SARS recently released BPR 155 - Incentive For Oil And Gas Production.
This ruling deals with the income tax consequences for an oil and gas company, in relation to expenditure to be incurred in the development of two oil and gas fields, including the refurbishment of a floating production unit (FPU), to produce oil and gas (the FPU Utilisation Project).
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.