• Adami Geldenhuys

2022 Draft Tax Bills released for comments

Updated: Aug 4


National Treasury released the following draft 2022 Tax Bills and accompanying documents for comment by 29 August 2022.


Revenue Laws Amendment Bill, 2022

Comments are invited by 29 August 2022.

“The 2022 Draft Revenue Laws Amendment Bill contains key amendments on retirement reform to move towards a “two-pot” retirement system. The amendments enable South Africans to also save for non-retirement purposes (e.g. emergencies) via their retirement funds, whilst preserving more of their savings for retirement. These amendments aim to encourage members to preserve their retirement savings by making it more flexible to accommodate unforeseen pressures that members face during the span of their working life. It makes it possible for workers not to resign from their employment merely to access their retirement funds and would have assisted members during a crisis like the COVID-19 pandemic, when many employees faced reduced salaries or were not paid at all during that time.”

See also:

Tax Administration Laws Amendment Bill, 2022

Comments are invited by 29 August 2022.

“To—

  • amend the Transfer Duty Act, 1949, so as to make a consequential amendment;

  • amend the Estate Duty Act, 1955, so as to make a textual correction;

  • amend the Income Tax Act, 1962, so as to make a consequential amendment; to allow a regulated intermediary to recover refundable dividends tax from the Commissioner in certain instances; to make a textual correction and to make a technical correction;

  • amend the Customs and Excise Act, 1964, so as to insert a definition and effect consequential changes related thereto; to make technical corrections; to provide for the publication of advance rulings in certain circumstances; to enable the Commissioner to make rules for the time for submission of entries in respect of any types of cargo; to clarify a provision relating to particulars on invoices and to effect changes to other provisions consequential to this clarification to ensure consistency of wording relating to invoice particulars; to repeal an outdated provision; to insert a chapter providing for advance rulings in respect of the tariff classification, the application of a specific valuation criterion and the origin of goods of a specific class or kind and for related matters; to provide for consequential amendments relating to advance rulings; and to enhance the general enabling rule provision;

  • amend the Value-Added Tax Act, 1991, so as to make consequential amendments and insert a specific exception from registration for non-resident suppliers under certain circumstances;

  • amend the Tax Administration Act, 2011, so as to amend a definition; delete a recognised controlling body; to provide that the tax compliance status of a taxpayer must also include an indication that a taxpayer is a newly registered taxpayer as stipulated and to clarify that SARS has the right to revoke third party access to a taxpayer’s tax compliance status under certain circumstances;

  • amend the Employment Tax Incentive Act, 2013, so as to classify an employment tax incentive reimbursements as a refunds for purposes of the Tax Administration Act, 2011, and specifically as refunds of tax for purposes of the understatement penalty provisions in terms of that Act, and to provide for matters connected therewith.”

See also:

Taxation Laws Amendment Bill, 2022

Comments are invited by 29 August 2022.

“To amend the Income Tax Act, 1962, so as to amend certain definitions; to amend certain provisions; to make new provision; to amend certain Schedules; and to replace a Schedule; to amend the Customs and Excise Act, 1964, so as to make provision for continuations; to amend certain Schedules; to amend the Value-Added Tax Act, 1991, so as to amend certain provisions; to amend certain Schedules; and to make provision for continuations, to amend the Taxation Laws Amendment Act, 2013, so as to amend certain effective dates; to amend the Carbon Tax Act, 2019, so as to amend certain provisions; and to amend a Schedule; to amend the Taxation Laws Amendment Act, 2011 so as to amend certain provisions; to amend the Taxation Laws Amendment Act, 2013 so as to amend certain provisions; to amend the Taxation Laws Amendment Act, 2019 so as to amend certain provisions; to amend the Taxation Laws Amendment Act, 2021 so as to amend certain provisions; and to provide for matters connected therewith.”

See also:


#RetirementFunds #PensionLaw #Taxation #ValueAddedTax #CarbonTax #CustomsandExcise #EmploymentTax #IncomeTax #TransferDuty


Image: Wix

Date posted: 1 August 2022

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