National Treasury and SARS
By Mpho Moloi
The National Treasury and the South African Revenue Service (SARS) have released draft tax bills and regulations for 2024, inviting public comment. These drafts encompass a range of tax proposals announced in the Budget Speech earlier this year.
Key Proposals and Draft Bills
The drafts include significant tax proposals, namely:
• 2024 draft Taxation Laws Amendment Bill (2024 draft TLAB)
• 2024 draft Revenue Laws Amendment Bill (2024 draft RLAB)
• 2024 draft Tax Administration Laws Amendment Bill (2024 draft TALAB)
• Draft Regulations on VAT liability for casino table games of chance (under section 74(2) of the Value-Added Tax Act, 1991)
• Draft Regulations on amendments to the Carbon Offset Regulations (under section 19(c) of the Carbon Tax Act, 2019)
• Draft Regulations on domestic reverse charge relating to valuable metal (under section 74(2) of the Value-Added Tax Act)Access to Draft Documents
The 2024 draft tax bills, along with comprehensive explanatory memoranda, are available on the National Treasury website and the SARS website. These documents provide detailed descriptions of the proposed amendments.
According to the Ministry of Finance, “More general information underlying the changes in rates, thresholds, or any other tax amendments can be found in the 2024 Budget Review, available on the National Treasury website.”
Invitation for Public Comment
The National Treasury and SARS are seeking a second round of comments on the revised 2024 draft RLAB. Public workshops were held on 6 June 2024 following the initial publication on 21 February 2024. The Ministry of Finance stated, “National Treasury and SARS invite a second round of comments in writing on this revised 2024 draft RLAB.”
Submission Deadlines
• Comments on the 2024 draft RLAB are due by close of business on 16 August 2024.
• Comments on the 2024 draft TLAB, 2024 draft TALAB, and various draft regulations are due by close of business on 31 August 2024.How to Submit Comments
Written comments can be submitted to:
• National Treasury’s tax policy depository: 2024AnnexCProp@treasury.gov.za
• SARS: acollins@sars.gov.za
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