2024 TLAB, TALAB, RLAB, Global Tax Bills & Rates Bill

The Select Committee on Finance invites you to submit written submissions on the 2024 Taxation Laws Amendment Bill (2024 TLAB), 2024 Tax Administration Laws Amendment Bill (2024 TALAB), 2024 Revenue Laws Amendment Bill (2024 RLAB), 2024 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2024 Rates Bill), 2024 Global Minimum Tax Bill and the 2024 Global Minimum Tax Administration Bill

Key proposals contained in the 2024 TLAB include, amongst others, the following: 
• Curbing the abuse of the employment tax incentive scheme
•Clarifying anti‐avoidance rules dealing with third‐party backed shares
• Clarifying the VAT treatment of supply of services to non-resident subsidiaries of companies based in the Republic.
• Renewable energy premium deduction

Key tax proposals contained in the 2024 TALAB include, amongst others, the following:
• Implementing the Constitutional Court judgment regarding access to tax records
• Non-resident vendors with no or a limited physical presence in South Africa 
• Timing of VAT on imported services
• Overpayments of VAT on the importation of goods and imported services 

The 2024 RLAB aims to: 
• Clarify the existing language and to simplify the directives system for both administrators and SARS to allow for an efficient implementation of the ‘two-pot’ retirement reform

The 2024 Rates Bill aims to: 

• Amend the Customs and Excise Act, 1964, so as to amend rates of duty in Schedule 1 to that Act • amend the Carbon Tax Act, 2019, so as to amend rates • and to provide for matters connected therewith

The 2024 Global Minimum Tax Bill aims to:

• Implement the GloBE Model Rules in South Africa to enable South Africa to impose a multinational top-up tax at a rate of 15 per cent on the profits of in-scope multinational enterprise groups.

The 2024 Global Minimum Tax Administration Bill aims to:

The administration of the Draft Global Minimum Tax Bill.

Those who want to make submissions at the public hearings on Tuesday, 26 November 2024 should specifically request this.

Submissions can be emailed to Mr Nkululeko Mangweni at [email protected] by no later than 12:00 on Friday, 22 November 2024.

Enquiries can be directed to Mr Nkululeko Mangweni on tel (021) 403-3759 or tel (021) 403-3662.

Issued by Hon. Ms. S Ndhlovu, MP, Chairperson: Select Committee on Finance (National Council of Provinces)

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How to write a submission