Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B17-2019] (Rates Bill), Taxation Laws Amendment Bill [B18-2019] (TLAB),& Tax Administration Laws Amendment Bill [B19-2019] (TALAB)

Call for comments opened 04 November 2019 Share this page:

Submissions are now closed (since 21 November 2019)

NCOP Finance

The Select Committees on Finance invites you to submit written submissions on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B17-2019] (Rates Bill), Taxation Laws Amendment Bill [B18-2019] (TLAB), and the Tax Administration Laws Amendment Bill [B19-2019] (TALAB).

The Rates Bill gives effect to the following key tax proposals announced in the 2019 Budget Review:
▪ Changes in rates and monetary thresholds to the personal income tax tables
▪ Adjustments to the eligible income bands that qualify for the employment tax incentive
▪ Increases of the excise duties on alcohol and tobacco

The TLAB gives effect to the following key tax proposals announced in the 2019 Budget Review:
▪ Aligning the effective date of tax neutral transfers between retirement funds with the effective date of annuitisation for provident funds
▪ Adjusting the withholding tax treatment of surviving spouses’ pensions to limit tax debts on assessment
▪ Addressing abusive arrangements aimed at avoiding the anti-dividend stripping provisions
▪ Clarifying the interaction between corporate reorganisation rules and other provisions of the Income Tax Act
▪ Refining the tax treatment of long-term insurers
▪ Refining investment criteria and anti-avoidance measures for the Special Economic Zone regime
▪ Limiting the allowable deduction for investors investing in a venture capital company
▪ Reviewing the controlled foreign company comparable tax exemption and addressing the circumvention of the anti-diversionary rules
▪ Reviewing section 72 of the VAT Act

The TALAB gives effect to the following key tax proposals announced in the 2019 Budget Review:
▪ Removal of requirement to submit a declaration to a regulated intermediary in respect of tax free investments
▪ Authorisation for the Commissioner to prescribe rules relating to the making of advance foreign currency payments
▪ Alignment of time limitations on requesting refunds
▪ Model mandatory disclosure rules and non-compliance penalties
▪ Tax compliance certificates

Submissions must be received by no later than 12:00 on Thursday, 21 November 2019.

Comments can be emailed to Mr Nkululeko Mangweni at [email protected] by no later than 12:00 on Thursday, 21 November 2019.

Enquiries
can be directed to Mr Nkululeko Mangweni on tel (021) 403 3782

Issued by Hon. Y I Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)