Have Your Say: 2021 Taxation Laws Amendment Bill (TLAB)

The Select Committee on Finance invites stakeholders and interested parties to submit written submissions on the 2021 Taxation Laws Amendment Bill (TLAB), 2021 Tax Administration Laws Amendment Bill (TALAB) and the 2021 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Rates Bill)

Key tax proposals contained in the 2021 TLAB include the following: 

  • Strengthening the rules dealing with limitation of interest deductions in respect of debt owed to persons not subject to tax
  • Restricting the set-off of the balance of assessed losses in determining taxable income
  • Refining the timeframes of compliance requirements of the industrial policy projects tax incentive 
  • Curbing the abuse of the Employment Tax Incentive
  • Applying tax on retirement fund interest when an individual ceases to be a tax resident
  • Strengthening anti-avoidance rules in respect of loans between trusts 
  • Refinements to the corporate reorganisation rules
  • Clarifying the scope and definition of carbon sequestration  

Key tax proposals contained in the 2021 TALAB include the following: 

  • Administrative non-compliance penalties based on estimates for non-submission of six-monthly employees’ tax returns
  • Removal of double-penalty for the same incidence of non-compliance relating to employees’ tax
  • Expanding the purposes for which air cargo may be removed to degrouping depots 
  • Amendments related to changes in the accreditation system Increasing the caps for refunds and underpayments of duties

Key tax proposals contained in the 2021 Rates Bill include the following: 

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

Submissions must be received by no later than 12:00 on Monday, 6 December 2021.

Those who want to make submissions at public hearings on Tuesday, 7 December 2021 should specifically request this. These hearings will be conducted through Zoom.

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. YI Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)