Johannesburg, Friday 04 April 2024 – With the release of the results for the January 2025 Initial Assessment of Competence (IAC), formerly known as the Initial Test of Competence (ITC), the South African Institute of Chartered Accountants (SAICA) has announced a 70% overall pass rate. This marks an improvement from the previous year’s overall pass rate of 67%, reflecting the effectiveness of SAICA’s initiatives aimed at supporting candidates.

Section 10(1)(gC) of the Income Tax Act currently exempts, among other things, foreign sourced lump sums, pensions and annuities that are received by or accrue to a resident for past employment outside South Africa, except amounts from South African retirement funds or resident long-term insurers. This exemption was introduced into the Act when South Africa moved to a worldwide basis of taxation for residents in 2001.

Johannesburg, Friday, 14 March 2025 – The South African Institute of Chartered Accountants (SAICA) welcomes the High Court Judgment issued on 12 March 2025, which dismissed the review application brought by Ms. Yakhe Kwinana. SAICA considers the dismissal of the review application as confirmation of the robustness and integrity of SAICA’s disciplinary processes in ensuring accountability and upholding the highest ethical standards in the profession.