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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 by no later than 28 May 2013.


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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