29 July 2022
Information
The National Treasury and the South African Revenue Service (SARS) published, for public comment, the following 2022 draft Bills:
- Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2022 draft Rates Bill), first published on 25 February 2022, dealing with changes to the rates and monetary thresholds to the personal income tax tables and increases of the excise duties on alcohol and tobacco
- The 2022 draft Revenue Laws Amendment Bill, contains proposed amendments dealing with the “two pot” retirement system
- The 2022 draft Taxation Laws Amendment Bill (2022 draft TLAB) with the following key proposals:
- Progressive increase in the carbon tax rate for 2023 to 2030;
- Vaping: Taxation of electronic nicotine and non-nicotine delivery systems;
- Extension of the Research and Development tax incentive sunset date;
- Impact of IFRS17 insurance contracts on the taxation of insurers;
- Reviewing the debtor’s allowance provisions to limit the impact on lay by arrangement.
- The 2022 draft Tax Administration Laws Amendment Bill (2022 draft TALAB) with the following key proposals:
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- Advance rulings under the Customs and Excise Act;
- Imposition of understatement penalty for employment tax incentives improperly claimed;
- Addressing tax compliance status system abuse.
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You can find more on the announcement here.
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