Tax Compliance Considerations of Public Benefit Organisations
Duration: 2 hours
Price: R195.00
Tax Compliance Considerations of Public Benefit Organisations
Presenters : Carmen Westermeyer
Overview
Public Benefit Organisations (PBOs) play a vital role in supporting compassionate societies. These organisations provide essential support in areas where for-profit entities are not designed to operate, underscoring their importance. However, because they often rely on the goodwill of volunteers—many of whom lack significant administrative or legal experience—challenges arise.
PBOs generally face fewer regulatory restrictions, benefitting from substantial tax breaks and easier access to cross-border operations. Unfortunately, this makes them vulnerable to being exploited for illegal activities such as money laundering, smuggling, and tax evasion. Regulators find themselves in a challenging position, trying to balance simplifying the regulatory environment for volunteer-run organisations while still curbing the misuse of PBOs for criminal purposes.
The video covers the complex tax compliance landscape for PBOs and aims to equip participants with the knowledge needed to ensure their organisations operate within legal frameworks, safeguarding their mission and integrity.
Video Content
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Primary Requirements for Registration as a PBO:
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Explores eligibility criteria and necessary documentation.
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Outlines specific regulations governing PBO registration.
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Annual Compliance Requirements:
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Covers mandatory filings and documentation.
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Discusses reporting standards and deadlines.
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Consequences of Non-Compliance:
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Highlights potential penalties and legal ramifications.
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Examines the impact on the PBO's operational status and reputation.
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FIC Concerns:
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Provides an overview of Financial Intelligence Centre (FIC) concerns.
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Discusses measures to prevent money laundering and financial abuse within PBOs.
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Competency Development
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Participants gain a detailed understanding of who can become a PBO and the necessary qualifications.
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They develop in-depth knowledge of the responsibilities and duties of PBO office bearers to ensure compliance.
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They become aware of the legal and operational consequences if a PBO fails to meet its compliance requirements.