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Are you one of the 17 000 tax practitioners not yet part of a professional body? You only five months to get your affairs in order!

by , 21 January 2013
Recent figures from SARS show that up to 17 000 of the 34 000 operating tax advisors and practitioners do not belong to a controlling professional body. SARS also found that 9.5% of tax practitioners are not tax-compliant in that they are either not registered with SARS or their own tax affairs are not in order. You only have five months to get your affairs in order to meet the TAA requirement. Here's why you need to comply.

'In recent years tax legislation has become very complex and the non-compliance … can be directly linked to the tax practitioners' technical ability to perform the work', says Stiaan Klue, Chief Executive of the SA Institute of Tax Practitioners.

Tax practitioners had better register with a professional body by 1 July or face criminal sanctions from SARS for non-compliance with the TAA!

In terms of the promulgated Tax Administration Laws Amendment Act No. 21 of 2012 (TAA), all tax practitioners will be regulated from 1 July 2013. Klue welcomes the new regulatory regime that will protect taxpayers against rogue tax practitioners. 'The countdown for the tax profession has begun, with exactly five months for tax advisors to register as tax practitioners 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.

In anticipation of the new regulatory regime for tax advisors, the South African Institute of Tax Practitioners (SAIT) was appointed on 30 November 2012 as the National Board Examination adjudicators for tax practitioners under the mandate of the Quality Council for Trades and Occupations.

SAIT is also a registered controlling professional body by the South Africa Qualifications Authority (SAQA) in terms of the National Qualifications Framework Act, 2008.

The tax profession now join the list of professional designations whose statutory and non-statutory professional body complies with criteria set out by SAQA.

We reported yesterday  that SAIPA has launched the Centre of Tax Excellence (CoTE) to award an affiliate membership to new and qualified tax practitioners who aren't yet members of a professional body.

For the latest breaking news on tax compliance, sign up for our free daily Tax Bulletin newsletter! And if you need step-by-step instructions, checklists and practical examples to easily comply with tax law, you can't afford to not have your own copy of our Practical Tax Loose Leaf Service. Click here to order your copy today!

  • Press release from Dayne Stern of Marcus Brewster PR 

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