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Call For Comment: Draft Interpretation Note On Deductibility Of Losses Arising From Theft

18 March 2013   (0 Comments)
Posted by: Author: SARS communications
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SARS issued a Draft Interpretation Note on the deductibility of expenditure and losses arising from embezzlement or theft of money for public comment which can be found here.

The Note provides guidance on:

•the deductibility of expenditure and losses incurred in a taxpayer’s trade as a result of the embezzlement or theft of money, including expenditure incurred on legal and forensic services to investigate such losses; and 

•the taxation of stolen money in the hands of the thief.

SAIT will be making a submission to SARS. Kindly provide your comments by email to taxtech@thesait.org.za by no later than 28 May 2013.


WHY REGISTER WITH SAIT?

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.

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