Tag Archive | tax

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/

Posted in Finance, economic, LinkedIn, Trade & Industry0 Comments

Various tax regimes passed by Parliament

Tax changes for 2013 imminent…

Giving effect to most of the tax proposals announced in the 2013 budget review, the Taxation Laws Amendment Bill, with its tandem enabling Bill – the Taxation Administration Laws Amendment Bill – have both passed through the standing committee on finance as a money Bill.

Probably the most important for economic growth is the proposed beneficial tax regime for companies that decide to take advantage of the new Special Economic Zones Bill introduced by minister of trade and industry, Dr. Rob Davies, and now almost finalised by Parliament.

Other tax proposals are to back up the cabinet wish to revitalise South Africa’s maritime sector with an attractive tax regime to encourage exports, mainly using Africa coastal routes.

Catching up with profit deflection

Minister of finance Gordhan Pravin’s tax proposals also include moves to discourage profit-shifting through excessive interest deduction and the use of artificial debt and the payment of certain dividends which gain tax deductions.

Retirement fund deductions are affected as from next year, as will be certain matters regarding provident funds. Most important are the easing of conditions under which low-income employees are acquire houses at below market value without tax being payable under the current fringe benefit system.

Foreign e-commerce suppliers are to register for VAT.

Tax practitioner’s regs

There are a number of changes affecting the completion of tax forms  and there are new regulations for tax practitioners, mostly involving the principle of “accountability”.

Treasury has promised specific legislation on the employment tax incentive and waste discharge incentive charges later this year and comments on both Bills was closed early August in order for the money Bills in question to be processed during September.

Refer previous articles in this category
http://parlyreportsa.co.za//finance-economic/dividends-withholding-tax-arrives-on-time/
http://parlyreportsa.co.za//cabinetpresidential/pravin-gordhan-best-budget-vote-speech-of-the-year/

Posted in Facebook and Twitter, Finance, economic, Labour, LinkedIn, Trade & Industry0 Comments

New taxation regimes before Parliament

Introducing DTI’s SEZs….

A Taxation Laws Amendment Bill, with its tandem enabling Bill, the Tax Administration Laws Amendment Bill, are both before the standing committee on finance giving effect to most of the tax proposals announced in the 2013 budget review.

Probably the most important for economic growth is the proposed beneficial tax regime for companies that decide to take advantage of the new Special Economic Zones Bill introduced by minister of trade and industry, Dr. Rob Davies, and now almost finalised by Parliament.

Export incentives

Other tax proposals are to back up the cabinet wish to revitalise South Africa’s maritime sector with an attractive tax regime to encourage exports, mainly using Africa coastal routes.

Minister of finance Gordhan Pravin’s tax proposals also include moves to discourage profit-shifting through excessive interest deduction and the use of artificial debt and the payment of certain dividends which gain tax deductions.

Provident funds

Retirement fund deductions are affected as from next year, as will be certain matters regarding provident funds. Most important are the easing of conditions under which low-income employees are acquire houses at below market value without tax being payable under the current fringe benefit system

Foreign e-commerce suppliers are to register for VAT.

There are a number of changes affecting the completion of tax forms  and there are new regulations for tax practitioners, mostly involving the principle of “accountability”.

Treasury has promised specific legislation on the employment tax incentive and waste discharge incentive charges later this year and comments on both Bills will be close early in August in order for the money Bills in question to be processed by September.
Refer previous articles in this category
http://parlyreportsa.co.za//finance-economic/dividends-withholding-tax-arrives-on-time/
http://parlyreportsa.co.za//cabinetpresidential/pravin-gordhan-best-budget-vote-speech-of-the-year/

Posted in Finance, economic, Land,Agriculture, Special Recent Posts, Trade & Industry0 Comments


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