02 Nov 2015

The Tax Administration Laws Amendment Bill and the Taxation Laws Amendment Bill

Practice Area(s): Corporate & Commercial | Tax |

The Tax Administration Laws Amendment Bill and the Taxation Laws Amendment Bill were introduced to Parliament on 27 October 2015.

At a glance the proposed amendments to the Tax Administration Law Amendment Bill deals with inter alia the following areas: Medical scheme tax credits to be taken into account for PAYE; The collection of information by South African financial institutions and an associated obligation on the financial institutions to register with SARS; Extension of period of limitations for issuance of assessments under narrow circumstances; and Relaxing the requirements for voluntary disclosure and broadening the ambit of voluntary disclosure relief.

At a glance, the proposed amendments to the  in the Taxation legislation deals with inter alia the following areas: Anomalies that arise from the cancellation of contacts; Urban Development Zones (''UDZs'') – the demarcation of additional UDZs for qualifying municipalities; The Industrial Policy Project (''IPP'') Tax Incentives Regime; An increase in the monetary threshold for enterprises that are supplying commercial accommodation; Zero rating of goods that are delivered by a cartage contractor and Repealing the zero rating for the National Housing Programme.