CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Africa Invites Technical Tax Proposals

South Africa Invites Technical Tax Proposals

by Lorys Charalambous,, Cyprus

07 November 2014

South Africa's National Treasury has invited taxpayers, tax practitioners and members of the public to submit any technical proposals to improve or correct current tax legislation, to be considered for possible inclusion in the 2015 Budget Review.

It was explained that the Minister of Finance generally only makes tax announcements in his Budget Speech. The Budget Review provides more details, including on other matters for the upcoming tax legislation. Major tax proposals are contained in one of its chapters, while minor or miscellaneous proposals are generally contained in an annexure, called Annexure C.

The proposals requested in the present invitation are for Annexure C only, and not for any major tax proposals. They must therefore be limited to unintended anomalies, loopholes and technical matters requiring correction in existing tax legislation.

Proposed 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. It was further emphasized that, as the timeframe for tax legislation remains limited, only issues that are of main concern and priority should be submitted.

Each proposal should contain the legal nature of the problem, a factual description of the relevant transaction, and the nature of the businesses impacted by the problem. All proposals should also be grouped into 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).

Annexure C proposals should be submitted to the National Treasury no later than November 25, 2014.

TAGS: individuals | South Africa | Finance | tax | business | value added tax (VAT) | royalties | law | corporation tax | legislation | legislation amendments | individual income tax | Africa

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »