• Mini budget: Lost trust

    The elephant in the room is a bigger danger to SA than weak finances, says Jaco Leuvennink.

  • Time to tackle floods

    Government isn't doing enough so it's up to us to take responsibility, says Mandi Smallhorne.

  • Conquering prejudice

    Every workplace would benefit from a self-critical process relating to prejudices, says Ian Mann.

Loading...

Laws to protect taxpayers

Jan 04 2013 11:17
Sapa
Johannesburg - The government will this year introduce laws to regulate the tax advisory services in the country, the Business Day newspaper reported on Friday.

The new regulations would hold tax practitioners accountable for the advice they give to taxpayers and also rid the industry of rogue practitioners.

The newspaper said the regulatory framework would obligate practitioners to register with a regulatory body before July. Those who failed to do so would face legal action.

The tax advisory regulations came after the promulgation of the Tax Administration Amendment Act at the end of 2012.

All practitioners would be obliged to be members of organisations such as the Independent Regulatory Board of Auditors, SA Legal Practice Council, Institute for Tax Practitioners, SA Institute of Chartered Accountants or SA Institute of Professional Accountants.

Business Day reported that while the state's intention was to hold tax practitioners accountable, it was suspected in the tax advisory industry that the regulations were aimed at keeping those in highly sophisticated tax avoidance schemes in check.

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

tax

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
18 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about...

Calling all social entrepreneurs - apply for The Venture now!

Are you running an innovative social business that's helping to create a better future? Then pitch for a share of The Venture’s $1m fund and receive world-class mentorship to help accelerate your business growth.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Pick n Pay launches new website for easier online shopping

Previous results · Suggest a vote

Loading...