ATC181129: Report of the Select Committee on Finance on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B 37 - 2018] (National Assembly- section 77), dated 29 November 2018

NCOP Finance

Report of the Select Committee on Finance on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B 37 - 2018] (National Assembly- section 77), dated 29 November 2018.
 

The Select Committee on Finance, having considered the Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B 37 - 2018] (National Assembly – section 77), referred to it, and classified by the JTM as a section 77 Bill, reports that it has agreed to the Bill without amendments.

1.Background

The Bill gives effect to the tax proposals dealing with tax rates and monetary threshold announced in the 2018 Budget Review. These proposals relate to Income Tax (increasing rebates and medical tax credits), Transfer duties (introducing a higher duty rate of 25 per cent for estates above R30 million), VAT (increasing the rate by one per cent), Customs duties and excise duties (including the schedule that increases alcohol and tobacco duties). The tax proposals aim to raise additional revenue to cover the shortfalls expected in the current financial year and over the medium term.

The 2018 Rates and Monetary Amounts and Amendment of Revenue Laws Bill was published by the Minister of Finance during the 2018 National Budget and tabled in Parliament during the Medium Term Budget Policy Statement. The NCOP referred the Bill to the Select Committee on Finance on 20 November 2018. The Committee received a briefing from the National Treasury and South African Revenue Service on 27 November 2018. The Committee invited interested stakeholders to make representations in Parliament on 28 November 2018. The Committee did not receive any submissions on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill.

 

The Democratic Alliance reserves its position on this report.

 

Report to be considered.