Sars has gazetted far-reaching new regulations that will give it access to a greater range of third-party information it can use to cross-check returns submitted by taxpayers.
"These new regulations will greatly enhance Sars' ability to verify the accuracy of information submitted by taxpayers," says Ettiene Retief, chairperson of the National Tax and Sars Stakeholders Committees at the South African Institute of Professional Accountants (Saipa). "It's a clear indication that Sars is getting more serious about collecting the tax monies due to it."
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.