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Treasury publishes draft tax laws billsNational Treasury has published the draft Taxation Laws Amendment Bill, (TLAB) and draft Tax Administration Laws Amendment Bill (TALAB) for public comment. ![]() ©zerbor 123rf.com The TLAB and TALAB include the legislative amendments for the more complex tax proposals that were announced in the 2018 Budget Review on 21 February 2018. “It should be noted that tax bills have a different parliamentary process to other bills, with consultations taking place on the draft bills, after which they will still be formally tabled in Parliament, which is expected to be at the end of October 2018,” said Treasury. Public comments on the draft bills close at the end of business on 16 August. “National Treasury and the South African Revenue Service (Sars) welcome written public comment on the tax proposals contained in the TLAB and the TALAB. After receipt of the comments, National Treasury and Sars will invite all those who provided inputs to attend further workshops to discuss the issues raised in greater detail,” said Treasury. Parliament will also initiate its own hearings and consultations processes after mid-August. National Treasury and Sars will thereafter publish a response document to provide formal written responses to the queries on the bills and will prepare revised versions of the TLAB and TALAB, which incorporate changes arising from these engagements. “The current version of the bills, the response document and the revised bills will be presented to the standing and select committees on finance before they are tabled in Parliament,” it said. The main tax proposals contained in the draft TLAB are:
The main tax administration proposals contained in the draft TALAB relate to:
The draft TLAB, the draft TALAB and the accompanying explanatory memoranda can be found on the National Treasury and Sars websites. |