Tag archives: Regulations

Insurance and Emergency Medical Services Regulations

The Minister of Health has published draft emergency medical services regulations. Interested parties have till 23 October 2014 to comment. The proposed regulations deal with ambulance services and emergency medical services including pre-hospital medical treatment and transport. The draft regulations envisage mandatory licensing of emergency medical services. No licence will be issued unless proof of … Continue reading

Draft demarcation regulations 2014 – deadline extended

The final date for comment on the proposed amendments to the Draft Demarcation Regulations has been extended to 31 July 2014 because of the public interest in the regulations and several extension requests. National Treasury has also published a set of Frequently Asked Questions with their responses to some questions already received from stakeholders. The … Continue reading

Participation bonds

On 20 June 2014 the Financial Services Board issued amended rules for the administration of a collective investment scheme in participation bonds. This updates and amends the rules issued in 2003. Participation bonds are investment products in underlying commercial property development assets. They are regulated under the Collective Investments Schemes Control Act, 2002. The amended rules place … Continue reading

Draft Demarcation Regulations 2014

The second Draft Demarcation Regulations were published by National Treasury for comment. The draft regulations deal with the demarcation between insurance business and the business of a medical scheme. Here is our analysis of the draft regulations. Interested parties must comment by 7 July 2014. Comments must be sent to Ms Reshma Sheoraj at LTdemarcation@treasury.gov.za … Continue reading

FATCA reporting from 1 July 2014

Enacted in 2010, the US Foreign Account Tax Compliance Act (FATCA) seeks to prevent tax abuses by US persons living or operating outside of the US. FATCA imposes a 30% withholding tax on payments of US source income made to non-US financial institutions, unless they enter into an agreement with the US Internal Revenue Service … Continue reading

Removal of adverse consumer credit information under National Credit Act

The effect of the recent regulations that require the removal of adverse consumer credit information should not be overblown. The information to be removed (besides information relating to paid up judgments) is limited to adverse classifications and does not require the removal of statements of fact. The adverse classification of consumer behaviour refers to subjective … Continue reading

Consumers to pay VAT for online goods

Music, games, e-books and other digital products may soon be subject to value-added tax (VAT). According to the proposed Electronic Services Regulations, foreign suppliers who sell digital products online will be obliged to register as VAT vendors, and will be liable to pay VAT on equal footing with their South African counterparts. iTunes, e-books etc … Continue reading