POPIA Topic
Personal Information
Re-Commencement Of Companies And Close Corporations Regulatory Compliance Obligations
The Companies and Intellectual Property Commission (CIPC), acknowledges the impact that the COVID- 19 pandemic and the national lockdown, in terms of the Disaster Management Act, has had on companies and close corporations and may continue to have in the near future. With the move of South Africa to lockdown level 1 and the re-start of the economy, it is imperative that all entities re-commence with their regulatory compliance obligations.
Government’s Response To The Rating Actions Of S&P Global Ratings, Fitch Ratings And Moody’s Investors Service
Government’s policy priorities remain on economic recovery and fiscal consolidation, as outlined in President Cyril Ramaphosa’s Economic Reconstruction and Recovery plan and the Medium-Term Budget Policy Statement released in October. The social compact agreed to between government, business, labour and civil society prioritises short-term measures to support the economy, alongside crucial structural economic reforms.
Developing Sustainable Business Models
(extract from the World economic forum’s “The Great Reset”)
Update On The Public-Service Wage Bill
(Extract from the Medium Term Budget Policy Statement)
Tax Revenue Performance In The Initial Stage Of The Pandemic
(Extract from the Medium Term Budget Policy Statement)
The Gains From Reform: The Case Of Brazil
(Extract from the Medium Term Budget Policy Statement)
A Social Partnership To Boost Confidence, Restart The Economy And Conduct Urgent Reforms
(Extract from the Medium Term Budget Policy Statement)
Mandatory Compliance Checklist
The Companies and Intellectual Property Commission (CIPC) is tasked with ensuring, monitoring and enforcing compliance with the Companies Act. In pursuance of this function, the Commission issued Notice 52 of 2019 dated 13 August 2018, which came into effect from 1 January 2020. The Notice announced that a new mandatory Compliance Checklist would be required to be completed and submitted by all categories of companies (but not a Close Corporation or “CC”). The Checklist had to be submitted to the Commission before the relevant company’s Annual Return could be submitted.
Technology And Our New Normal – The Use Of APPS
The COVID-19 pandemic has accelerated digital disruption and led to significant, long-term market uncertainty. While this pandemic has forced many businesses to reduce or suspend operations, affecting their bottom line, it has helped to accelerate the development of several emerging technologies. This is especially true for innovations that reduce human-to-human contact, automate processes, and increase productivity amid at social distancing.
SARS Interest Rates
The economic impact of the lockdown has been crippling on our economy. As part of the monetary policy to help boost the economy, the Reserve Bank has made a number of rate changes to the repo rate this year. As the interest rates are linked to the repo rate, banks and other suppliers of credit have reduced lending rates accordingly.
Economic Overview
The economic effects of the coronavirus crisis have been extensive and a recovery to pre-pandemic levels will take several years. Current forecasts from the IMF show global gross domestic product (GDP) contracting by about 4.9% this year, although the general economic outlook has improved somewhat. Second quarter GDP outcomes for most economies have been massively negative, as expected. At this stage, third and fourth quarter recoveries for 2020 are expected to be robust. However, the pace of growth into 2021 could be modest, depending on control of new virus outbreaks, the extent of supply and demand losses, and future growth in investment and productivity.
Stats SA – Census 2021 – Using Technology – Our New Normal
Statistics South Africa (Stats SA) will conduct a population count in 2021, Census 2021. This will be the fourth population count in post-apartheid South Africa.
How To Pay For Turnover Tax
In terms of Disaster Management Act relief measures, three payment dates still apply:
Filing Season 2020 – SARS Will Be Calling Taxpayers
With the intention of making it easier to comply with tax obligations, SARS is embarking on an outbound call campaign to assist taxpayers to file their tax returns virtually, either by a telephone or video call.
CIPC Releases A Directors Quick Reference Guide
CIPC has released a quick reference guide designed to highlight specifically, although not exclusively, critical issues of the Companies Act No. 71 of 2008 that a director should be aware of. The central message of this guide, which is divided into 10 basic markers, is that a director of a company when acting in that capacity:
Business for South Africa (B4SA) – A plan to Kick-start Growth Inclusive Economic Growth
When Covid-19 arrived in the country at the beginning of March 2020, it was evident from the experience of other countries that this would have significant health, economic and social ramifications for South Africa.
Reserve Bank Economic Outlook
Since the May meeting of the Monetary Policy Committee (MPC), the Covid-19 pandemic continues to spread globally, with wide-ranging and deep social and economic effects. Current forecasts from the IMF show global Gross Domestic Product (GDP) contracting by about 4.9% this year. The deepest contractions are expected in the second quarter of 2020, with gradual recoveries in the third and fourth quarters of the year. The strength of the global economic recovery will depend in part expectations of future growth in investment and productivity.
IMF Executive Board Approves US$4.3 Billion Loan
The IMF Executive Board has approved South Africa’s request for emergency financial support under the Rapid Financing Instrument (RFI) for an amount of US$4.3 billion to help the country mitigate the adverse social and economic impact of the Covid-19 pandemic.
Donations made to the Solidarity Fund
The deduction available for donations increased
Minister Mboweni’s Supplementary Budget Speech – Key points
Liduma lidlule!
Gazetting of Trade Exposure and Greenhouse Gas Benchmark Regulations and Renewable Energy Premium Notice in Terms of the Carbon Tax Act
The Minister of Finance published on Friday, 19 June 2020 the regulations for the trade exposure and greenhouse gas (GHG) emission intensity benchmark performance allowance, and the notice for the renewable energy premium, in terms of the Carbon Tax Act
The COVID-19 Shock and The Revised Economic Outlook
The global shock prompted by the COVID-19 pandemic, and unprecedented restrictions designed to protect public health, have led to a sharp contraction in the domestic economy. Government interventions have cushioned the impact on workers and businesses, but have not offset the full decline. South Africa’s economic growth is forecast to fall by 7.2 per cent in 2020 as a result of the crisis, the March and April 2020 credit rating downgrades, and the compounding effects of weak investor confidence. The economic outlook is highly uncertain.
The Protection of Personal Information Act 4 of 2013 (POPI)
On the 17th of June, President Ramaphosa signed the final enabling legislation to finally give effect to POPI with effect from 1st July 2020. Although it comes into full force, businesses have until the end of June 2021 to comply with the ACT.