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Oil Pollution Compensation Fund Levy Adjusted

April 15, 2019

National Treasury

15 April 2019

The rate of levy for the 2017 tax period in terms of section 3 of the Merchant Shipping (International Oil Pollution Compensation Fund) Contributions Act of 2013 has been published in Government Gazette 42391.

The act ensured that registered ship owners pay levies as determined by the finance minister.

The levies contribute to the International Fund for Compensation for Oil Pollution Damage designed to help pay for damage arising from oil spills.

Ship owners must pay £0.0097818 for the period 1 January 2017 to 31 December 2017 in the 2017 tax period. The levy will be converted into Rands in accordance with the exchange rate of 1 March 2019.

The levy must be paid by 31 May 2019.

Meanwhile, in Board Notice 38, the Council for Debt Collectors has announced that the Register referred to in section 12(1) (a) of the Debt Collectors Act of 1998 is available for inspection at their offices in Pretoria. It can also be viewed online at www.cfdc.org.za.

In Board Notice 37, the Accounting Standards Board (ASB) has called for comment on Exposure Draft (ED) 174 outlining the proposed Directive on The Application of Standards of GRAP by Public Entities that Apply IFRS® Standards.

ED 174 was approved by the ASB at its March 2019 meeting.

Comment is invited until 31 July 2019.

In a separate matter, national treasury, in Gazettes 42397 and 42398, has announced exemptions in terms of section 92 of the Public Finance Management Act.

Gazette 42397 exempts the South African National Roads Agency Soc Ltd from using the Generally Recognised Accounting Practice (GRAP) as the reporting framework and to allow the continuance of the International Financial Reporting Standards (IFRS) reporting framework for financial years 2018/2019, 2019/2020 and 2020/2021.

Gazette 42398 exempts the Trans -Caledon Tunnel Authority from using the GRAP as the reporting framework and to allow the continuance of the IFRS reporting framework for financial years 2018/2019, 2019/2020, 2020/2021, 2021/2022 and 2022/2023.