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Tax Practitioners facing their own deadline

Wednesday, 15 May 2013   (0 Comments)
Posted by: Author: Moneywebtax
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Source: Moneywebtax

With Sars' official recognition of controlling bodies being announced today, the South African Institute for Tax Practitioners (Sait) is red flagging a potential bottleneck for registration as the July 1 deadline looms.

Sars has made an announcement today, officially recognising five institutes as controlling bodies for the tax profession; namely Sait, Saica, Saipa, CSAA and the IAC. However, time is running out for nearly half of the South African tax practitioners, who now only have until 1 July 2013 to register with one of these recognised bodies, or otherwise run the risk of facing criminal sanctions.

Stiaan Klue, Chief Executive of the South African Institute for Tax Practitioners (Sait), which is the largest of the Sars' recognised bodies in terms of a subscriber base, is concerned that the process has taken longer than initially anticipated when President Zuma first promulgated the legislation in December 2012. "Nearly 17 000 tax practitioners now have less than two months to meet the registration requirements, such as complying with professional examinations and ultimately register with a recognised controlling body and Sars before 1 July."

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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.

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