Last week the Commission issued a decision stating that a new Joint Transfer Pricing Forum expert group was to be set up. This decision comes as the Commission Decision which established the initial Joint Transfer Pricing Forum expert group expires at the end of March 2015.
In the decision, the Commission acknowledges its continuous need for such a group. According to the Commission, in order to achieve a more uniform application of Transfer Pricing rules within the EU it is necessary to set up a new expert group. One of the roles of this group will be to assist and advise the Commission on Transfer Pricing tax issues. The group is to be composed of governmental and non-governmental sector experts on Transfer Pricing.
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.