SARS has published issue 3 of Interpretation Note 11 on trading stock. This interpretation note provides guidance on the income tax treatment of the proceeds of capital assets manufactured and then sold by a taxpayer, where those assets are similar to the trading stock manufactured by that taxpayer.
Please click here to access Issue 3 of Interpretation Note 11.
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.