Mark Shuttleworth's fight against SA's exchange control system and the Reserve Bank has not yet gone its full 15 rounds. But whatever the outcome, some changes have been wrought.
SARB imposed a 10% levy on Shuttleworth as an exit levy payment amounting to R250 million. The IT billionaire later sought repayment among, other challenges, from Sarb. In July 2013, North Gauteng High Court Judge Francis Legodi found against him. Shuttleworth's lawyers are now challenging this and recently made it known they will ask the judge permission to appeal his decision.
While Mark may not have managed to take down the entire exchange control system, does that mean he failed? A closer look will review that at least two of this particular temple's major pillars have now sustained deep structural damage.
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.