Tag: enforcement

Have you been living the life on social media and not telling SARS? Have you gone on overseas trips to exotic destinations? More so, have you purchased new cars, houses, expensive brand clothes, watches or jewellery? The latest legislative change spans at least 14 government bodies that can conduct lifestyle audits.

The matter of CSARS vs Africa Cash and Carry (Crown Mines) (Pty) Ltd and Another showed the importance of responsible tax-debt management within corporate groups. It also showed how the South African Revenue Service (SARS) assessed financial capacity.

The 2025 Budget Speech, delivered on 12 March 2025, made it clear that financial crime enforcement and compliance are priorities. The government has allocated increased funding for forensic investigations, regulatory oversight and tax compliance monitoring

Annual tax law amendments now require a Public Officer appointment immediately upon forming a company. Recent updates to Section 246 of the Tax Administration Act, No. 24 of 2011 (TAA) took effect on 24 December 2024. These changes remove the one-month window for appointing a Public Officer. This amendment creates a critical shift for businesses across South Africa.

After years of threatening non-compliant trusts with penalties for late tax return submissions, South African Revenue Service's (SARS) leniency seems to be ending.

ZAR 475 million, ZAR 210 million, and ZAR 59 million are not lottery jackpots. Instead, these represent the significant administrative penalties imposed recently. During 2024, the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA)(together, the Regulators) imposed these penalties on various entities.

South Africa relies on a single machine to produce driving license cards, which is downright ludicrous. In November 2021, an electrical fault caused the machine to break down. Repairs took two months, increasing the license backlog by over a million.

The Companies and Intellectual Property Commission (CIPC) has introduced new obligations for reporting beneficial ownership information. The deadlines are tied to each company’s date of inception. Businesses must declare their beneficial owners within 30 days of their anniversary date, similar to annual return filings.

Television series like Breaking Bad and Ozark reflect the public’s fascination with money laundering and its criminals. Yet, in reality, laundering is far more sophisticated, dangerous, and far-reaching than the fictional exploits of Walter White or Marty Byrde. Unregulated gambling and financial crime are increasingly interconnected, providing criminals with new avenues to launder illicit funds globally.

Legislative frameworks for artificial intelligence (AI) highlights the critical need for regulations to ensure ethical and responsible AI development. AI adoption has increased significantly in recent years. In 2018, companies using AI allocated only 5% of their digital budgets to it.