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Interpretation Note 64 (issue 2): tax exemption of bodies corporate, share block companies

06 November 2012   (0 Comments)
Posted by: SAIT Technical
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By SARS Legal & Policy

Issue 2 of Interpretation Note 64 was published on 6 November 2012. This note provides guidance on the application of the section 11(1)(e) exemption.Section 10(1)(e) exempts from income tax the levy income of a body corporate, a share block company and an association of persons. It also provides an exemption for these entities of an amount up to a maximum of R50 000 for all their receipts and accruals other than levy income (the basic exemption).

Please click here to download IN 64.


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.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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