# taxes2021_2

- Link: https://dearsouthafrica.co.za/taxes2021_2/
- Published: 2021-03-09T16:03:10+02:00
- Author: dearSA

### 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.

### **0**** **participants, so far (closes 31 March 2021)

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### 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.

### IN THE MEDIA

 * Moneyweb – [Government targets tax incentives because of ‘persistent trade-off’](https://www.moneyweb.co.za/in-depth/budget/government-targets-tax-incentives-because-of-persistent-trade-off/)

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