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Directors personally liable for unpaid pension contributions and other changes

15 April 2014 | General

Pension Funds need to ensure that they comply with their new obligations because the Financial Services Laws General Amendment Act came in to operation on 28 February 2014.

POPI takes its first steps

15 April 2014 | General

After much anticipation, an important milestone in the road to commencement of the Protection of Personal Information Act, 2013 (POPI), has been reached. From 11 April 2014, the following sections of POPI are operational:

KPMG: POPI takes effect

14 April 2014 | General

It has now been announced that certain sections of the Protection of Personal Information Act (POPI) came into effect on 11th April 2014. The relevant sections deal with the establishment of the information regulator, the procedure for making regulations and the nature of the regulations which the Information Regulator may make with regards to POPI (including how complaints will be submitted, investigations, administrative fines and the responsibilities of the information officer of a company), amongst others.

Withdrawal of assessments under the Tax Administration Act

31 March 2014 | General

Section 98 of the Tax Administration Act, No 28 of 2011 (TAA) makes provision for the withdrawal of an assessment by the South African Revenue Service (SARS) in certain circumstances. Prior to its amendment, s98 allowed for the withdrawal of an assessment (despite no appeal having been noted or objection lodged), that was: a) issued to the incorrect taxpayer; b) issued in respect of the incorrect tax period; or c) issued as a result of an incorrect payment allocation.

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Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

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