The South African Institute of Chartered Accountants (SAICA) revised its strategy in 2024 and confirms that it has undertaken a review of its Target Operating Model (TOM) to ensure that the organisation is structured to adapt to the rapidly evolving business landscape and deliver on its five-year strategy. The TOM aims to evolve SAICA into a deeply Insight-Driven Organisation (IDO) that accelerates member value, enhances organisational capabilities, remains economically and socially relevant, streamlines some processes and embraces sustainability to operate as a winning organisation.

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.