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Delayed implementation on taxation laws

Wednesday, 22 October 2014   (0 Comments)
Posted by: Author: Bowman Gilfillan Inc
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Author:  Bowman Gilfillan Inc

National Treasury published its revised Draft Taxation Laws Amendment Bill. The consequence is that implementation of provisions of the Taxation Laws Amendment Act dealing with the tax treatment of retirement fund contributions, that were due to come into effect on 1 March 2015, will now be delayed for a year. National Treasury has indicated that this is to allow further consultation between Government and NEDLAC, and to allow consideration of broader social security reform initiatives. Should no agreement on implementation be reached between them by the end of June 2015, the implementation date may be moved to 1 March 2017.   The affected provisions pertain to, amongst other things aligning the tax treatment of contributions to pension, provident and retirement annuity; requiring the annuitisation of retirement benefits in provident funds; and the taxation of employer contributions as fringe benefits in the hands of employees.

Bowman Gilfillan has been actively engaging with clients and industry bodies on the amendments and has raised issues regarding the interpretation and implementation of certain aspects of the amendments with the IRF Legal & Technical Committee. The deferred implementation date allows additional time to continue these engagements.

Watch this space for further updates on the status of the amendments and provisions of the new revised Bill.

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