Treasury invites you to comment on the sunset dates of certain tax incentives. Incentives (deductions) to be removed include;
- Deduction in respect of airport and port assets
- Deduction in respect of rolling stock
- Deduction in respect of low cost residential units
- Exemption in respect of films
Incentives put on watch;
- Urban development zones and learnership tax incentives
- Research and development tax incentive
- Tax provisions for travel and working from home
228 participants, so far (closes 31 March 2021)
Have your say – shape the outcome.
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 remuneration limit and invitation to make submissions on sunset dates of certain tax incentives.
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 addition, we publish a list of tax incentives that are scheduled to lapse upon reaching their respective sunset dates. Taxpayers are invited to make detailed submissions on the sunset dates ofthese tax incentives, and why they should not be allowed to lapse upon reaching these dates. This information will be considered in determining the extent to which these tax incentives enhance efficiency, transparency and fairness in the business tax system, while facilitating economic growth through improved investment and competitiveness. In line with the policy intent highlighted in the 2020 and 2021 Budgets, government is reducing the number of tax incentives in the tax system.
IN THE MEDIA
ENABLING YOU TO SHAPE GOVERNMENT POLICY
Dear South Africa is a legally recognised and constitutionally protected non-profit platform which enables the public to co-shape all government policies, amendments and proposals. We’ve run many successful campaigns and have amassed a considerably large active participant network of over 750,000 individuals across the country and beyond.
We do not run petitions. We run legally recognised public participation processes which allow citizens to co-form policy at all levels of governance. Whereas petitions, even if they contain thousands of signatures, are considered as a single submission by government, our process ensures that each comment made through dearsouthafrica.co.za is recognised and counted as an individual submission by government.
Furthermore, we keep an accurate record of all participation and produce a publicly available report at the end of each project. This report forms the foundation of a sound legal case should the necessity to challenge the decision arise.
Participation costs you NOTHING, and is so easy and quick to do through the platform that you really have no excuse not to help shape policy BEFORE it becomes law. Legally challenging implemented law is costly and rarely successful. Prevention is better than cure.
Participation in decision-making processes means a possibility for citizens, civil society organisations and other interested parties to influence the development of policies and laws which affect them. We’ve made it easy for you as a responsible citizen of South Africa, to influence government decisions before they are made.