Red flag for tax practitioners
15 May 2013
Posted by: Author: Fin 24
Source: Fin 24
Cape Town - The SA Revenue Service (Sars) announced this week that it
will only recognise five professional tax bodies in terms of an
amendment to the 2011 Tax Administration Act (TAA).
This means that nearly 17 000 tax practitioners now have less than
two months to meet the registration requirements, such as complying with
professional examinations and ultimately register with a recognised
controlling body and Sars before 1 July, said Stiaan Klue, chief
executive of the South African Institute of Tax Practitioners (SAIT).
SAIT is one of the controlling bodies to be recognised by Sars along
with the Institute of Accounting and Commerce (IAC), the South African
Institute of Chartered Secretaries and Administrators (Icsa), the South
African Institute of Chartered Accountants (Saica) and the South African
Institute of Professional Accountants (Saipa).
According to SARS, the amendment aims to provide a framework that will ensure tax practitioners are properly qualified.
All tax practitioners including those that are currently registered with
Sars have to apply for re-registration as tax practitioners with the
five controlling bodies before July 1 or face criminal sanctions.Business and individual taxpayers have also been warned to only do business with registered practitioners to avoid any hiccups.
"We urge taxpayers to enquire about the registration status of their
tax practitioners,” said Faith Ngwenya, technical and standards
executive at Saipa.
She said that many practitioners may also not even be aware of the registration requirements.
Piet Nel, Saica's project director, said this new law is a milestone as it ensures quality tax related services and advice.