Accounting & Reporting
Record retention: the seven-year and five-year rules SMEs must align
A practical accounting insight on aligning company and tax record-retention requirements before old financial documents are deleted.
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Accounting & Reporting
A practical accounting insight on aligning company and tax record-retention requirements before old financial documents are deleted.
Read articleCompliance
The CIPC’s upgraded Beneficial Ownership Disclosure Module gives law-enforcement agencies faster access to company ownership information. South African businesses should use the development as a prompt to review the accuracy of their beneficial ownership records, securities registers and supporting documents.
Read articleTax and SARS
SARS now allows taxpayers, registered representatives and tax practitioners to request the unmerging of incorrectly combined entity records directly on eFiling. Businesses should review their profiles before submitting tax returns or making payments.
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A recent SARS investigation into alleged VAT refund fraud is a timely reminder for South African businesses to strengthen VAT records, approval controls and supporting-document checks.
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CIPC has introduced geolocation functionality for company and close corporation address changes, requiring businesses to confirm physical locations more accurately when updating their registered information.
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SARS has announced amendments to the rules governing accredited customs clients, with retrospective effect from 1 September 2025. Importers should monitor the final Government Gazette notice and review supporting records, authorisations and customs-control procedures.
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CIPC has introduced geolocation functionality for company and close corporation address changes. SMEs should review their registered physical address now to avoid inaccurate records, rejected amendments and unnecessary administrative costs.
Read articleTax and Compliance
SARS has introduced enhancements to South Africa’s automatic exchange of information reporting framework. Financial institutions and affected service providers should review their data, due diligence and reporting processes before the next submission cycle.
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The IFRS Foundation is reviewing feedback on a proposed consolidation exception for certain intermediate parent companies. South African SMEs should monitor the project, but no accounting policy change is required yet.
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