Draft IN: Associations – funding requirements
SARS has published the draft interpretation note in respect of the “funding” requirement for associations for a second round of public comment. Comments should be submitted before 5 November 2021.
This note, which is being published for a second round of comment, provides guidance on the interpretation and application of the “funding” requirement contemplated in section 30B(2)(b)(ix) of the Income Tax Act, requiring that substantially the whole of an entity’s funding must be derived from its annual or other long-term members or from an appropriation by the government.
Comments should be submitted to policycomments@sars.gov.za by 5 November 2021.
Find the draft interpretation note here.
28/09/2021
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