TAX experts await Finance Minister Pravin Gordhan’s 2013-14 budget announcement in Parliament on February 27 with greater trepidation than is normally the case, because it was originally planned to take place the week before.
A week is a long time in a tax planner’s life, especially if it is the week before the end of the tax year. In previous years, this precious week gave experts a window of opportunity to rearrange their clients’ tax affairs in the light of the minister’s announcements. One day is not sufficient to do this, and there are fears this was precisely the reason why the date was changed and that major tax amendments are in the offing. The conspiracy theorists are hard at work.
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.