National Treasury recently released a media statement inviting comments from the public on the application of increased capital gains tax rates to long-term insurers in 2012.
The statement also invites comments relating to the longer-term proposal of mark-to-market taxation of long-term insurer policy funds as well as longer-term proposed revisions that will simplify the four funds tax calculation.
Click here to access the National Treasury media statement.
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.