National Treasury has called for public comment on new draft tax amendment Bills, giving effect to proposals announced in the 2014 Budget.
Stakeholders would have until August 17 to table their views on the 2014 draft Taxation Laws Amendment Bill (TLAB), the 2014 draft Tax Administration Laws Amendment Bill (TALAB) and specific draft regulations related to these Bills.
The 2014 draft TLAB proposed the introduction of tax-free saving accounts; amendments to the taxation of contributions to defined benefit funds; changes to the taxation of small business corporations; adjustments to the tax treatment of the risk business of long-term insurers; refinements to the employment tax incentive; and the repeal of the value-added tax zero-rating in respect of goods for agricultural, pastoral or other farming purposes.
The 2014 draft TALAB dealt with changes to the administrative provisions of tax legislation currently administered by the South African Revenue Service (Sars), including the Tax Administration Act.
National Treasury and Sars would engage key stakeholders through workshops during August, after which a response document on comments received would be presented to the Standing Committee on Finance, before the tabling of revised Bills in Parliament.