HOW WE CREATE VALUE

Standards

PUBLIC SECTOR

PROFESSIONALISATION OF THE PUBLIC SECTOR

KEY INITIATIVES
  • The lack of skilled resources within the public sector contributes to the deterioration in public finance management and audit outcomes
  • SAICA supports the implementation of the framework for the professionalisation of the public service and is collaborating with several public sector institutions to professionalise the finance divisions
IMPACT/DIFFERENCE MADE
  • Increase of professionals in finance divisions in the public sector to improve public finance management

ADVOCATING FOR IMPROVED LEGISLATION AND STANDARDS IN THE PUBLIC SECTOR

KEY INITIATIVES
  • Public finance legislation and standards are critical in the public sector to assist government in regulating financial management and ensuring that public funds are used for their intended purpose
  • Several advocacy submissions were made to improve public finance management and governance, including a submission on the Public Procurement Bill
IMPACT/DIFFERENCE MADE
  • The submissions provided the profession with the opportunity to provide government with recommendations to improve legislation and standards that will positively impact the economy and society

CAPACITY-BUILDING

KEY INITIATIVES
  • The public sector experiences many challenges, including a lack of abilities, processes and resources to support communities and the economy
  • The capacity-building projects looked at empowering CFOs within the public sector with technical skills to enable them to prepare credible financial statements and improve public finance management
IMPACT/DIFFERENCE MADE
  • These events provided members with direct access to experts and global leaders in this rapidly evolving field of sustainability and climate and the pivotal role accountants play therein

CAREER MOBILITY

KEY INITIATIVES
  • Research was performed on the ability of members and associates to transition between the private and public sectors
IMPACT/DIFFERENCE MADE
  • SAICA’s ability to develop a plan to address career mobility challenges experienced by members and associates

TAXATION

CONTRIBUTING TO THE FINALISATION OF A FISCAL BUDGET THAT IS IN THE BEST INTEREST OF SOUTH AFRICA

KEY INITIATIVES

Raising public awareness and seeking oversight action from Parliament on:

  • Addressing the culture of non-payment by government
  • The lack of a culture of accountability and Parliament’s role
  • Parliament’s lack of adjustments since 2009 to the budget notwithstanding public concerns about various matters
  • The incompleteness of the budget as it relates to known financial exposures and liabilities
  • The lack of fiscal discipline and overspending on budgets
  • The lack of action on the impending water crisis
IMPACT/DIFFERENCE MADE
  • SAICA’s comments were included in the Report of the Standing Committee on Finance on the 2023 Fiscal Framework and Revenue Proposals for adoption by the National Assembly

ENABLING A PROGRESSIVE TAX SYSTEM

KEY INITIATIVES
  • Submission to the OECD on amount B of Pillar 1 BEPS on enhancing clarity for African countries on the categorisation of baseline marketing and distribution costs
  • Submission requesting the expansion of the solar incentive programme
  • Research on the impact of discontinuing the learnership tax allowance and submission on why it should be retained
  • Submission and stakeholder engagements on the deductibility of unproductive interest
IMPACT/DIFFERENCE MADE

The comments were noted for consideration:

  • Currently not accepted due to fiscal constraints
  • Will be considered with announcements in Budget 2024
  • Legislative proposal included to replace practice note and expanded and revised

ADVOCATING FOR A JUST TAX SYSTEM

KEY INITIATIVES
  • Submissions and engagements on the legal concerns and unfairness of the auto-assessment process and disputes
  • SARS engagements and legal opinion obtained on concerns regarding SARS’ audit practices and its compliance with the legal requirements
  • SARS engagements on expanded tax practitioner regulatory requirements and our concerns
IMPACT/DIFFERENCE MADE
  • Certain unclear provisions will be clarified in law
  • SARS has provided further clarifications of how it will implement due process. Further engagements will take place in 2024
  • SARS have conceded or amended certain proposals. Further engagement will take place in 2024 on remaining concerns and the negative impact on the tax profession

A FAIR, EFFECTIVE AND EFFICIENT ADMINISTRATION OF THE TAX SYSTEM

KEY INITIATIVES
  • Various regional and national SARS engagements on system and process concerns
  • Engagements with new Tax Ombud on mandate and independence concerns
IMPACT/DIFFERENCE MADE
  • Various system fixes and process updates introduced for taxpayers
  • Further collaborations in 2024 to explore and document a position on these matters to enhance the Office of the Tax Ombud

ADVOCATING FOR AN ETHICAL TAX PROFESSION

KEY INITIATIVES
  • IESBA engagement on concerns on draft code amendments on aggressive tax planning
IMPACT/DIFFERENCE MADE
  • Revisions and clarifications were introduced
AUDIT AND ASSURANCE

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