ATC181129: Report of the Select Committee on Finance on the 2018 Tax Administration Laws Amendment Bill [B 39B - 2018] (National Assembly- section 75), dated 29 November 2018

NCOP Finance

Report of the Select Committee on Finance on the 2018 Tax Administration Laws Amendment Bill [B 39B - 2018] (National Assembly- section 75), dated 29 November 2018.
 

The Select Committee on Finance, having considered the Tax Administration Laws Amendment Bill [B 39B - 2018] (National Assembly – section 75), referred to it, and classified by the JTM as a section 75 Bill, reports that it has agreed to the Bill without amendments.

1.Background

The Tax Administration Laws Amendment Bill (TALAB) proposes to amend the Income Tax Act; the Income Tax Act, 1962:  the Customs and Excise Act; 1964, the Value-Added Tax Act, 1991; the Securities Transfer Tax Act, 2007; the Tax Administration Act, 2011, and the Customs Control Act, 2014.  

The main tax proposals in the Tax Administration Laws Amendment Bill (TALAB) relate to a removal of the requirement to submit tax returns for individuals receiving a tax-exempt dividend, anti-forestalling amendments for excise duties, clarification on handling incorrect invoices for value added tax refunds and allowing the collection of value added tax payments to apply across branches and divisions.

The 2018 Tax Administration Laws Amendment Bill (TALAB) 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 Tax Administration Laws Amendment Bill (TALAB).

 

Report to be considered.