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Revenue Laws Second Amendment Act Under the Spotlight

April 19, 2021

South African Revenue Service

Section 35(1)(a) of the Revenue Laws Second Amendment Act comes into effect on 1 June 2021.

The South African Revenue Service published Proclamation 14 in Government Gazette 44455.

Section 35(1)(a) amends Section 40 of the Customs and Excise Act by the substitution in subsection (1) for paragraph (d) of the following paragraph: ‘‘(d) in the case of goods purchased by or sold, consigned or disposed of to any person in or outside the Republic, a correct and sufficient invoice thereof, as prescribed, has been produced to the Controller;’’.

Meanwhile, in Board Notice 25, the Independent Regulatory Board for Auditors (IRBA) announced amendments to the Code of Professional Conduct for Registered Auditors to promote the role and mindset expected of registered auditors and the use of electronic signatures when signing audit or other assurance reports.

Amendments to the IRBA Code relating to the role and mindset expected of registered auditors will come into effect on 31 December 2021 while amendments to the IRBA Code relating to the use of electronic signatures when signing audits, review and other reports will kick in on 15 December 2021.

Early adoption will be permitted in both cases.

In Notice 209, national treasury announced that, unless the original certificate no. 206087 for R1 500 000.00 issued in favour of East Cape Province Schools Trust is produced within four weeks of the date of publication, a duplicate will be issued.

In a separate matter, treasury announced that, during the months of April, May, and June 2021, the Southern Africa – Towards Inclusive Economic Development (SA-TIED) programme will host six online policy dialogues as part of the SA-TIED Dialogues – Research into Policy series.

According to treasury, the SA-TIED policy dialogue series will showcase research produced throughout the entirety of the programme, from 2018 to 2021, and fuel policy discussions between academia and South African policymakers.

The first policy dialogue scheduled for 19 April will be hosted under the work stream public revenue mobilization for inclusive development and will discuss issues pertaining to South Africa’s tax and benefit responses to the coronavirus pandemic.