National Treasury issued a media statement regarding tax-free investments on Friday 20 February 2015.
The media statement indicates that the Minister has approved the publication of the regulations and government notices under section 12T(8) of the Income Tax Act, 1962 that allows for the introduction of tax-free savings and investment accounts with effect from 1 March 2015.
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.
MINIMUM REQUIREMENTS TO REGISTER
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.