Tag: Taxation Laws Amendment Bill

The 2024 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 30 October 2024 by South African Finance Minister Enoch Godongwana.

The past year has seen various developments in mineral and upstream petroleum law in South Africa which should be considered ahead of Mining Indaba 2024.

The 2023 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 1 November 2023 by South African Finance Minister Enoch Godongwana.

The draft Taxation Laws Amendment Bill, which was issued on 31 July 2023, proposes the introduction of a new rooftop solar energy tax incentive for individuals in an effort to encourage South African households to invest in electricity generation capacity, and by so doing, reduce pressure on the electricity grid.

The 2022 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 26 October 2022 by South African Finance Minister Enoch Godongwana.

As was widely expected, the government did not announce any increase in the VAT rate, although the Minister has stated that the tax rate will need to increase in the future. The proposed amendments affecting VAT are largely technical in nature.

Expatriates and those with plans to emigrate will be relieved to learn that the proposal to impose an exit tax on retirement interests will be withdrawn. In presenting their Draft Response Document on the 2021 Draft Tax Bills, National Treasury and SARS confirmed that the proposal will not be included in final Taxation Laws Amendment Bill that will be tabled in tomorrow’s Medium Term Budget.

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.

Multinationals in high-tax jurisdictions will now benefit from relaxed IP regulations. The 2017 Budget announced that the regulatory framework regarding cross-border intellectual property transactions is to be relaxed, for both tax and exchange control purposes.