Publication of explanatory summary of the Tax Administration Laws Amendment Bill, 2021.
Public Notice 1488 has been issued by SARS. It provides that the Minister of Finance intends to introduce the Tax Administration Laws Amendment Bill, 2021, in the National Assembly in the near future. The Notice also provides an explanatory summary of the Bill.
In respect of the Income Tax Act 58 of 1962, the summary provides that the Bill provides for amendments to give effect to the following:
- to enable the Commissioner to request certain information by public notice;
- to align the provision with regards to submission of a return by a foreign person in respect of withholding tax on royalties with that of withholding tax on interest;
- to align the refund limitation rules for dividends paid in specie with that of dividends paid in cash;
- to provide that the prescription periods will not apply with regards to certain deductions claimed by farmers and to provide for extended record-keeping periods;
- to provide for textual corrections; to provide for a penalty to be raised on an estimate of employees’ tax;
- to provide that a first provisional tax payment and return will not be required when the duration of a year of assessment does not exceed six months; and
- to provide for the deletion of a penalty.
The notice, which also provide summaries in respect of the amendment of the Estate Duty Act, Customs and Excise Act, Tax Administration Act and Disaster Management Tax Relief Administration Act, can be accessed here.
19/11/2021