The National Assembly’s Standing Committee on Finance (Scof) has announced the deadlines for submissions on proposed tax law amendments, including the two-pot retirement system.
Scof has invited the public to submit written comments on the following draft bills that will give effect to the proposals outlined in the 2023 Budget:
- 2023 Draft Revenue Laws Amendment Bill
- 2023 Draft Revenue Administration and Pension Laws Amendment Bill
- 2023 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2023 Draft Rates Bill)
- 2023 Draft Taxation Laws Amendment Bill (2023 Draft TLAB)
- 2023 Draft Tax Administration Laws Bill (2023 Draft TALAB)
The deadline for submissions is 12pm on Monday, 18 September.
Scof will hold public hearings on the legislation on Tuesday, 19 September, and Wednesday, 20 September. These hearings will be conducted through Zoom. People who want to make submissions at the public hearings should specifically request this.
The 2023 Draft Revenue Laws Amendment Bill and the 2023 Draft Revenue Administration and Pension Laws Amendment Bill will give effect to the two-pot retirement system.
Read: Latest proposals on how the two-pot retirement system will work
Click here and here to download the draft explanatory memoranda to the draft bills.
2023 Draft Rates Bill
The 2023 Draft Rates Bill deals with changes to the rates and monetary thresholds to the personal income tax tables and increases in the excise duties on alcohol and tobacco.
2023 Draft TLAB
The key tax proposals in the 2023 Draft TLAB include:
- Rooftop solar tax incentive
- Renewable energy tax incentive
- Research and Development tax incentive
- Urban Development Zone tax incentive
- Adjusting the minimum royalty rate for oil and gas companies
- Reviewing principles contained in Practice Note 31 of 1994
- Clarifying anti-avoidance rules dealing with third-party-backed shares
- Refining the provisions applicable to unbundling transactions
- Tax treatment of deposit insurance scheme
- Clarifying the foreign business establishment exemption for controlled foreign companies
- Refining the participation exemption for the sale of shares in foreign companies
- Reviewing the VAT treatment of specific supplies in the short-term insurance industry
- Clarifying the VAT treatment of prepaid vouchers in the telecommunications industry
Click here to download the draft explanatory memorandum on the 2023 Draft TLAB.
2023 Draft TALAB
The key tax proposals contained in the 2023 Draft TALAB include:
- Advance Pricing Agreement Programme
- Employees’ tax registration requirement for non-resident employers
- Variation of employees’ tax withholding in respect of remuneration
- Expanding the general disclosure provisions for section 18A-approved organisations
- Single window for advance passenger information and passenger name record data
- Enabling Sars’s new online traveller management system
- Expanding the period to submit a return where taxpayers disagree with an auto-assessment
- Alignment with anti-money laundering and combating terrorism developments
Click here to download the memorandum on the 2023 Draft TALAB.
Submissions must be emailed to Mr Allen Wicomb at awicomb@parliament.gov.za and Ms Teboho Sepanya at tsepanya@parliament.gov.za.
Enquiries can be directed to Wicomb at 021 403 3759 or Sepanya at 021 403 3662.
