Have Your Say: 2023 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2023 Rates Bill), 2023 Taxation Laws Amendment Bill (2023 TLAB) and 2023 Tax Administration Laws Bill (2023 TALAB
The Select Committee on Finance invites stakeholders and interested parties to submit written submissions on the 2023 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2023 Rates Bill), 2023 Taxation Laws Amendment Bill (2023 TLAB) and 2023 Tax Administration Laws Bill (2023 TALAB)
Key tax proposals contained in the 2023 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 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 TALAB include the following:
- Advance Pricing Agreement Programme
- Employees’ tax registration requirement for non-resident 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.
Copies of the Bills are available at www.treasury.gov.za
Submissions must be received by no later than 12:00 on Tuesday, 28 November 2023.
Those who want to make submissions at public hearings on Wednesday, 29 November 2023 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. Y Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)
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