A summary of this committee meeting is not yet available.
FINANCE PORTFOLIO COMMITTEE Taxation Laws Second Amendment Bill: ADOPTION
20 June 2005
TAXATION LAWS AMENDMENT BILL AND
Chairperson: Dr R Davies (ANC)
Documents handed out:
FINANCE PORTFOLIO COMMITTEE
Taxation Laws Second Amendment Bill: ADOPTION
Draft Taxation Laws Amendment Bill
Taxation Laws Amendment Bill [B19-2005]
Taxation Laws Second Amendment Bill [B20 - 2005]
In deliberations that lasted under 20 minutes, the Committtee unanimously adopted the Taxation Laws Amendment Bill and the Taxation Laws Second Amendment Bill without amendments.
PMG was regrettably unable to attend this meeting as it occurred at an unscheduled time. These are the edited, reformatted notes of the Committee Clerk, Mr A Hermans.
SA Revenue Services briefing
SARS gave a short briefing on the Taxation Laws Second Amendment Bill. PMG notes that in the Committee meeting of 27 May 2005, SARS had similarly given a presentation on the main 2005 tax policy interventions announced by the Minister of Finance. These included the R10.9 billion tax relief for individuals and companies, and the exemption from skills development levy for small business with a payroll bill of less than R500 000. The new transfer duty rate structure had come into effect on 1 March 2005. The small business tax relief had been extended to personal services as long as the businesses maintained at least four full time employees employed in the core activities of the business. Other changes had included the abolishment of stamp duties on all banking debit entries and installment credit agreements. There had been some adjustment of the deemed business cost against car allowance. Taxes on tobacco and alcoholic beverages had been increased.
The Draft Bill had been comprehensively deliberated on on 31 May and 1 June 2005 (Please see PMG minutes). This day it was thus only briefly discussed by Mr S Asiya, Mr Y Bhamjee, Ms J Fubbs, Mr L Gabela, Ms B Hogan, Ms R Joemat, Mr L Johnson, Mr A Mnguni and Mr K Moloto of the ANC. The DA was represented by Mr I Davidson; the IFP by Mr T E Vezi; theUDM by Mr M Stephens; the ID by Mr A Harding; and the ACDP by Mr K Durr (ACDP).
The Chairperson submitted a draft report on Taxation Laws Amendment Bill (Section 77) for consideration and adoption. The report was unanimously adopted.
The Committee then considered the Taxation Laws Second Amendment Bill (Section 75) clause by clause. There being no amendments, the Chairperson submitted the Motion of Desirability:
"That in the opinion of the Committee, legislation is desirable to amend the Customs and Excise Act, 1964, so as to further regulate an offence regarding the failure to export goods within the specified period; to substitute a definition; and to require the Commissioner to keep certain Explanatory Notes and to provide for their evidentiary value; to amend the Stamp Duties Act, 1968, so as to delete a certain definition and substitute another; to make further provision for the manner in which instruments shall be written and stamped and for persons liable to stamp instruments; and to repeal a certain requirement in respect of debit entries; to amend the Value-Added Tax Act, 1991, so as to amend a definition; to further regulate the periods when returns must be submitted and to effect certain consequential amendments relating thereto; and to effect certain textual amendments; to amend the Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003, so as to further regulate the period for submission of tax returns; and to amend the Taxation Laws Amendment Act, 2004, so as to further regulate the authority and responsibility to collect the payments referred to in Scheduled 3 to that Act; and provide for matters connected therewith".
The Motion was agreed to, and then the Committee unanimously voted to adopt the Bill without amendments.
The meeting was adjourned.