Taxation Laws Amendment Bills released for public comment

Pretoria – National Treasury on Thursday released the 2012 Taxation Laws Amendment Bills that give effect to most of the Budget Review tax proposals for public comment.

The draft Taxation Laws Amendment Bill, the Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2012 – introduced in March 2012 – and the Tax Administration Amendment Bill give effect to most of the 2012 Budget Review tax proposals.

The draft Taxation Laws Amendment Bill deals with the substantive aspects of the tax proposals made in the 2012 Budget Review and the Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2012, addresses changes to rates and thresholds.

The draft Tax Administration Amendment Bill 2012 deals with changes to the administrative provisions of tax acts administered by SARS, including the Tax Administration Act.

In addition to inviting public comment, National Treasury will engage separately with stakeholders, including through workshops, to be held in early August.

The draft legislation and explanatory memorandum can be found on the National Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites.

Comments can be sent by email to nomfanelo.mpotulo@treasury.gov.za or by fax to (012) 315-5516 and to acollins@sars.gov.za or by fax to (012) 315-5516. Comments should reach National Treasury or the SA Revenue Service by 31 July 2012. – SAnews