This ruling deals with whether the participation rights held by beneficiaries of an incentive trust are restricted equity instruments and, accordingly, whether the dividends they will receive by virtue of those rights are to be taxed as income or as dividends.
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.