|Is your Tax Advisor compliant?|
Is your Tax Advisor compliant?
The Tax Amendment Act, which passed into legislation in December 2012, has started a countdown for the entire tax profession, with less than 6 months remaining for tax advisors to register with a recognised controlling body. Failing to register by 1 July will result in criminal sanctions should they continue to submit tax returns or provide tax advice for a fee.
“There is now a responsibility for the general taxpayer to ensure the advisor they use is registered with a controlling Body” comments Sharon Smulders, Head of Technical Tax at the South African Institute of Tax Practitioners, (SAIT). "It is evident that the primary aim of Government with the regulation is to reform the tax profession to protect taxpayers against tax practitioners who practice without the required diligence, and in extreme circumstances practice recklessly to the ultimate detriment of the ordinary taxpayer,” she adds.
During the 2012 Budget speech, Minister Pravin Gordan criticised Tax Practitioners, alleging that they owed over R260 Million to the State, and accounted for more than 18 000 outstanding income returns in their personal capacity. "If that is their attitude to their own tax compliance, one shudders to think what advice they are giving to their clients", Gordhan asked.
In anticipation of the new regulatory regime for tax advisors, SAIT was officially recognised a controlling professional body in November 2012. This is in addition to SAIT’s appointment as
“We believe this new regulatory regime introduced on 1 July, together with the occupational qualification in tax will address the issue of training and certification of tax practitioners”, says Sharon Smulders.
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