This ruling deals with the donations tax consequences arising from the onward or subsequent donation of funds received by way of a donation from a foreign source (foreign sourced funds). In addition, it also deals with the estate duty consequences should any of the foreign sourced funds be retained or used to acquire "property”, as defined in section 3(2) of the Estate Duty Act, that is located and will remain outside South Africa.
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.