The 2019 Draft Taxation Laws Amendment Bill (Draft TLAB) and the 2019 Draft Tax Administration Laws Amendment Bill (Draft TALAB) were released for comment in July 2019. The Draft Bills provide the necessary legislative amendments required to implement the more complex tax announcements made in Chapter 4 and Annexure C of the 2019 Budget Review. National Treasury has cautioned that the proposed amendments will require extensive public consultation as they do not deal with a “simple change in a rate or threshold of a tax”. Workshops on the draft legislation are also in the pipeline.

The main aspects covered in the Draft Bills are: · Transfers between retirement funds · Effective date of annuitisation for provident funds · Adjusting the withholding tax treatment of surviving spouses’ pensions to limit tax debts on assessment · Addressing abusive arrangements aimed at avoiding the anti-dividend stripping provisions · Interaction between corporate reorganisation rules and other provisions of the Income Tax Act · Limiting the allowable deduction for investors investing in a venture capital company (S 12J) · Reviewing the controlled foreign company comparable tax exemption and addressing the circumvention of the anti-diversionary rules · Alignment of time limitations on requesting refunds · Model mandatory disclosure rules and non-compliance penalties · Tax compliance certificates · Reviewing section 72 of the VAT Act Highlights in the 2019 Draft Rates Bill include changes in rates and monetary thresholds to the personal income tax tables, adjustments to the eligible income bands that qualify for the employment tax incentive and increases in excise duties for alcohol and tobacco. The webinar explains the main aspects of the proposed amendments in clear, understandable language, illustrating the impact of the changes on businesses and taxpayers.

Tax advisors, taxpayers, accountants, trustees, business owners and managers, bookkeepers and anyone else who deals with tax.