The Davis Tax Committee (DTC) released its First Interim Report on Mining for public comment.This report does not deal with offshore and onshore oil and gas sector and covers the following broad areas:
Overview of mining in South Africa;
Economics and financial state of the mining industry;
The mining state system and
Review of existing mining taxes.
Coupled with this report is an International monetary Fund report, titled, Fiscal Regimes for Mining and Petroleum: Opportunities and Challenges. which was commissioned by the DTC. Both reports (including the IMF supplementary analysis) are now available on the DTC website. The due date for comments is 31 October 2015.
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.