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News & Press: SARS News & Tax Administration

IN 80: The income tax treatment of stolen money

06 November 2014   (0 Comments)
Posted by: Author: SARS
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Author: SARS

SARS have released a new interpretation note dealing with the taxation of stolen money, as well as the deductibility of expenditure and losses incurred when money is stolen through embezzlement, fraud or theft.

Please click here to access the 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.

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.

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