Tag: penalty

FICA Compliance and Penalties are becoming critical considerations for South African businesses, as non-compliance can lead to severe financial and reputational consequences.

The Financial Intelligence Centre (FIC) brings to the attention of all accountable institutions, important information regarding penalties and administrative sanctions for non-compliance. This information applies also to those institutions included on Schedule 1 of the Financial Intelligence Centre Act 2001 (Act 38 of 2001) since December 2022.

When faced with legislation that requires parties to take certain steps or prevents them from implementing a particular course of action, the questions often asked include 'what are the consequences and who will be liable to pay?' For a long time been uncertainty about the penalty firms would face if they fail to notify a merger and/or implement a merger without the requisite approval of the competition authorities.

Tax is the price we pay for civilisation and transfer pricing is the price we pay for globalisation. Over the years, transfer pricing has...