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Invitation for Written Submissions on Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B17-2019] (Rates Bill), Taxation Laws Amendment Bill [B18-2019] (TLAB) and Tax Administration Laws Amendment Bill [B19-2019] (TALAB)

The Select Committees on Finance invites stakeholders and interested parties to submit written submissions on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B17-2019] (Rates Bill), Taxation Laws Amendment Bill [B18-2019] (TLAB), and the Tax Administration Laws Amendment Bill [B19-2019] (TALAB).

The Rates Bill gives effect to the following key tax proposals announced in the 2019 Budget Review: 

  • Changes in rates and monetary thresholds to the personal income tax tables
  • Adjustments to the eligible income bands that qualify for the employment tax incentive
  • Increases of the excise duties on alcohol and tobacco

The TLAB gives effect to the following key tax proposals announced in the 2019 Budget Review: 

  • Aligning the effective date of tax neutral transfers between retirement funds with the effective date of annuitisation for provident funds
  • Adjusting the withholding tax treatment of surviving spouses’ pensions to limit tax debts on assessment
  • Addressing abusive arrangements aimed at avoiding the anti-dividend stripping provisions
  • Clarifying the interaction between corporate reorganisation rules and other provisions of the Income Tax Act
  • Refining the tax treatment of long-term insurers
  • Refining investment criteria and anti-avoidance measures for the Special Economic Zone regime
  • Limiting the allowable deduction for investors investing in a venture capital company
  • Reviewing the controlled foreign company comparable tax exemption and addressing the circumvention of the anti-diversionary rules
  • Reviewing section 72 of the VAT Act

The TALAB gives effect to the following key tax proposals announced in the 2019 Budget Review: 

  • Removal of requirement to submit a declaration to a regulated intermediary in respect of tax free investments
  • Authorisation for the Commissioner to prescribe rules relating to the making of advance foreign currency payments
  • Alignment of time limitations on requesting refunds
  • Model mandatory disclosure rules and non-compliance penalties
  • Tax compliance certificates

Submissions must be received by no later than 12:00 on Thursday, 21 November 2019. 

The Bills are available on the parliamentary website:  
Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B17-2019] (Rates Bill) https://tinyurl.com/y5le8na4 
Taxation Laws Amendment Bill [B18-2019] (TLAB) https://tinyurl.com/yxeuj7a5 
Tax Administration Laws Amendment Bill [B19-2019] (TALAB) https://tinyurl.com/yxe4ysu8 

Submissions must be directed to the Committee Secretaries, Mr Nkululeko Mangweni, 3rd Floor, 90 Plein Street, Cape Town, 8000 or nmangweni@parliament.gov.za tel. (021) 403-3782 

Issued by Hon. Y I Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)