In terms of section 29A of the Income Tax Act, the value of liabilities in the policyholder funds must be calculated on a basis as determined by the Chief Actuary of the Financial Services Board, in consultation with the Commissioner of SARS. This directive sets out the basis for the calculation.
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.