SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT
SUBJECT : RIGHT OF USE OF MOTOR VEHICLE
This Note provides guidance on the income tax consequences that arise for an employee when an employer grants that employee the right of use of a motor vehicle, commonly known as the "company car fringe benefit”, with specific reference to the latest legislative amendments to the Fourth and Seventh Schedules to the Act.
To access the Draft Interpretation Note, click here
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.