Tag: Draft Tax Law Amendment Bill (TLAB)

In an exciting recent development, National Treasury published a set of draft Tax and Revenue Law Amendment Bills, together with accompanying Explanatory Memorandums thereto, for public comment. These draft bills contained a host of robust proposed changes to tighten certain loopholes and inconsistencies in South Africa’s tax laws.

Landing in a position of indebtedness to South African Revenue Service (SARS) can be quite a stressful journey on its own; if forgetting to leave room for crypto profits or gain, in your suitcase, the destination becomes all that more daunting.

The draft tax law amendment published in August and targeting foreign employers has inadvertently led to an uproar amongst South African remote workers who fear the law change may disincentivise foreign employers from retaining the services of South African talent.

On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

Parliament has been warned of the risk of billions of Rands of capital investment leaving the country unless local investment incentives like those under Section 12J of the Income Tax Act are permitted to continue. Our presentation was made during the Select Committee of Finance’s public hearings on the TLAB, TALAB and Rates Bills.

Changes to retirement benefits for provident fund members, initially meant to come in five years ago and now scheduled for next March, will see tax uniformity for all who contribute towards retirement. These changes, in terms of the Taxation Laws Amendment Act, will also encourage greater savings, something South Africa desperately needs as it seeks to crawl its way out of an economic hole.

National Treasury and SARS published their responses on the Draft Taxation Laws Amendment Bill (TLAB), which included potential relief for South African expatriates who were unable to leave South Africa owing to the COVID-19 lockdown.

An interview with Jonty Leon, Legal Manager, Financial Emigration, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the Draft Tax Law Amendment Bill (TLAB) which contains a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa.

The Draft Tax Law Amendment Bill (TLAB) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks to legislate to prevent a South African who has exited South Africa’s tax base, to withdraw their retirement funds from South Africa, until an unbroken period of 3 years has passed where that person can prove non-tax residency.