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2015 Draft Taxation Laws Amendment Bill and the Draft Tax Administration Laws Amendment Bill

23 July 2015   (0 Comments)
Posted by: Author: National Treasury
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Author: National Treasury

National Treasury has published the draft 2015 Taxation Laws Amendment Bill and the 2015 Draft Tax Administration Laws Amendment Bill.The draft Taxation Laws Amendment Bill deals with substantive changes to the tax laws while the draft Taxation Administration Laws Amendment Bill deals with administrative provisions of tax legislation.These drafts Amendment Bills include proposals with the amendments that have arisen from comments received on the first batch. 

The draft 2015 Taxation Laws Amendment Bill deals with the following: 

  • issue of closing a loophole to ensure consistent tax treatment on all retirement funds;
  • closing a loophole to avoid estate duty through excessive contributions to retirement funds; 
  • the tax implications of the outright transfer of collateral; transitional tax issues resulting from the regulation of hedge funds; 
  • measures to counter tax free corporate-migrations; withdrawal of special foreign tax credits for service fees sourced in SA; 
  • reinstatement of the controlled foreign company diversionary income rules; allowing municipalities to demarcate more areas as urban development zones and; 
  • the monetary threshold adjustments for enterprises supplying commercial accommodation.

The 2015 draft Tax Administration Laws Amendment Bill gives effect key proposals: 

  • medical scheme tax credits to be taken into account for PAYE; 
  • the collection of information by South African financial institutions and an associated obligation on the financial institutions to register with SARS; 
  • extension of period of limitations for issuance of assessments under narrow circumstances and; 
  • clarifies qualifying persons for voluntary disclosure, relaxing the requirements for voluntary disclosure and broadening the ambit of voluntary disclosure relief.

This draft Amendment Bills have been published on the National Treasury and South African Revenue Service websites for public comment by no other than 24 August 2015. The following document has been published on the National Treasury and the South African Service websites: 

For more information click on below links:

This article first appeared on treasury.gov.za.


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