Draft Taxation Laws Amendment Bill (TLAB) & Draft Tax Administration Laws Amendment Bill (TALAB)

The Standing Committee on Finance invites stakeholders and interested parties to submit written submissions on the 2017 Draft TLAB and 2017 Draft TALAB.

The main tax proposals contained in the 2017 Draft TLAB are:

• A levy on bargaining councils to address non-compliance
• A higher fringe benefit exemption for bursaries to learners with disabilities
• Removing the foreign employment income tax exemption in respect of South African residents
• Addressing the circumvention of anti-avoidance rules dealing with share buy backs, dividend stripping and contributed tax capital
• Strengthening anti-avoidance rules relating to mining environmental rehabilitation funds
• Extending the application of controlled foreign company rules to interposed foreign trusts and foreign foundations
• Changes in the tax treatment of banks due to IFRS9
• Tax amendments due to the SAM framework for long term insurers

The main tax administration proposals contained in the 2017 Draft TALAB relate to:

• Assisting micro businesses transitioning into the small business corporation system
• Employees’ tax and reimbursement of travel expenses
• Application of the cap on deductible retirement fund contributions
• Taxation of interest payable in respect of normal tax by SARS
• Phased implementation of Tax Administration Act, 2011, interest rules by tax type
• Transitional arrangements regarding processes before commencement of the new Customs Acts

Public hearings will be conducted at Parliament on Tuesday, 29 August 2017.

Submissions and your indication to make oral presentation must be received by no later than 12:00 on Friday, 25 August 2017.

Submissions and Enquiries must be directed to the Committee Secretaries: Ms Teboho Sepanya at [email protected] tel. (021) 403-3738 and Mr Allen Wicomb at [email protected] tel. (021) 403-3759