Parliament, Tuesday 8 December 2020 – The National Council of Provinces (NCOP) has at its virtual plenary sitting today passed three Bills. These are the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, the Taxation Laws Amendment Bill and the Tax Administration Laws Amendment Bill.
The Minister of Finance tabled the three Bills during the presentation of the 2020 Medium Term Budget Policy Statement (MTBPS) in Parliament. The draft version of the Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Rates and Monetary Amounts) was part of the 2020 Budget announcements on 26 February 2020. The Rates and Monetary Amounts Bill gives effect to changes in rates and monetary thresholds to the income tax tables, adjustment of transfer duty rates to support the property market and increases of the excise duties on alcohol and tobacco.
On 31 July 2020, the National Treasury facilitated a public participation process on Draft 2020 Taxation Laws Amendment Bill and the draft 2020 Tax Administration Laws Amendment Bill for public comment closing 31 August 2020. Furthermore, workshops with stakeholders who responded to the two Bills were held by National Treasury and SARS from 9, 10 and 11 September 2020.
The National Assembly considered the Standing Committee on Finance report and passed the Bills on 17 November 2020.
The NCOP having considered the Select Committee on Finance report, passed the Bills. The Bills will now be sent to the President for assent.
At the same sitting, the House also adopted the Joint Report of Select Committees on Appropriations and Finance on the appointment of the Director of the Parliamentary Budget Office (PBO) Mr Dumisani Janntjies.
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