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National Treasury Unveils New Taxation Legislation Post Budget Speech

by Central News Reporter
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national treasury

National Treasury

The National Treasury has officially announced the publication of critical taxation legislation. The new statutes – the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2023, (Act No. 19 of 2023) (2023 Rates Act), Taxation Laws Amendment Act, 2023 (Act No 17 of 2023) (2023 TLAA) and Tax Administration Laws Amendment Act, 2023 (Act No. 18 of 2023) (2023 TALAA) – were promulgated on December 22, 2023, and serve to codify the tax proposals enumerated by the Minister of Finance in last year’s annual National Budget Speech.

SARS temporarily Close Its Tax Branches for Physical Visits
SARS temporarily Close Its Tax Branches for Physical Visits

“The 2023 Rates Act ensures the updating of tax rates and adjustments to monetary thresholds besides ramping up excise duties on alcohol and tobacco products,” commented a spokesperson for the National Treasury. “These updates are crucial to align our revenue systems with the current economic landscape.”

The 2023 TLAA introduces more intricate changes focused on preventing tax avoidance, while the 2023 TALAA encompasses modifications aimed at streamlining and improving tax administration protocols.

“Our comprehensive legislative package, which now includes the final Response Document, the Explanatory Memorandum, and the Memorandum of Objects, reflects our commitment to a transparent and participatory legislative process,” the spokesperson added.

Feedback and commentary during public hearings by the Standing Committee on Finance and the Select Committee on Finance were assimilated into the final Response Document. The extensive review process incorporated submissions and consequent decisions from a range of stakeholders – a testament to the inclusive approach the Treasury adopted.

Taxpayers and practitioners can now access the full text of the 2023 Rates Act, 2023 TLAA, and 2023 TALAA, alongside the supporting documents, on National Treasury and SARS official websites.

With these legal enactments in place, South Africa moves forward with a more robust, responsive, and responsible fiscal structure primed to support the country’s economic objectives for the upcoming year.

For more information regarding the new tax legislation, please visit the National Treasury website at www.treasury.gov.za or the SARS website at www.sars.gov.za.

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