SARS published Draft Interpretation Note on the Valuation of Stock held by Nursery Operators (First Schedule to the Income Tax Act, 1962) for public comment on the 20th of February 2014.
This draft Interpretation Note addresses the treatment of produce by nursery operators, which must be brought to account as opening and closing stock at the end of each year of assessment under the First Schedule.
The SAIT will be making a submission to SARS. Kindly submit all comments to firstname.lastname@example.org by no later than 13 April 2014.
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.