On the 24th of July SARS released Binding Private Ruling 150 which deals with the Tax Treatment relating to a Credit Linked Deposit. This ruling deals with the income tax consequences arising from a credit linked deposit agreement entered into with a Bank in order to raise funding.
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.