Tax law changes after mid-year budget

Tax Administration Laws Amendment Bill….

pravon gordhanAs part of the presentation of the medium term budget policy statement by the finance minister, Pravin Gordhan, on the 24 October, the following are some of the Acts that will be amended by the simultaneous presentation of the new Tax Administration Laws Amendment Bill, legislation necessary as part of any budget re-allocation or implementation.

 

•    Transfer Duty Act of 1949;
•    Income Tax Act of 1962;
•    Value-Added Tax Act of 1991;
•    Skills Development Levies Act of 1999;
•    Unemployment Insurance Contributions Act of 2002;
•    Securities Transfer Tax Act of 2007;
•    Mineral and Petroleum Resources Royalty Act of 2008; and
•    Tax Administration Act of 2011.

Customs and excise changes

The Bill mainly focuses on search and seizure provisions in terms of the Customs and Excise Act; extension of prescription period in the event of delays by taxpayers and for a reduced assessment; a provision re-writing that there will be no penalty for an understatement resulting from bona fide error and, importantly, regulations regarding tax practitioners whereby direct supervision is replaced by acceptance of accountability.

Other issues arose in his medium budget statement to the House and are covered by the new Bill.

The Bill will have the normal restraints that is a Money Bill; an explanatory summary has already been published by SARS and public comment invited by the minister to the department of finance.

Refer to articles in this category
http://parlyreportsa.co.za//finance-economic/various-tax-regimes-passed-parliament/
http://parlyreportsa.co.za//cabinetpresidential/pravin-gordhan-best-budget-vote-speech-of-the-year/

Leave a Reply

This website is Archival

If you want your publications as they come from Parliament please contact ParlyReportSA directly. All information on this site is posted two weeks after client alert reports sent out.

Upcoming Articles

  1. Carbon Tax debate heats up in Parliament
  2. Copyright Bill goes into final stages
  3. Hate Crimes Bill on way back to Parliament
  4. DTI briefs Parliament on the road ahead
  5. RE-IPP4 alive again with LNG interest
  6. Competition Commission rough on investors

Earlier Editorials

Earlier Stories

  • AARTO licence demerit system studied  …. In what has been a legislative marathon, the update of the Administrative Adjudication of Road Traffic Offences Act (AARTO) has now reached a stage […]

  • SARS role at border posts being clarified …. In adopting the Border Management Authority (BMA) Bill, Parliament’s Portfolio Committee on Home Affairs agreed with a wording that at all future one-stop border […]

  • Modernising SAPO a culture change ….. sent to clients 27 February…. Stage by stage, Mark Barnes, Group Chief Executive Officer of South African Post Office (SAPO), appears to be reforming cultures and […]

  • OECD money task force waiting for SA   ….sent to clients Feb 7…. Chairperson of the Standing Committee on Finance, Yunus Carrim, made it quite clear in terms of parliamentary rules that […]

  • President Zuma vs Parliament on FICA Bill …..editorial……The convoluted thinking that is taking place in South Africa to avoid the consequences of the law has once again become evident in […]