The National Treasury and the South African Revenue Service (SARS) today publish, for public comment, the 2021 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2021 Draft Rates Bill), the 2021 Draft Financial Sector Levies Bill, the draft Regulations on amounts for purposes of definition of retirement annuity funds, draft Regulations on Unemployment Insurance Fund.
The 2021 Draft Rates Bill, the Draft Regulations on amounts for purposes of definition of retirement annuity funds, the Draft Regulations on Unemployment Insurance Fund remuneration limit contains announcements made in Chapter 4 and Annexure C of the 2021 Budget Review that deal with changes to rates and monetary thresholds and increases of excise duties.
The 2021 Draft Financial Sector Levies Bill is aimed at imposing levies on the financial sector to fund the Prudential Authority and Financial Sector Conduct Authority for the costs of regulating financial institutions as a result of the implementation of the Twin Peaks regulatory system. Other Twin Peaks institutions referred are also funded in terms of the Financial Sector Regulation Act.
The Regulations on amounts for purposes of definition of retirement annuity funds and the Regulations on Unemployment Insurance Fund remuneration limit will be published in the Government Gazette after taking into account public comments to be received.
IN THE MEDIA
