The National Treasury released a
statement in respect of the draft Notice
required to allow the introduction of tax free savings accounts from 1 March
2015. The draft Notice lists the service providers that may offer tax free
savings and investments to the public and administer those accounts on their
behalf. The draft Regulations detail the products that will qualify as ‘tax
free investments’ to be included in the tax free savings accounts, the
disclosure requirements in respect of those products and the process for
transferring amounts within a tax free savings account to a different
The SAIT will be making
submissions to SARS on this matter. Kindly submit comments to firstname.lastname@example.org by no
later than 1 December 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.