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South Africa Enacts 2019 Tax Bills

Lorys Charalambous, Tax-News.com, Cyprus

27 January, 2020

On January 15, 2020, three tax bills were made law to give effect to measures announced in South Africa's 2019 Budget.

The bills are: The Taxation Laws Amendment Act, 2019; The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2019; and The Tax Administration Laws Amendment Act, 2019.

The Taxation Laws Amendment Act, 2019, includes measures to address abusive arrangements that are aimed at avoiding the anti-dividend stripping provisions, as well as certain changes to pension tax rules and adjustments to the tax treatment of long-term insurers.

The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2019, includes: changes in rates and monetary thresholds to the personal income tax tables; adjustments to the eligible income bands that qualify for the employment tax incentive; and increases to excise duties on alcohol and tobacco.

The Tax Administration Laws Amendment Act, 2019, includes numerous improvements to and clarifications to administrative requirements as well as technical corrections to the Customs and Excise Act, 1964.

TAGS: South Africa | tax | tax avoidance | budget | transfer pricing | individual income tax | Africa | Tax |

 

 

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