Question NW486 to the Minister of Finance
22 May 2017 - NW486
Lees, Mr RA to ask the Minister of Finance
(1)With reference to amendments to (a) section 107 of the Income Tax Act, Act 58 of 1962, as amended, and (b) section 74 of the Value-Added Tax Act, Act 89 of 1991, as amended, as proposed in the 2017 Budget Proposals, what are the details of the information that he needs which may not have been made available to him to date; (2) will he make regulations in relation to information that he deems necessary once the specified Acts have been amended; if so, (a) what are the details of the proposed regulations and (b) will he make a statement in this regard?
Reply:
1. Currently, section 107 of the Income Tax Act 58 of 1962 and section 74 of the Value Added Tax Act 89 of 1991 makes provision for the Minister of Finance to make regulations prescribing amongst other things the information that the Minister may require from the South African Revenue Service (SARS) Commissioner to ensure smooth tax administration and optimal revenue collection. The proposed amendments to section 107 of the Income Tax Act 58 of 1962 and section 74 of the Value Added Tax Act 89 of 1991 are to clarify that the Minister of Finance may make regulations in relation to the information that the Minister of Finance may deem necessary to ensure transparency, reporting on tax collection and that the target set in the Budget for revenue is achieved.
2. The proposed regulations will be made only after the amendment bills have been passed into law and will be published for public comment. A media statement will then be issued when these regulations are published for public comment.