South African Revenue Service
The South African Revenue Service (SARS) has set down the daily subsistence allowance for meals and incidental expenses for local and international business travel.
The allowances were determined in terms of the Income Tax Act.
Subsistence allowances are paid to employees over and above their normal salaries.
In terms of local travel, incidental costs will be capped at R134 per day while the costs of meals and incidental costs are pegged at R435 per day.
The notice also contains a list of international destinations with the daily amount allowed for each location.
The relevant currency for each location is also provided. For example, the allowance per day for travel to the United Kingdom is set at 102 British pounds while the daily allowance for Angola stands at 303 United States dollars. Any allowance that falls under this mark will not be taxed.
The new rates, published in Government Gazette 42258, came into effect on 1 March 2019.
Meanwhile, the Accounting Standards Board, in Board Notice 23, has called for comment on Exposure Draft 173 on Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19).
Comment is invited until 15 April 2019.
In Board Notice 24, the Independent Regulatory Board for Auditors published adjusted fees payable from 1 April 2019.
Revised fees include R10 210 for auditor registration, R8 100 for annual renewal of registration and R651 520 for annual monitoring.
The Financial Sector Conduct Authority, in Gazette 42258, published proposed amendments in terms of the Financial Markets Act for comment:
• Board Notice 26 – proposed amendments to the JSE Interest Rate and Currency Derivatives Rules and Directives- comment within 14 days of date of publication;
• Board Notice 27 – proposed amendments to the JSE Derivatives Rules and Directives- comment within 14 days of date of publication.
In Notice 256, national treasury published detail on the early childhood development grant.
Funds to the Northern Cape have been stopped and re-allocated to KwaZulu-Natal.