CIPC’s new system becomes mandatory

Submission of Annual Financial Statements to the Companies and Intellectual Property Commission (CIPC) using inLine eXtensible Business Reporting Language (iXBRL) as a standard, will be mandatory as from Sunday, 01 July 2018.

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Companies Act to be amended

This was announced by the Acting Deputy Director General for Consumer and Corporate Regulations at the dti, Mr MacDonald Netshitenzhe who said that this was result of the company law reform aimed at instilling corporate accountability, transparency and reduction of regulatory burden.

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SECTION 7C – IS YOUR TRUST AFFECTED BY THE NEW TAX LEGISLATION?

We have identified a risk that relates to any loan, advance or credit made to a trust, by a natural person or a company that is a connected person to the trust where interest is not charged, or interest is charged at a lower rate than the official rate (currently 7.75% based on the repo […]

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2B or not 2B: Will your ex-spouse inherit from your estate?

Sometimes it takes a sensational story in a newspaper, as opposed to oft-repeated legal advice, to drive home the importance of regularly updating your Will. Such an article appeared in the Sunday Times on 29 January 2017, entitled Gone to the Dogs. Conveying some sympathy for the deceased’s ex-wife, the article sets out the facts […]

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The King IV Corporate Governance Code may apply to you

The King reports over the last two decades have become locally and globally synonymous with good governance. To date the King Codes have had limited impact on Small and Medium Enterprises (SMEs). It is important to note that the King Codes are voluntary.  In terms of the latest King IV Report (it has been released for […]

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What is an Independent Review?

A company is allocated points according to the number of its employees, its annual turnover, its stakeholders and the level of third party liabilities at the end of the financial year. The Public Interest Score (PIS) is calculated as follows: 1 point for each employee or the average number of employees throughout the year. 1 […]

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The Companies Act Solvency and Liquidity Test

A company would satisfy the solvency and liquidity test if, considering all reasonably foreseeable financial circumstances of the company at that time: the fair value of the assets of the company equal or exceed the fair value of its liabilities; and it appears that the company will be able to pay its debts as they […]

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SAICA Guide on the Retention of Records

SAICA have released an updated Guide on the Retention of Records.  

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Companies Act and Annual Financial Statement requirements

CIPC Annual Financial Statements  All companies must prepare annual financial statements (“AFS”). Public and State Owned companies (SOC) must have audited AFS while a Private, Personal liability and Non-Profit company is not required to have its AFS audited unless: in the ordinary course of its business, it holds assets in a fiduciary capacity for persons […]

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Individuals are also required to submit a PAIA Manual in certain instances

All private bodies have to comply with The Promotion to Access of Information Act (PAIA) by the deadline date being 31 December 2015. The definition of “PRIVATE BODY” is as follows: a natural person who carries or has carried on any trade, business or profession, but only in such capacity; a partnership which carries or […]

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