SARS issued Binding Private Ruling (BPR 128) on 10 December 2012.
This ruling deals with the disposal of equity shares in a foreign company, taking into account the calculation of the prescribed portion of assets held by that foreign company as contemplated in the definition of "foreign financial instrument holding company" in section 41(1) of the Act and relevance to paragraph 64B of the Eighth Schedule to the Act .
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.