Tag: National Treasury

A major concern on the minds of business and the public in general is how tax revenue collections are performing and whether we can expect further tax increases in the 2019 Budget.

National Treasury's proposal in the draft 2018 Taxation Laws Amendment Bill (2018 draft TLAB) to remove the taxable benefit concerning low or interest free loans granted to low-income employees for low-cost housing (the Proposed Amendment) was discussed on Day 2 of the recent National Treasury Workshop on the 2018 draft TLAB (Tax Workshop).

SARS replaced the Tax Clearance Certificate (TCC) system with the enhanced Tax Compliance Status (TCS) system on eFiling in April 2016. The new TCS system is aimed at improving tax compliance as taxpayers can better manage their TCS and remedy any non-compliance through the 'My Compliance Profile' (MCP) function on eFiling.

A lack of consequences to civil servants involved in auditing the public finances has necessitated wide-ranging legislative changes to the Public Audit Act (PAA). This is according to the Auditor-General, Kimi Makwetu. In addition, Makwetu has said that the Public Audit Amendment Bill, which is soon to be debated in parliament, proposes 11 changes to the PAA.

Ahead of the 2018 Budget Speech, Treasury’s options to raise revenue are becoming increasingly limited. Treasury will need to think outside the box this year if it is to make any meaningful difference to its current revenue shortfall, estimated to currently stand at around R50.8 billion.

The National Treasury published the Second Draft Carbon Tax Bill for introduction in Parliament on 26 December 2017, as well as public comment and convening of public hearings by Parliament, which is expected to be early in 2018. Following that process, a revised Bill will be formally tabled in Parliament, which is expected to be by mid-2018.

Kyle Mandy | Tax Policy Leader | PwC | mail me |  Following the Medium Term Budget Policy Statement (MTBPS) delivered on 25 October 2017...

Craig Pheiffer | Chief Investment Strategist | Absa Stockbrokers & Portfolio Management | prmedia@absa.co.za | www.absa.co.za | The Medium-Term Budget Policy Statement (MTBPS) - often referred...

A workshop was recently hosted by National Treasury on the proposed changes in the draft Taxation Laws Amendment Bill, 2017 (TLAB) on converting debt to equity. These proposed amendments in the draft TLAB are in sections 19, new sections 19A and 19B, and paragraph 12A of the Eighth Schedule in the Income Tax Act 58 of 1962.

Corporates 'can' acknowledge that winding up a dormant company within their South African group of companies can result in a tax headache.