South Africa: Accounting and Audit

On September 24, 2024, Senator Ed Markey introduced the AI Civil Rights Act, marking a significant step in the United States' approach to regulating artificial intelligence (AI) and protecting civil rights.

On Friday, 1 November 2024, the Office of the Auditor-General of South Africa ("AGSA") presented its annual report for the 2023-24 financial year to the Standing Committee on the Auditor General.

The financial statements of a company are essential information tools that enable investors, regulators and other stakeholders to assess its performance...

On 20 December 2024 the President assented to the Global Minimum Tax Act (the Act) which applies from 1 January 2024, and enables South Africa to impose a top-up tax...

In the last two decades, accounting technology has seen remarkable growth, moving from manual ledger books to powerful cloud-based software...

On Friday, 1 November 2024, the Office of the Auditor-General of South Africa ("AGSA") presented its annual report for the 2023-24 financial year to the Standing Committee on the Auditor General.

It is not easy to obtain an order for costs in the tax court, still less to get a punitive one against the South African Revenue Service (SARS).

Two Bills have recently been published in their final form, giving effect to the amendments announced in the Budget Speech last February. The most significant amendments relate to the decision to simplify the calculation of the taxable portion of lump sums from pension, provident and retirement annuity funds, and to reduce the tax burden on such sums.

Asset management services performed by a resident in a different jurisdiction to the recipient of the services gives rise to potential transfer pricing implications that should be borne in mind.