The National Treasury published the Taxation Laws Amendment Bill and the Tax Administration Laws Amendment Bill on Thursday for public comment.
The draft legislation gives tax proposals announced by Finance Minister Pravin Gordhan in his 2013 budget.
The Treasury said certain proposals requiring more consultation, including trust reforms, pre-retirement preservation and taxation of long-term insurers, would be dealt with later this year or as part of the next year's process.
The Taxation Laws Amendment Bill proposes a beneficial tax regime for companies located in special economic zones approved by the finance minister.
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.