National Treasury released the following 2023 Draft Tax Bills and accompanying Explanatory Memoranda for public comment on Sunday, 30 July 2023.
- 2023 draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill;
- 2023 draft Taxation Laws Amendment Bill ("TLAB");
- 2023 draft Tax Administration Laws Amendment Bill;
- Draft Regulations in terms of paragraphs (d) and (e) of the definition of "Research and Development" in section 11D(1) of the Income Tax Act,1962;
- Draft amendments to the Regulations on domestic reverse charge relating to valuable metal in terms of section 74(2) of the Value-Added Tax Act,1991; and
- Draft Carbon Offset Regulations.
This follows the release of an initial batch of the 2023 TLAB on 21 April 2023, covering the two renewable energy tax incentives announced in the 2023 Budget.
Public comment in respect of the 2023 Draft Tax Bills and accompanying Explanatory Memoranda listed above is due by close of business on Thursday, 31 August 2023.
We will be providing comments on the 2023 Draft Tax Bills. We will also be providing you with our insights and thoughts on the impact of various of the proposed amendments. Please contact us if you have any queries in this regard or require any advice on how these proposed amendments may affect you.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.