The Draft Taxation Laws Amendment Bill, 2012 and Tax Administration Amendment Bill, 2012 were publicly released on 6 July 2012. National Treasury and SARS conducted the initial briefing before the Standing Committee on Finance on 31 July 2012. Public responses to the Committee were presented at hearings held on 22 August 2012 and 23 October 2012. Report back to the Committee occurred on 11 September 2012 and 6 November 2012.
The National Treasury/SARS deadline for public written responses was 31 July 2012, but comments were allowed until 2 August 2012. These responses amounted to over 511 pages provided by approximately 58 organisations. Pursuant to recent practice, a series of National Treasury/SARS workshops were conducted with interested stakeholders to review all comments. In total, three general workshops were held on 30 July, 1 August and 2 August (one for individual and savings issues, one for business issues and one for international issues). Separate meetings were also held to review specific issues (e.g. mark-to-market taxation for banks, brokers and long-term insurers, real estate investment trusts (REITs) and short-term insurers).
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.