The Financial Planning Institute of Southern Africa (FPI) has been a Recognised Controlling Body (RCB) since 2017, after approval by the South Africa Revenue Services (SARS), in terms of Section 204A of the Tax Administration Act.

As one of the many membership benefits  we offer to our members, we facilitate for them to become Tax Practitioners duly recognised by SARS. We make it possible for our members to meet the requirements of becoming registered tax practitioners. After they register with us, we then register them with SARS. To successfully complete the process, we ensure that the tax practitioners meet all the requirements set out by SARS, which, among others, include:

• NQF level 6 and above with at least one accounting module and one tax module, plus at least one year’s tax working experience
• NQF level 5 plus at least four years’ tax working experience, or
• NQF level 4 plus ten years’ tax working experience. The tax working experience must be verifiable by the employers or clients
• Successfully complete the SARS Readiness Programme
• Be tax compliant
• Submitting of an independently verified criminal free certificate in terms of section 240(3) of the Tax Administration Act to their RCB, e.g. a certificate issued by the South African Police Service

These criteria came into being as a result of SARS wanting to fully implement chapter 18 of the Tax Administration Act and ensure the professionalism of the tax advisory industry, after consultation and agreement with the RCBs. The requirements also include a minimum of 18 verifiable Continuous Professional Education (CPE) hours per year. The FPI makes webinars available to the tax practitioners to assist them with reaching the 18 verifiable CPE hours.

Going through the FPI to register as a tax practitioner with SARS saves time and removes inconvenience as it cuts the red tape, because we do all the necessary work for our members.

This recognition as an RCB is a validation of the quality of our certification and practice standards as well as our overall pre-eminent standing. It sets the FPI at strategic parity with other respected professional bodies, and also continuously strengthens our profile as a credible body that can be trusted with self-regulatory or co-regulatory authority in regulating the conduct of financial planners and financial advisors. Furthermore, the recognition is an attestation to the FPI’s significant role as part of SARS’ consultative panel on tax policy and regulatory matters.

Being an RCB is a positive strategic move which positions us as a thought leader and key influencer of tax policy and regulatory matters.