In this tax column, Gabrie Combrinck and Vedika Andhee from EY’s tax division, answer a reader’s question about capital gains tax (CGT).
Question:I have been trying to understand something about CGT. I understand that tax should always be fair, however CGT in its current form does not seem to be particularly fair, especially as time goes on from the date of inception.
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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.