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South Africa Invites Technical Tax Proposals For 2014 Budget

by Lorys Charalambous, Tax-News.com, Cyprus

18 November 2013


South Africa's National Treasury has invited taxpayers, tax practitioners and other interested parties or members of the public, to submit any technical proposals to improve or correct current tax legislation, including the closing of loopholes and unintended anomalies.

The proposals received will be considered for possible inclusion in Annexure C of the 2014 Budget Review, released as part of the 2014 Budget Review, due in February next year at the time of the 2014 Budget announcement.

The Budget Review, which contains announcements for upcoming tax legislation, includes minor or miscellaneous proposals that address unintended anomalies, loopholes and technical matters requiring correction and that are generally contained in Annexure C. The proposals submitted should not therefore include any major tax proposals.

Annexure C changes must fit within the current tax policy framework, and must take into account potential revenue implications, as Annexure C proposals are not intended to have a significant revenue impact. In addition, as the timeframe for tax legislation remains limited, it was stressed that only critical matters will be considered, with each matter being prioritized against other legislative tax proposals.

Each proposal, to be submitted no later than November 29, 2013, should contain the legal nature of the problem, a detailed factual description of the relevant transaction, and the nature of the businesses impacted by the problem. All proposals should be grouped in topic areas for ease of review: income tax – individuals, employment and savings; income tax – domestic business; income tax – international; and other taxes (e.g. value added tax and mineral and petroleum royalty).

TAGS: individuals | South Africa | tax | business | corporation tax | ministry of finance | legislation | individual income tax | Africa

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