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Standing Committee on Finance: Taxpayer hearings on draft TLAB and TALAB

22 September 2015   (0 Comments)
Posted by: Author: Parliament
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Author: Parliament 

Standing Committee on Finance: Taxpayer Hearings

16 September 2015 (9:30 to 13:00)

Taxation Laws Amendment Bill; Tax Administration Laws Amendment Bill 

Chairperson: Mr Y Carrim (ANC) 

The taxpayers listed below were each given 15 minutes increments to separately raise their concerns.   

In terms of the Taxation Laws Amendment Bill, the key concerns raised was the proposed elimination of section 6quin rebates as an offset against potential double taxation, thereby making South Africa a less attractive location as a regional shared service centre.  Also of notable concern was the viability of the proposed relief for the transfer of collateral in respect of securities lending because the relief only allowed for collateral to be outstanding for six months and permissible collateral did not include debt securities. Lastly, confusion existed as to the proposed impact of the technical amendments involving section 8C. 

The bulk of the concerns pertained to the terms of the Taxation Administration Laws Amendment Bill. Of main concern was the proposal to provide SARS with the unilateral authority to extend prescription for complex matters and the rules seeking to narrow taxpayer rights in terms of privilege.  Tax administration was said to be increasingly intrusive.  Much was said pertaining to SARS tactics in bypassing tax auditors in favour of direct engagement with taxpayers and SARSs unfettered access to interview company employees. 

Documents handed out:

Banking Association of South Africa (BASA) submission

PricewaterhouseCoopers (PWC) submission

South African Institute of Tax Professionals (SAIT) submission

South African Institute of Chartered Accountants (SAICA) submission

South African Institute of Professional Accountants (SAIPA) submission

South African Institute of Freight Forwarders (SAAFF) submission

KPMG submissionWebber Wentzel submission

Chief Financial Officers (CFO) Forum submission

MTN submission

[Obtain the full hearing report and submissions for R365 from the Parliamentary Monitoring Group by emailing: report@pmg.org.za]


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