Have Your Say: 2018 Draft Taxation Laws Amendment Bill (Tlab) and 2018 Draft Tax Administration Laws Amendment Bill (Talab)
The Standing Committee on Finance invites stakeholders and interested parties to submit written submissions on the 2018 Draft TLAB and 2018 Draft TALAB.
The main tax proposals contained in the 2018 Draft TLAB are:
- Providing more flexibility for the treatment of retirement fund transfers and withdrawals;
- Introducing a fringe benefit exemption for lower-income employees who receive a loan from their employer for low-cost housing;
- Reviewing the International Shipping exemption for purposes of accommodating the use of replacement ships;
- Shortening the write-off period for electronic communications cables;
- Refinements and clarification for the conversion of debt to equity;
- The refinement of the interaction between the anti-avoidance rules for dividend stripping with corporate re-organisation rules;
- Inserting rules addressing the use of trusts to defer tax or recharacterise the nature of income; and
- Introduction of a one year income characterisation rule for amounts accrued to portfolios of collective investment schemes to provide certainty and limit potential abuse.
The main tax administration proposals contained in the 2018 Draft TALAB relate to:
- A removal of the requirement to submit tax returns for individuals receiving a tax-exempt dividend;
- Anti-forestalling amendments for excise duties;
- Clarifications on handling incorrect invoices for value-added tax refunds; and
- Allowing the collection of value-added tax payments to apply across branches and divisions.
Public hearings will be conducted at Parliament on Tuesday, 21 August 2018.
Submissions and your indication to make oral presentation must be received by no later than 12:00 on Friday, 17 August 2018.
Submissions must be directed to the Committee Secretaries, Ms Teboho Sepanya, 3rd Floor, 90 Plein Street, Cape Town, 8000 or firstname.lastname@example.org tel. (021) 403-3738 and Mr Allen Wicomb, 3rd Floor, 90 Plein Street, Cape Town, 8000 or email@example.com tel. (021) 403-3759.
Issued by Hon. YI Carrim, MP, Chairperson: Standing Committee on Finance (National Assembly).