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