AN INCREASING NEED FOR OPERATIONAL
An increasing need for operational transparency throughout South Africa has lead to many regulations being put in place.
An increasing need for operational transparency throughout South Africa has lead to many regulations being put in place. As such, businesses need to adopt these compliance controls in order to meet legal requirements.
Octagon Chartered Accountants says that every company needs to comply with the following (at minimum), in addition to any industry specific requirements;
- Income tax
- Submit 2 provisional tax returns
- Submit annual tax return
- Complete IT14 SD return if required
- Indirect taxes
- Submit annual VAT returns
- Submit monthly PAYE returns (if an employer) and annual EMP501 reconciliation
- Submit bi-annual WCA forms
- Submit UIF forms to UIF
- Company Act
- Prepare annual financial statements
- Hold agm or general meeting, if MOI allows.
- Pay annual CIPC fee to allow company to trade
- Other considerations;
- BEE accreditation
- Industry specific regulations (FSB, IATA, EAAB, FICA, Attorneys Trust)