A feature of the Taxation Laws Amendment Bill 2012 read with the Tax Administration Laws Amendment Bill 2012 is that they deal with three of our withholding taxes.
The point I want to make is that, apart from PAYE, we will soon have four major withholding taxes in our Income Tax Act.
The 15% withholding tax on interest, which comes into effect on 1 July 2013.
The 15% withholding tax on royalties, which will replace the old 12% withholding tax on royalties from 1 July 2013.
The 15% dividends tax, which came into effect on 1April 2012.
The withholding of amounts from payments to non-resident sellers of immovable property, which has been in force since 2004. The rates of this tax are 5% when the seller is a natural person, 7,5% when it is a company, and 10% when it is a trust.
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.
MINIMUM REQUIREMENTS TO REGISTER
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.