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News & Press: SARS News & Tax Administration

Call for comment: draft notice and regulations on tax-free savings accounts

17 November 2014   (0 Comments)
Posted by: Author: National Treasury
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Author: National Treasury

The National Treasury released a media statement in respect of the draft Notice and Regulations 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 service provider.

The SAIT will be making submissions to SARS on this matter. Kindly submit comments to  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.


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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