The South African National Treasury released the draft Taxation Laws Amendment Bill (B16-2024) on October 30, 2024, proposing significant changes to various tax laws. Following the release, a public comment period will allow stakeholders to provide feedback on the proposed amendments. The National Treasury will consider these comments and may revise the draft before it is formally introduced in Parliament for further consideration.
Reminder: South Africa released draft bill with proposed changes across various tax laws
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Author: Ivana Picajkić
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03.12.2024
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The South African National Treasury released the draft Taxation Laws Amendment Bill (B16-2024) on October 30, 2024, which proposes several significant changes across various tax laws, including environmental taxes.
The proposed changes are as follows:
- Income Tax Act, 1962:
The bill aims to update certain definitions and provisions, as well as introduce new provisions that could affect how income tax is calculated and reported.
- Customs and Excise Act, 1964:
Amendments will allow for continuations and include revisions to specific schedules related to customs duties and excise taxes.
- Value-Added Tax Act, 1991:
The proposed changes include modifications to specific provisions and schedules, which may impact how VAT is applied and collected.
- Securities Transfer Tax Act, 2007:
Changes to this act will address certain provisions that govern the taxation of securities transfers.
- Mineral and Petroleum Resources Royalty Act, 2008:
The amendment will revise a particular provision within this act, potentially affecting royalties collected from mineral and petroleum resources.
- Employment Tax Incentive Act, 2013:
The bill proposes revisions to enhance or modify existing provisions related to employment tax incentives aimed at encouraging job creation.
- Carbon Tax Act, 2019:
Amendments will modify provisions and schedules related to carbon taxes, likely in response to environmental policy changes or economic considerations.
- Taxation Laws Amendment Acts (2013, 2018, 2021, 2023):
The proposed amendments will adjust specific provisions within these acts to ensure they remain relevant and effective in light of current economic conditions.
Following the release of the draft bill, there will be a public comment period where stakeholders can provide feedback on the proposed changes. After considering public comments, the National Treasury may revise the draft before it is formally introduced in Parliament for consideration.
Here is the link with the Taxation Laws Amendment Bill:
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