This draft focuses on "conduit PBOs" which provide funds to "associations of persons" which, in turn, must use such funds to carry on qualifying public benefit activities (PBAs). While the association of persons is not itself a PBO, the conduit PBO providing funds to it, must monitor how the funds are spent in order to ensure that the association of persons is using the funds for carrying on qualifying PBAs. The monitoring requirement imposed on the conduit PBO is a prerequisite for its continued approval as a PBO.
Depending on the quality of feedback received, SAIT will be making a submission to SARS. Kindly submit all comments to email@example.com by no later than 16 September 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.