to consulting
Passionate about coffee and the law Read More »
New Notice of Objection rules came into effect on 10 March 2023 according to the Government Gazette 48188. Among other changes, Rule 7 “Objection against assessment” now determines that the taxpayer must deliver a notice of objection within 80 days (an extension from the previous 30 days). This allows taxpayers and tax practitioners a significantly
New Notice of Objection rules Read More »
On 24 April 2023, SARS announced that they have made some enhancements to the Tax Compliance Status (TCS) process, with immediate effect. Previously, SARS made provision for an Emigration TCS Pin and for a Foreign Investment Allowance (“FIA”) TCS Pin. These two applications are now, effectively, one and the same, and will be referred to
New Approval of International Transfer Read More »
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
Trusts and PBO 3rd party reporting Read More »
Condonation for the late filing of legal documentation depends on whether the interests of justice will be served by the court granting such condonation IN TAXPAYER M v CSARS (Case Number VAT1826) heard by the Gauteng Tax court, Windell, J handed down an important decision regarding the validity of a default notice (and the resultant
Follow due process, yes—but be reasonable! Read More »
