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IRBA Disciplinary Committee Seeks Members

November 16, 2021

Independent Regulatory Board for Auditors

The Disciplinary Committee of the Independent Regulatory Board for Auditors [IRBA] seeks members.

IRBA published the call for nominations in Government Gazette 45452.

The Disciplinary Committee flows from the Auditing Profession Act.

It is tasked with the determination of charges of improper conduct and imposition of appropriate sanctions for improper conduct.

Appointees serve a three-year term renewable twice.

Nominations to fill two vacancies on the Committee are invited until 26 November 2021.

Meanwhile, national treasury last week provided draft responses on the 2021 Draft Tax Bills to the standing committee on finance.

The 2021 Draft Taxation Laws Amendment Bill (Draft TLAB), 2021 Draft Tax Administration Laws Amendment Bill (Draft TALAB) and the 2021 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill were published for comment in July 2021.

A second batch of the 2021 Draft TLAB and 2021 Draft TALAB were published for comment in August 2021.

The second batch contained emergency tax measures taking effect on 1 August 2021 and sought to make amendments in the Disaster Management Tax Relief Act of 2020 and Disaster Management Tax Relief Administration Act of 2020.

The bills were tabled in parliament on 11 November 2021 during the Medium Term Budget Policy Statement.

During the briefing, treasury pointed out that, on the employment tax incentive, changes will be made in the 2021 Draft TLAB to ensure that the “employee’s remuneration package is not solely allocated to costs associated with any required training or studying, qualification for the incentive shall further be based on the employee receiving a cash payment in lieu of services rendered”.

Treasury also indicated that changes proposed in the 2021 Draft TLAB on strengthening anti-avoidance rules in respect of loan transfers between trusts will be withdrawn and a “more specific anti-avoidance measure will be considered in the future”.

Treasury also announced that the proposed amendments dealing with applying tax on withdrawals of retirement interest when an individual ceases to be a tax resident in South Africa contained in section 9HC will be withdrawn from the 2021 Draft TLAB.

Treasury added that further amendments will be considered in the next legislative cycle “in order to address the complexities that were raised through public comment process”.

In terms of strengthening the rules dealing with limitation of interest deduction in respect of debts owed to certain persons not subject to tax, treasury indicated that, in order to recognize that the tax base for corporate income tax and withholding taxes is different, changes will be made in the 2021 Draft TLAB to replace the reference to the current corporate income tax rate of 28 per cent with the standard dividends tax rate of 15 per cent.