On the 24th of July 2013 SARS released Binding Private Ruling 149 which deals with "Disposal of an asset that constitutes an equity share in a foreign company". This ruling deals with the tax consequences arising from a disposal of an equity share held in a foreign company to another foreign company in exchange for an equity share in that other foreign company.
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.