Tag Archive | Income Tax Act

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.

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Parliament debates three financial market and tax Bills

A series of three pieces of financial legislation have been tabled in Parliament by the minister of finance, Pravin Gordhan, namely the Financial Markets Bill, the Credit Rating Services Bill and the Rates and Monetary Amounts and Amendment of Revenue Laws Bill.

The standing committee on finance originally called for written comments by the end of May on the Financial Markets Bill, numbered B12, heard on 30 May 2012, the purpose of the Bill being stated to:

• Provide for the regulation of financial markets; • Regulate exchanges, central securities, clearing houses and trade repositories • Regulate and control securities trading and the administration of securities • Prohibit insider trading and other market abuses • Provide for the approval of nominees • Provide for codes of conduct • Replace the Securities Services Act, 2004 for the reasons given.

The same committee called for written comments by the same date on the Credit Rating Services Bill, numbered B8, now also heard, the purpose of the Bill being to:  • Provide for the registration of credit rating agencies; • Provide for the regulation of certain activities of credit rating agencies; • Provide conditions for the issuing of credit ratings and rules

The third Bill  tabled before the Standing Committee on Finance is the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, numbered B10, public hearings having taken place and deliberations now scheduled.   The purpose of this last Bill is to: • Fix the rates of normal tax; • Amend the Income Tax Act, 1962, amending rates and monetary amounts • Amend the Customs and Excise Act, 1964, so as to amend rates of duty

Deliberations by the finance committee on all three Bills will continue in June.


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