On the 28th of August SARS released issue 3 of Interpretation Note 8. This Note provides guidance on the tax treatment of insolvent estates including the application of section 25C of the Act. Issue 2 of this Note, issued on 22 March 2006, is hereby replaced.
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.