2023 Draft Revenue Bills, Rates Bill & Tax Bills

The Standing Committee on Finance invites you to submit written submissions on the 2023 Draft Revenue Laws Amendment Bill and the 2023 Draft Revenue Administration and Pension Laws Amendment Bill, 2023 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2023 Draft Rates Bill), 2023 Draft Taxation Laws Amendment Bill (2023 Draft TLAB) and 2023 Draft Tax Administration Laws Bill (2023 Draft TALAB)

Submissions can be emailed to Mr Allen Wicomb at [email protected] and Ms Teboho Sepanya at [email protected] by no later than 12:00 on Monday, 18 September 2023.
 

Those who want to make submissions at public hearings on Tuesday, 19 and Wednesday, 20 September 2023 should specifically request this. These hearings will be conducted through Zoom.

Key proposals contained in the 2023 Draft Revenue Laws Amendment Bill and the 2023 Draft Revenue Administration and Pension Laws Amendment Bill include the following:

• Implementation date of the “two pot” retirement system
• Proposal for seed capital
• To limit the adverse effect on liquidity
• To treat defined benefit funds equitably
• Treatment of legacy retirement annuity funds.

Key tax proposals contained in the 2023 Draft Rates Bill include the following: 

• Changes in rates and monetary thresholds to the personal income tax tables
• Changes in monetary thresholds for transfer duty
• Increases of the excise duties on alcohol and tobacco.

Key tax proposals contained in the 2023 Draft TLAB include the following: 

• Rooftop solar tax incentive
• Renewable energy tax incentive
• Research and Development tax incentive
• Urban Development Zone tax incentive
• Adjusting the minimum royalty rate for oil and gas companies
• Reviewing principles contained in Practice Note 31 of 1994
• Clarifying anti-avoidance rules dealing with third-party-backed shares
• Refining the provisions applicable to unbundling transactions
• Tax treatment of deposit insurance scheme
• Clarifying the foreign business establishment exemption for controlled foreign companies
• Refining the participation exemption for the sale of shares in foreign companies
• Reviewing the VAT treatment of specific supplies in the short-term insurance industry
• Clarifying the VAT treatment of prepaid vouchers in the telecommunications industry

Key tax proposals contained in the 2023 Draft TALAB include the following: 

• Advance Pricing Agreement Programme
• Employees’ tax registration requirement for nonresident employers
• Variation of employees’ tax withholding in respect of remuneration
• Expanding the general disclosure provisions for section 18A approved organisations
• Single window for advance passenger information and passenger name record data
• Enabling SARS’ new online traveller management system
• Expending the time period to submit a return where taxpayers disagree with an auto assessment
• Alignment with anti-money laundering and combatting terrorism developments

Enquiries can be directed to Mr Allen Wicomb on tel (021) 403 3759 or Ms Teboho Sepanya on tel (021) 403 3662

Issued by Hon. J Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)

How to write a submission