Legal & Technical Committee


 

Legal and Technical Committee

 

The object of the Committee is to advise the Board and its Executive Committee in the successful pursuance of the Institute’s objectives in terms of all the legislative and technical issues affecting members of the IRFA.

 

  1. Fiona Rollason - Chairperson

  2. Andrew Mothibi

  3. Angus Lawrie

  4. Anita Roodman

  5. Anton Swanepoel

  6. Ashley Lake

  7. Barry Lipschitz

  8. Beatrie Gouws

  9. Chantal Manson

  10. Elana van der Berg

  11. Gail le Grellier

  12. Geraldine Fowler

  13. Hettie Joubert

  14. Hunter Thyne

  15. Jenny Gordon

  16. Khomotso Rapetsoa

  17. Lieb van Zyl

  18. Mpho Kgomongoe

  19. Mushtaq Parker

  20. Nancy Andrews

  21. Paul Williams

  22. Samantha Davidson

  23. Sandile Maphalala

  24. Sherazaan Isaacs

  25. Tony Remas

  26. Wanda Ndabeni

  27. William Donachie

     

 



Draft of the 2014 Taxation Laws Amendment Bill, Tax Administration Laws Amendment Bill and Regulations for comments

Dear IRFA Member, Kindly note that National Treasury has released a draft of the 2014 Taxation Laws Amendment Bill, Tax Administration Laws Amendment Bill and Regulations that give effect to the 2014 Budget Review tax proposals for public comment before 17 August 2014. All the documents are available on the National Treasury website www.treasury.gov.za. The IRFA is working on a draft submission on these papers. The IRFA Submission will be placed on the IRFA website for members information. Kind regards, INSTITUTE OF RETIREMENT FUNDS AFRICA

Continue reading

IRFA Comments on the Draft Taxation Laws Amendment Bill 2014 and Draft Regulations

IRFA COMMENTS ON THE DRAFT TAXATION LAWS AMENDMENT BILL 2014 AND DRAFT REGULATIONS It was understood that the value of fringe benefits for defined contribution funds will be the amount contributed to the fund on behalf of the member by the employer. However, it seems that there is a change to that principle when looking at the proposed changes and specifically the manner in which the value of risk benefits are calculated and the requirement for contribution schedules. We do not understand the rationale behind the change and we are concerned that there will be unnecessary work to be performed on defined contribution funds where the cost will outweigh the benefit for members. We propose a move away from contribution schedules for pure defined contribution funds. Defined benefit component factor It is proposed in the draft regulations that the defined benefit component factor be determined in accordance with the formula – (AxB) + (CxD) • The factor A is the annuity accrual rate. The annuity accrual rate should be the average accrual rate for all members of a specific fund membership category. Comment: Funds may provide different accrual rates for different periods.

Continue reading