- 11 March 2020 – Update on ITR14 return issues:SARS is aware of the technical issue pertaining the loss source codes 3109, 3111 and 3199. We are working on resolving the issue. In the meanwhile, should taxpayers wish to file their returns, they can do so by using any of the other loss source codes from 3103 to 3127 opting a source code relevant to their business.
Why should controlling bodies for Tax Practitioners be recognised?
- listed in section 240A of the Tax Administration Act or
- or be recognised by SARS.
SARS is expected to “Recognise” Controlling Bodies for tax practitioners that provide advice with respect to the application of a tax Act or complete returns if the body remains relevant and effective on their requirements stipulated on the TAAct.
What are the criteria for SARS recognising controlling bodies?
For an entity to apply to the Commissioner to become a Recognised Controlling Body they must meet the following criteria:
The entity must ensure with regards to such persons that the following are maintained:
• Minimum qualifications and experience requirements;
• Continuing professional education requirements;
• Codes of ethics and conduct;
• Tax compliance; and
• Disciplinary process and procedures.
The entity must have a minimum of 1 000 members upon recognition or have a reasonable expectation of reaching 1000 members by end of the first year of recognition.
When an entity is recognised as a Recognised Controlling Body, it must submit a report of its members and compliance within the prescribed time period and in the prescribed form and manner.
List of currently recognised controlling bodies
- Chartered Institute of Management Accountants (CIMA)
- Chartered Governance Institute of Southern Africa (formerly CSSA)
- Financial Planning Institute (FPI)
- Institute of Accounting and Commerce (IAC)
- SA Institute of Chartered Accountants (SAICA)
- SA Institute of Professional Accountants (SAIPA)
- SA Institute of Tax Practitioners (SAIT)
- The Association of Chartered Certified Accountants (ACCA)
- Association of Accounting Technicians Southern Africa (AAT(SA))
- Southern African Institute for Business Accountants (SAIBA)
The following controlling bodies were automatically recognised in terms of the Act:
How does the Controlling Body become recognised?
The entity must apply manually to the Commissioner to become a Recognised Controlling Body.
Below are 6 steps to guide an entity in their application process.
An entity may request a review where they believe SARS initial assessment is not correct.