In the matter between Appellant and the commissioner of the South African Revenue Service Judgement delivered on 7 April 2004
Appellant is a South African citizen ordinarily residing in Panorama, Cape Town.He is employed on a full time basis by X.In his spare time he carries on the trade of a foreign exchange dealer.In his income tax return for the year of assessment 2002 appellant claimed to be entitled to set-off against his income, a loss of R158964,00 which arose from his foreign exchange dealings.Respondent issued a revised assessment to appellant in which the set-off was disallowed on the grounds that appellant did not carry on such trade in South Africa.Appellant objected to the assessment but respondent rejected the objection. Appellant then appealed to this court against the disallowance of the objection.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.