# Summary

- Link: https://dearsouthafrica.co.za/draft-tax-rates-bills/summary-2/
- Published: 2019-07-26T13:03:32+02:00
- Author: dearSA

## DOWNLOAD DOCUMENTS

 * [DRAFT TAXATION LAWS AMENDMENT BILL](http://pmg-assets.s3-website-eu-west-1.amazonaws.com/2019_Draft_Taxation_Laws_Amendment_Bill_-_21_July_2019.pdf)
 * [RATES AND MONETARY AMOUNTS AND AMENDMENT OF REVENUE LAWS BILL](http://pmg-assets.s3-website-eu-west-1.amazonaws.com/Draft_2019_Rates_and_Monetary_Amounts_and_Amendment_of_Revenue_Laws_Bill_-_21_July_2019.pdf)
 * [TAX ADMINISTRATION LAWS AMENDMENT BILL, 2019](http://pmg-assets.s3-website-eu-west-1.amazonaws.com/2019_Draft_Tax_Administration_Laws_Amendment_Bil_-_21_July_2019.pdf)

[ < HAVE YOUR SAY ON THE DRAFT TAX & RATES BILLS](https://dearsouthafrica.co.za/draft-tax-rates-bills/)

## SUMMARY

The 2019 Draft Rates Bill gives effect to the following key tax proposals announced
in the 2019 Budget Review: 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 Increases of the excise duties on alcohol and tobacco

The 2019 Draft TLAB gives effect to the following key tax proposals announced in
the 2019 Budget Review:

 Aligning the effective date of tax neutral transfers between retirement funds 
with the effective date of annuitisation for provident funds

 Adjusting the withholding tax treatment of surviving spouses’ pensions to limit
tax debts on assessment

 Addressing abusive arrangements aimed at avoiding the anti-dividend stripping 
provisions

 Clarifying the interaction between corporate reorganisation rules and other provisions
of the Income Tax Act

 Refining the tax treatment of long-term insurers

 Refining investment criteria and anti-avoidance measures for the Special Economic
Zone regime

 Limiting the allowable deduction for investors investing in a venture capital 
company

 Reviewing the controlled foreign company comparable tax exemption and addressing
the circumvention of the anti-diversionary rules 3

 Reviewing section 72 of the VAT Act

 

The 2019 Draft TALAB gives effect to the following key tax proposals:

 Removal of requirement to submit a declaration to a regulated intermediary in 
respect of tax free investments

 Authorisation for the Commissioner to prescribe rules relating to the making of
advance foreign currency payments

 Alignment of time limitations on requesting refunds  Model mandatory disclosure
rules and non-compliance penalties

 Tax compliance certificates