taxes2021_2

Treasury invites you to comment on the 2021 Draft Tax bills and amendments.

  • The 2021 Draft Rates Bill
  • The draft regulations on amounts defining retirement funds
  • The draft regulations on the UIF remuneration limit.

242 participants, so far (closes 31 March 2021)

DearSA-taxes-2021
Dear South Africa

Have your say – shape the outcome.

    Do you support the Draft 2021 tax amendments?

    What is your status?

    What is your top concern? (view details at link above)

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    Dear South Africa

    SUMMARY

    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.

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