ATC181129: Report of the Select Committee on Finance on the 2018 Taxation Laws Amendment Bill [B 38 - 2018] (National Assembly- section 77), dated 29 November 2018

NCOP Finance

Report of the Select Committee on Finance on the 2018 Taxation Laws Amendment Bill [B 38 - 2018] (National Assembly- section 77), dated 29 November 2018.

 

The Select Committee on Finance, having considered the Taxation Laws Amendment Bill  [B 38 - 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 main tax proposals in the Taxation Laws Amendment Bill (TLAB) are providing more flexibility for the treatment of retirement fund transfers and withdrawals, introducing a fringe benefit exemption for lower income employees who receive a loan from their employer for low cost housing, reviewing the international shipping exemption for the purpose of accommodating the use of replacement ships, review of Venture Capital Company Rules, refinements and clarification for the conversion of debt to equity, the refinement and interaction between anti-avoidance rules for dividend stripping with corporate re-organisation rules, clarification of doubtful debts, tax treatment of amounts received by or accrued to portfolios of Collective Investment Schemes, inserting rules addressing the use of trusts to defer tax or re-characterise the nature of income and amendments to Mineral and Petroleum Resources Royalty Act, 2008.

The 2018 Taxation Laws Amendment Bill (TLAB) were tabled by the Minister of Finance in Parliament on 24 October 2018. 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 Taxation Laws Amendment Bill (TLAB).

 

Report to be considered.

 

 

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