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South Africa’s recent Grey Listing by the global financial watchdog, Financial Action Task Force (FATF), has forced government to introduce new measures to ensure the country improves its image in combating money laundering and financial crimes. To this end, amendments were made to the Trust Property Control Act, which require trustees to:
This is not only a famous line from the movie Jerry Maguire but also an excellent interpretation of what financial statements do. Show you just where a company’s money comes from, where it goes and where it is right now.
In 2019, the South African automotive industry’s contribution to the GDP was 6.4%, well on its way to reaching the South African Automotive Masterplan (SAAM) 2021-2035 of producing 1% of global vehicle production...
As COVID-19 is slowly disappearing along with facemasks and vaccinations, more workplaces around the country are getting back to normal. But what is normal? For some it’s a two day, three day or even a full week back in the office.
The Office of the Tax Ombud (“OTO”) notes that a systemic issue is a matter that can be regarded as the underlying cause of a complaint that impacts or may impact many taxpayers. These issues can arise due to the manner in which SARS systems function, the manner in which SARS drafts and implements policies or procedures, or the manner in which it applies or disregards legislation.
![Commissioner for the South African Revenue Service v Medtronic International Trading S.A.R.L [2023] ZASCA 20 (“Medtronic case”)](/media/ghygoekr/pkf-article-thumb.jpg?width=408&height=297&rnd=133433831333270000)
