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News & Press: SARS News & Tax Administration

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20 February 2014   (0 Comments)
Posted by: Author: SARS Legal and Policy
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Author: SARS Legal and Policy

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 taxtech@thesait.org.za by no later than 13 April 2014. 

Please click here to download the Draft Interpretation Note



WHY REGISTER WITH SAIT?

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.

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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.

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