TLAB Explanatory Memorandum (by Michael Stein)
16 November 2012
Posted by: SAIT Technical
By Michael Stein (Friday Page)
The Taxation Laws Amendment Bill 2012 was published a few weeks ago. I have been studying its contents for a seminar I am preparing notes for and the task is, to say the least, challenging. There are hundreds of amendments, big and small, and the usual unforgiveable spate of amendments to the amendment acts of earlier years. And many of the amendments fix mistakes or effect improvements to last year's amendments.
But that is just one of this year's amending bills. There is also the Rates and Monetary Amounts and Amendment of Revenue Laws amendment Act, 2012, which has been passed by Parliament, and the Tax administration Laws Amendment Bill 2012, which bring the total number of amendments effected to the Income Tax Act, Vat Act and various other tax acts this year to some 600.
But there is some good news, at least at first glance. While last year's explanatory memorandum came out well after the act was passed by Parliament and even then was, to the shame of the authorities, based on an outdated version of the amending legislation, the Explanatory Memorandum on the Taxation Laws Amendment Bill 2012 has just appeared. The only problem is that it is a draft document and not the final version.
Let's just hope that we can soon expect to see the final version..