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July 2023

CIDB Grading Levels and Thresholds – Getting the Basics Right

Since construction is an important factor in the social and economic development of South Africa, the Construction Industry Development Board (CIDB) was established via The Construction Industry Development Board Act 38 of 2000, to develop and regulate this industry to ensure optimal growth at globally competitive standards. The CIDB is a national public entity as listed in schedule 3A of the Public Finance Management Act (PFMA), with the focus of implementing an integrated strategy for the reconstruction, growth, and development of the construction industry in South Africa, and to provide for all matters in relation thereto.

Directors – To Remove or Resign

The Companies Act 71 of 2008 (the “Act”) imposes a fiduciary duty on all directors of a company. Directors have a duty to act in good faith, exercise reasonable care, skill and diligence and act in the best interests of the company. The fiduciary duties of a director may be relinquished if they choose to resign, or if they are removed from the board.

Important Changes Affecting Trusts and Public Benefit Organisations (PBO)

On 30 June 2023 Public Notice 3631 in Government Gazette 48867 was released (Notice - request to register all Trusts​) which specifies which third-party data providers are obliged to report taxpayer information to the South African Revenue Service (SARS). The revised list now includes trusts and public benefit organisations (PBOs) but excludes solar panel installers.