SARS has published issue 2 of Interpretation Note 63 on foreign currencies. The draft provides guidance on the application on foreign currency, whether the amounts must be translated to an equivalent amount in rand using either a spot rate, or an average exchange rate. The draft prescribes which rate must be used, depending upon the nature of the underlying transaction and the type of taxpayer involved.
The SAIT will be making submissions to SARS on this matter. Kindly submit comments to email@example.com by no later than 27 May 2015.
Please click here to access Issue 2 of Interpretation Note 63.
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.