Posted on 29 Nov 2016
One of the case studies analysed by the Ombud for Short-Term Insurance was against Alexander Forbes. The client laid a complaint against the insurer when they rejected her claim for damage caused as a result of rising damp. The insurer rejected the claim on the basis that no insured peril had occurred. After the insurer … Continued
Posted on 29 Nov 2016
The Financial Services Board (FSB) has published its annual report for 2016. The report aims to provide a balanced view of the FSB’s financial and non-financial performance for the year ended 31 March 2016. Click here to read the annual report
Posted on 29 Nov 2016
The office of the FAIS Ombud has released its latest annual report. The report includes a note by the Minister of Finance, a report by the Chairperson of the Board of the FSB as well as the Ombud’s operational report which provides trends in respect of findings for the year 2015/2016. The Minister of Finance … Continued
Posted on 29 Nov 2016
The FSB held its annual Insurance Regulatory roadshow in November, in Cape Town and JHB, where they spoke on various topics including RDR. Here is a link to the RDR presentation if you would like to have a read through it. The FSB said they would publish an RDR status update before the end of the … Continued
Posted on 15 Nov 2016
The FIC Amendment Bill will introduce a new section (Section 26A), titled “Notification of persons and entities identified by Security Council of the United Nations”. This section will be prompted if the UN Security Council adopts a Resolution requiring UN member states to impose certain actions (financial sanctions) against certain identified persons or entities, and … Continued
Posted on 15 Nov 2016
The Registrar of the FSB referred a case against Discovery Life Limited (Discovery) and Regal Financial Services (Pty) Ltd (Regal) to the Enforcement Committee owing to contraventions of Section 3A of the FAIS General Code of Conduct (the Code). Discovery was involved in employment negotiations with four financial advisors prior to the prohibition of sign-on … Continued
Posted on 15 Nov 2016
Masthead has seen an increase in cybercrime and/or fraudulent activities which affect financial advisors. We take a look at the two types of situations which can impact both a financial advisor and his/her clients. Cyber security and liability Cyber liability occurs if someone hacks into an advisor’s data or the advisor’s staff gives out personal … Continued
Posted on 1 Nov 2016
An update to the Financial Sector Regulation (“Twin Peaks”) Bill was published a week ago. This update is the result of matters raised during hearings that were held in parliament by the Standing Committee to deliberate the Bill. The Committee requested that an update, taking into account the matters raised, be made available. Click on … Continued
Posted on 1 Nov 2016
The Registrar of the Financial Services Board (FSB) intends to amend the current fit and proper requirements applicable to financial services providers (FSPs), key individuals and representatives. The Registrar intends on doing so by revoking the Determination of Fit and Proper requirements for FSPs 2008, as well as the Notice on Determination of Qualifying Criteria … Continued
Posted on 1 Nov 2016
Section 42 of the current Act refers to the ‘formulation and implementation of internal rules’. The Amendment Bill will look to replace this with the amended section 42 ‘Risk Management and Compliance Framework’. The substituted section 42 will require an accountable institution (AI) to develop, document, maintain and implement a programme for anti-money laundering and … Continued
Posted on 18 Oct 2016
When the FSB grants an application for a FAIS licence (Section 8(4)), the Registrar may impose certain conditions and restrictions. There are standard conditions and there may also be conditions specifically applicable to the FSP licence. The licensing conditions may also include exemptions applicable to the FSP. One of the objectives of FAIS is to … Continued
Posted on 18 Oct 2016
On 12 October 2016, the Registrar for Short-Term Insurance instituted an urgent application at the Johannesburg High Court for the liquidation of SaXum Insurance Limited (SaXum). The application is based on the fact that SaXum is insolvent and the Registrar is satisfied that the liquidation is in the best interest of its policyholders. SaXum is … Continued
Posted on 18 Oct 2016
The FIC has released Public Compliance Communication (PCC) No 36 on the obligations arising from FICA, pertaining to the 2016 Special Voluntary Disclosure Programme. This PCC applies to accountable institutions which render advice to clients using the 2016 Special Voluntary Disclosure Programme (SVDP). The programme relates to tax matters and/or matters concerning the Exchange Control … Continued
Posted on 18 Oct 2016
This week we take a look at the amendments that are proposed to sections on Due Diligence in Chapter 3 of the Bill. Before delving into the amendments let’s first highlight the changes to the chapter’s name which will be amended from ‘Control measures for money laundering and financing of terrorist and related activities’ to … Continued
Posted on 6 Oct 2016
The Council for Medical Schemes (CMS) announced changes to the fees payable to the Council. No changes have been made to the regulations and fee structure since November 1999. The most significant fee change that will affect financial advisors will be for: the application for accreditation, or the renewal of accreditation as a broker The … Continued
Posted on 6 Oct 2016
The FIC Amendment Bill is currently with the President for approval and signature. The amendments to Schedules 1, 2 and 3 of the Financial Intelligence Centre Act, 2001 (FICA) are also being reviewed as part of the review process of the Act. The amendment of the Schedules to the FIC Act will broaden the application … Continued
Posted on 6 Oct 2016
The FIC Amendment Bill will introduce more responsibilities on the directors, senior management and other relevant senior staff to ensure that the accountable institution (AI) complies with the stringent measures to fight money laundering and terrorist financing (ML/TF). It is therefore important that all directors and management are properly informed of the proposed changes to … Continued
Posted on 20 Sep 2016
Tax Ombud, Judge Bernard Makgabo, will have his term of office extended by another three years, commencing on 1 October 2016. This announcement made by Minister of Finance, Pravin Gordhan, was recently published in media statement from the National Treasury. Click here to read the media statement
Posted on 20 Sep 2016
The latest FAIS newsletter, published by the FSB, covers information on: Electronic submission of handover reports What you need to know about registering for the Regulatory Exams Competency Framework ‘FAIS Credits’ Feedback on the online submission of profile changes In the next issue of Mastering Compliance we write about ‘FAIS Credits’ and provide guidance on … Continued
Posted on 20 Sep 2016
The South African Reserve Bank (SARB) has launched a national campaign to raise public awareness of illegal deposit-taking and advance-fee schemes. The campaign, themed ‘Easy come. Easy go’, aims to provide South Africans with steps on protecting themselves against illegal schemes. Illegal deposit-taking includes the sending of documents, which seem to be official, and promises … Continued
Posted on 20 Sep 2016
The Protection of Personal Information Act (POPI) was signed into law by President Zuma in November 2013. In terms of Section 39 of the Act, an Information Regulator must be established. On 7 September 2016, the National Assembly approved the nominations of Chairperson, Advocate Pansy Tlakula and four other persons as members of the Regulator. … Continued
Posted on 20 Sep 2016
In the last issue of Mastering Compliance, we published the developments of the FIC Amendment Bill by looking at the Issue Papers published by the FIC. This week, we provide you with a status update of the Bill, where it currently stands and an overview of the changes it will bring. In the coming weeks, … Continued
Posted on 6 Sep 2016
As part of its commitment to Treating Customers Fairly, ASISA members have developed the Effective Annual Cost (EAC) measure. This new standardised disclosure will give advisors the ability to compare charges across most retail investment products and it will assist advisors to compare the impact of charges on investment returns. Sharing this information with clients … Continued
Posted on 6 Sep 2016
The FSB has issued an invitation to comment on the proposal of exemptions of sections of the FAIS Act and General Code of Conduct The Registrar of the FSB has published the following proposed exemptions for public comment: Exemption from Section 13(1)(c) regarding Juristic Representatives Exemption from Section 19(3) regarding the Audit Report Liquidity Requirements … Continued
Posted on 6 Sep 2016
The FSB has released a new user guide for FAIS online reporting system users. This guide provides users with detailed steps on how to use the system as well as the various services available on the system. Some of the changes and new functionalities to the system are: Handover compliance reports can be completed on … Continued
Posted on 6 Sep 2016
The Financial Intelligence Centre (FIC) has published an Issue Paper on guidance required to implement the FIC Amendment Act of 2016. The Issue Paper has been released in consultation with National Treasury, the South African Reserve Bank and the Financial Services Board. The Issue Paper provides clarity on the Amendment Bill and is meant to … Continued
Posted on 6 Sep 2016
There has been much debate about risk profiling and its relevance – or lack thereof – in determining an appropriate investment solution for customers. Risk Profiling is a process of finding the optimal level of investment risk for your client considering the risk required, risk capacity and risk tolerance, where: Risk Required is the risk … Continued
Posted on 23 Aug 2016
On 10 August 2016 the Financial Services Board (FSB) of South Africa issued a press release announcing it’s signing of a Memorandum of Understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The aim of this agreement is to facilitate a partnership that promotes and maintains the integrity of … Continued
Posted on 23 Aug 2016
The Ombudsman for Short Term Insurance has issued the latest issue of the OSTI Briefcase for 2016. We take a look at two case studies in this issue which relates to clear information not being provided. We highlight the importance of understanding what is expected of financial advisors when providing clients with information about a … Continued
Posted on 23 Aug 2016
The South African Reserve Bank (SARB) has issued administrative sanctions on five banks after it found that the banks had inadequate control measures. The SARB made this finding after conducting an inspection of the banks in terms of the Financial Intelligence Centre Act (FICA) which mandates the SARB to ensure that banks have adequate controls … Continued
Posted on 11 Aug 2016
Authorised financial services providers are required to pay a levy to the FSB to cover the cost of the FSB’s supervision and a levy for funding the Office of the FAIS Ombud. Board Notice 81 of 2016 sets out the details of the levies which are payable by 31 October 2016. The FSB would have … Continued
Posted on 11 Aug 2016
The complainant is a pensioner who lost R125 000 in Realcor, a failed property syndication, based on the advice provided by her financial advisor. She contacted the FSP after hearing their marketing campaign on the radio. The investment was promoted as ‘safe’ and it guaranteed that there was minimal risk regarding loss of capital as the … Continued
Posted on 11 Aug 2016
National Treasury has issued new documents which form part of its financial sector regulatory reform programme. The programme forms part of the financial sector reform strategy for South Africa which was approved by Cabinet. The initial programme was first outlined in the discussion document ‘A safer financial sector to serve South Africa better’, published in … Continued
Posted on 11 Aug 2016
The FSB has warned the public to act with caution if contacted by entities purporting to be acting on behalf of Alexander Forbes, regarding the recovery of unclaimed pension benefits and surplus funds. These entities are tracing members of pension funds who have unclaimed benefits and surplus funds payable to them and are offering to … Continued
Posted on 26 Jul 2016
Section 7(4) of the General Code of Conduct (the Code) sets out what advisors must provide to their clients when rendering ongoing financial services to them. While the Code sets out the regulatory requirements, we also take a look at why it is makes good business sense for advisors to conduct client reviews. The heart … Continued
Posted on 26 Jul 2016
The FSB has issued a media statement to warn the public against doing financial services related business with Olmen Finance Services, which is purporting to be an authorised FSP, but has not been granted a licence by the FSB. Click here to read the media release
Posted on 12 Jul 2016
The latest FSB Bulletin published recently reports on the first quarter of 2016. The Bulletin covers industry news and views written by members of the FSB. Masthead’s managing director, Ian Middleton, is also featured in this Bulletin where he speaks about an industry perspective of “Consumers, advisors should prepare now for advice fees.” Click here … Continued
Posted on 12 Jul 2016
In our Mastering Compliance issue of 28 June 2016, we published FAIS Notice 51 on the Bi-annual Compliance Reports for CAT II and IIA FSPs. An error was noted in the numbering on the Statistical Information Sheet in the Reports of the initial notice (FAIS Notice 51 of 2016) and has therefore been repealed and … Continued
Posted on 12 Jul 2016
The complainant agreed to invest an amount of R50 000 in shares based on the advice of the respondents who informed the complainant that they “… were in the business of ‘buying and selling JSE shares under high gearing securities (CFDs and Currencies) to make profit in a short period’”. The investment agreement indicated that a … Continued
Posted on 12 Jul 2016
Background The matter started when clients of a financial advisor invested into the purchase and sale of sugar in Brazil, alledgedly on the advice of their financial advisor. Despite the advisor assuring them that the investment carried no risk, the clients lost all their money. They lodged a complaint with the FAIS Ombud, but this … Continued
Posted on 28 Jun 2016
On 23 June 2016, the FIC issued a revised goAML Notice, replacing Notice 01 which was issued on 25 April 2016. The revised Notice relates to existing registrants who have received an ‘Org ID’ and need to file a report with the FIC. Currently, the Centre is validating registrants who applied for access using the … Continued
Posted on 28 Jun 2016
Category II and IIA Financial Services Providers (FSPs) are required to submit their Bi-Annual Compliance Reports to the Financial Services Board (FSB) two (2) months after the reporting date (BN 51 of 2016). The Bi-Annual Compliance Reports for Category II and IIA FSPs have two reporting dates per annum, being 30 June and 30 December. … Continued
Posted on 28 Jun 2016
The FSB has issued a warning to the public after a South African based client fell victim to investment fraud. The client was approached directly by OffshoreEast Private Wealth Managers which operates from Asian countries. The FSB has stated that the Wealth Managers are not registered to render financial services in South Africa. Read the … Continued
Posted on 28 Jun 2016
The complaint arose when the complainant learnt that his investment funds were placed into a retirement annuity and would be tied up meaning he would have no access to his funds until he retires. The complainant alleged that he did not give the FSP any instruction to do so as he was out of the … Continued
Posted on 13 Jun 2016
Appointing a representative to your licence is not something which should be taken lightly. The FSB officially approves the licence of a financial services provider (FSP) and the Key Individuals who have been appointed to oversee the rendering of financial services in respect of that FSP. But the responsibility to “approve” a Representative rests squarely … Continued
Posted on 13 Jun 2016
An 81 year old pensioner invested R550 000 in the PIC Syndications (PIC) after being guaranteed interest of 12.5% per annum, payable monthly. The complainant gained the money from her late husband’s life insurance, deposited the funds in a bank account and called her financial advisor to ask if she knew of a better investment. The … Continued
Posted on 13 Jun 2016
Levies are calculated and payable annually to the FSB based on the market value of investments under management. The levy is applicable to: Category II & IIA FSPs – the investments under the discretionary management of all Cat II discretionary FSPs, as well as that of Cat IIA Hedge Fund managers. The investments under administration … Continued
Posted on 30 May 2016
On 1 March 2016 the Office of the Ombudsman for Short Term Insurance welcomed a new Ombudsman, Deanne Wood. She has highlighted the key issues which were addressed by her predecessor, Dennis Jooste in his 2015 report. The total rand value of complaints resolved in favour of the insured/complainant, was R 100,712,182. This is the … Continued
Posted on 30 May 2016
On 17 May 2016, the Registrar of Financial Services Providers published the compliance reports for the 2016 reporting period. FAIS Notice 50 of 2016 is the compliance report for a Category I FSP with a compliance officer. This notice sets out the manner in which the compliance report for such an FSP must be submitted … Continued
Posted on 30 May 2016
On 24 May 2016, Volume 20 of the FAIS Newsletter was published by the FSB. Two important matters in the newsletter that we would like to draw your attention to are: Ensuring that the FSB is informed of any changes in the business of the FSP within 15 days, as prescribed in the FAIS Act … Continued
Posted on 30 May 2016
The Financial Intelligence Centre Amendment Bill has been passed by the National Assembly in Parliament. The Bill has been sent to the National Council of Provinces for concurrence, to establish whether or not the house of parliament agrees with the Bill as it currently stands. The Bill seeks to enhance South Africa’s ability to combat … Continued
Posted on 30 May 2016
Representatives who do not meet all the competency requirements are able to be appointed under supervision but are required to meet the necessary requirements by the prescribed deadline date. This deadline is measured from their date of first appointment and always falls on the 30th June. Qualification deadline A representative must obtain a relevant qualification … Continued
Posted on 16 May 2016
The FSB has communicated that the initial RDR Phase 1 implementation plan will be delayed. The reason is that it was initially anticipated that the drafts of subordinate legislation to give effect to the majority of the RDR Phase 1 proposals, would be published for comment in April 2016. However, the legislative timetable has been … Continued
Posted on 16 May 2016
Section 7(3) of the FAIS act states: “an authorised financial service provider or representative may only conduct financial service related business with a person rendering financial services, if that person has, where lawfully required, been issued with a licence for the rendering of such financial service and the conditions and restrictions of that licence authorises … Continued
Posted on 16 May 2016
Although replacements generally have a poor reputation in the financial services industry, one must always measure a replacement against what is best for the client. Arguably there are cases where clients are led to believe that it is in their interest to replace when this is not the case. But, one cannot overlook the fact … Continued
Posted on 3 May 2016
The FAIS Act creates a duty on FSPs to submit their financial statements to the Registrar. We discuss the requirements of what these statements and records should entail. The Financial Services and Intermediary Services Act (FAIS) creates a duty for Financial Services Providers (FSPs) to comply with the provisions of the Act regarding the financial … Continued
Posted on 3 May 2016
We revisit some of the case studies published by the FAIS Ombud that illustrate the difficulties people encounter when trying to access their retirement funds and how advisors can prove that their clients were properly informed. It is a financial advisor’s duty to make sure that the needs and goals of their clients are properly … Continued
Posted on 3 May 2016
On Monday 25 April 2016 the Financial Intelligence Centre (FIC) switched over to its new registration and reporting system, goAML. All accountable and reporting institutions previously registered on the “old” system should have received their ORG ID number via email and followed the process set out. If the ORG ID number has not been received, … Continued
Posted on 19 Apr 2016
In a media statement published by the Ministry of Finance on 5 April 2016, National Treasury welcomed the release of information such as the report on clients of a Panamian legal firm and the information about clients of HSBC as it provides the basis for authorities to act against those who illegally move funds out … Continued
Posted on 19 Apr 2016
The Financial Intelligence Centre (FIC) has published a consultation document which contains amendments to the regulations to the Financial Intelligence Centre Act, 2001 in order to align them with the FIC’s new registration and reporting platform, GoAML. Members of the public have been invited to submit their comments by Friday, 29 April 2016. Click here for … Continued
Posted on 19 Apr 2016
The FSB published Information Circular No 26 on 5 April 2016 warning the managers and trustees of Collective Investment Schemes that failure to comply with the Disclosure Requirements which came into effect on 1 May 2015 (Board Notice 92 of 2014) may lead to penalties. The FSB is of the view that they have allowed … Continued
Posted on 19 Apr 2016
The FSB warns the public to exercise caution when dealing with Millenniums Financial Services and Arion Loan (Pty) who purport to be registered financial services providers, but in fact are not. Consumers are reminded to first check that an institution with which they wish to conduct financial services business is authorised to render financial services. … Continued
Posted on 19 Apr 2016
A policy was taken out by the client for legal expenses such as attorney’s costs for conveyancing services. The client subsequently bought a property and incurred attorney’s costs for the conveyancing of his property. The client did not however submit his claim within 30 days as per the wording of his policy and the insurer … Continued
Posted on 19 Apr 2016
In this instance, a father bought a vehicle for his daughter who was to take her driver’s licence test in the following month. He called his insurer to insure the vehicle and also notified them that it is intended for his daughter once she obtains her licence. The insurer, however, required that a regular driver … Continued
Posted on 5 Apr 2016
FSPs with a financial year end of 31 December 2015 need to submit their Annual Financial Statements by the submission due date of 30 April 2016. It is therefore very important that FSPs keep in close contact with their auditor or bookkeeper to ensure that their financial statements will be ready for submission prior to … Continued
Posted on 5 Apr 2016
The FSB has issued a press release on an administrative penalty of two million rand imposed by the Enforcement Committee on a funeral parlour that sold funeral insurance without being registered as a long-term insurer. The Enforcement Committee imposed a penalty of two million rand on a funeral insurance business after discovering that it had … Continued
Posted on 5 Apr 2016
On 23 March 2016 the FIC issued a Public Compliance Communication (PCC35) setting out a guideline for Accountable Institutions to assist them in implementing proper controls, processes and internal rules in terms of the FIC Act. In terms of the FIC Act, Accountable Institutions (AIs) are required to implement procedures and processes that will regulate … Continued
Posted on 22 Mar 2016
On 26 February the Financial Services Board (FSB) released its first newsletter for 2016. The newsletter includes topics which we have covered extensively in our most recent issues of Mastering Compliance. While all the articles are relevant to our industry and well worth a read, we are sure you will benefit from reading Additional Services … Continued
Posted on 22 Mar 2016
Fit and Proper Requirements The proposed fit and proper requirements relating to financial soundness include amendments to the existing requirements and brand new requirements which FSPs may have to comply with. We identify and discuss the proposed changes and the impact that the “new” requirements may have on FSPs. The proposed fit and proper requirements … Continued
Posted on 22 Mar 2016
On 1 March 2016 the FAIS Ombud ordered Outsurance to replace a laptop or refund the client after finding that they had failed to provide the client with sufficient information to make an informed decision. It was also found that they failed to offer the client the option of covering certain items under his policy … Continued
Posted on 11 Mar 2016
In our first issue of Mastering Compliance for 2016, we discussed the 3 new sub-categories of financial products which the proposed fit and proper requirements look to implement. We now focus on the proposed requirements for operational ability and the changes it will bring should it be implemented. The proposed operational ability requirements are very … Continued
Posted on 11 Mar 2016
An urgent tax amendment bill was tabled in parliament to postpone the annuitisation requirement for provident funds for two years, until 1 March 2018. Cabinet has noted the concerns that have been raised in respect of the retirement reforms relating to the requirement to purchase an annuity at retirement (i.e. to receive a regular monthly … Continued
Posted on 11 Mar 2016
The Ombud expresses that she is unimpressed by the respondent in that they failed to respond fully and failed to take any responsibility by unfairly trying to blame a financial advisor and orders them to pay the complainant R85 500. The complaint relates to the failure of a financial services provider (FSP) to provide short … Continued
Posted on 23 Feb 2016
On 10 February 2016, the Association for Savings and Investment South Africa (ASISA) published a media release informing its members of a new Standard regarding cost disclosures which will have to be adopted from 1 June 2016. From 1 June 2016, all members of the Association for Savings and Investment South Africa (ASISA) will be … Continued
Posted on 23 Feb 2016
The Ombud for Short-Term Insurance agrees with Budget Insurance as to why they repudiated a client’s claim. A homeowner who wanted to permanently remove his carpets did so by using certain chemicals. He however did not realise that the chemicals created fumes which subsequently caused his household contents to rust and discolour. His household contents … Continued
Posted on 23 Feb 2016
The FAIS Act prescribes that the financial statements of an authorised financial services provider (FSP) must be submitted to the Registrar no later than four months after the FSP’s financial year end. This is a reminder to all FSPs whose financial year end was 31 December 2015, to ensure that their financial statements are submitted … Continued
Posted on 23 Feb 2016
As a financial advisor, keeping a record of advice is a vital part of the job. It’s just as important to keep a record of all your correspondence and communication with clients – not only because it’s a legal requirement, but because it stands your business in good stead in the event of a client … Continued
Posted on 11 Feb 2016
On 25 January 2016 the Minister of Health issued a Government Notice announcing that the maximum amount payable to brokers in terms of Section 65 of the Medical Schemes Act, as amended, has increased to R80.00 plus VAT with effect from 1 January 2016. This is an increase of 6.7% which is slightly ahead of … Continued
Posted on 11 Feb 2016
The Financial Intelligence Centre (FIC) calls upon all accountable institutions to test their new FIC Registration and Reporting System which will go live in April 2016. On 4 December 2015 the Director of FIC issued an invitation to reporting and accountable institutions to test the new system. The new system is called “goAML” and has … Continued
Posted on 19 Jan 2016
On 17 December 2015, the Registrar published the proposed amendments to the fit and proper requirements applicable to the different categories of FSPs, key individuals and representatives. Interested parties are to submit their comments on the proposed amendments to the FSB by 15 March 2016. In December 2015, the Registrar of Financial Services Providers published … Continued
Posted on 19 Jan 2016
On 30 November 2015, the Chairperson of the FSB Appeal Board issued guidelines on what an appeal entails and how to submit an appeal to the Appeal Board. These Practice Directions and Guidelines replace the previously issued ‘Guidelines on Proceedings of the Appeal Board’ of 14 June 2011. The guidelines provide clarity on the following; … Continued
Posted on 19 Jan 2016
In December 2015 the Registrar published an invitation to comment on the proposed amendments which will be made to the current Professional Indemnity Requirements. The deadline date for submissions on the proposed amendments is set at 28 February 2016. The Registrar of the FSB has published proposed amendments to the Professional Indemnity (PI) requirements … Continued
Posted on 19 Jan 2016
In December 2015, the FSB released a document called the ‘General Status Update: Retail Distribution Review’. This document provides a general status update on the FSB’s strategy of implementing the RDR proposals and clarifies the steps and processes that will be followed during the implementation process. It is only for information purposes and should be … Continued
Posted on 19 Jan 2016
2015 Taxation Laws Amendment Act The National Treasury released a statement on 12 January 2016 informing the public that the President has signed into law the Tax Administration Laws Amendment Act and Taxation Laws Amendment Act of 2015 that were passed by Parliament in 2015. All the changes relating to retirement reforms will take effect … Continued
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