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2024 Legal and Policy

Legal and Policy - 22 February 2024

Overview

Legal and Policy - 22 February 2024

Description

SARS

  • 15 February 2024 – Customs and Excise Act, 1964: The tariff amendments notices, scheduled for publication in the Government Gazette, relate to the amendments to –
  • Schedule No. 1, to implement the revised Tariff Rate Quota in terms of the Economic Partnership Agreement (SADC-EU EPA) – allocations for 2023 (with retrospective effect from 1 January 2023);
  • Schedule No. 1, to implement the revised Tariff Rate Quota in terms of the Economic Partnership Agreement (SADC-EU EPA) – re-allocations for 2022 (with retrospective effect from 1 September 2022 up to and including 31 December 2022);
  • Part 1 of Schedule No. 2, by the insertion of items 215.02/7210.49.10/01.08; 215.02/7210.49.10/02.08 and 215.02/7210.49.10/03.08 in order to impose anti-dumping duties on imports of other flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, otherwise plated or coated with zinc, of a thickness of less than 0,45 mm. originating in or imported from the Peoples Republic of China – ITAC Report 720; and
  • Part 1 of Schedule No. 3, by the insertion of rebate item 307.08/4002.19.90/01.08 in order to create a rebate provision for customs duty applicable to synthetic rubber, classifiable in tariff subheading 4002.19.90 used in the manufacture of tyres, classifiable in tariff heading 40.11 – ITAC Report 625.
    Publication details will be made available later
  • 16 February 2024 – The SARS Complaints Management Office (CMO) contact number has changed to a toll-free number. The new CMO number is 0800 12 12 16 and not 0860 12 12 16 anymore. For more information on the complaints process, see the Lodge a complaint webpage.

  • 16 February 2024 – Customs and Excise Act, 1964: Publication details for tariff amendment notices R4370, R4371, R4372, and R4273, as published in Government Gazette 50129 on 16 February 2024, are now available.
  • 16 February 2024 – Income Tax Act, 1962
  • Draft Interpretation Note – Consequences of an employers failure to deduct or withhold employees’ tax
    Due date for comment – 15 March 2024
  • 16 February 2024 – The internal and external policies for inbound and outbound duty and tax-free shops have been updated to align with Section 38 (1)(a) of the Customs and Excise Act. The section specifies that goods entered or cleared may be placed under a Customs warehouse regime, for purposes of being sold in a facility known as a duty and tax-free shop.
  • 21 February 2024 – National Legislation

Explanatory Memorandum on the Taxation Laws Amendment Bill, 2023

  • 21 February 2024 – National Legislation

Final Response Document – 2023 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill, 2023 Draft Taxation Laws Amendment Bill and 2023 Draft Tax Administration Laws Amendment Bill

  • 21 February 2024 – Income Tax Act, 1962: The income tax notices, scheduled for publication in the Government Gazette, relate to the –
  • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(c)(ii) (overnight allowance); and
  • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(a)(ii) (daily allowance).
    Publication details will follow in due course
  • 21 February 2024 – The Commissioner for the South African Revenue Service (SARS), Mr Edward Kieswetter, reaffirmed the organisation’s commitment to supporting Finance Minister Mr Enoch Godongwana’s strategy for fiscal consolidation over the medium term. “A well-functioning tax administration within a growing economy is the most sustainable path towards improving the country’s fiscal integrity,” said the Commissioner.

See the full media release here.

  • 21 February 2024 – SARS plans to introduce enhancements to the Tax Directives system on Friday, 23 February 2024, in line with the IBIR-006 Tax Directives Interface Specification Version 6.601.

The following enhancements will be introduced:

    • Taxation of local and foreign income, which will cater for South African citizens who earned income both locally and abroad in one Year of Assessment, but who do not qualify for 10(i)(o)(ii).
    • Free portability between funds, such as with transfers to unclaimed benefit funds:
      • The provisions of the Income Tax Act confirm that a deduction equal to the value of the amount transferred will be allowed as a deduction for any transfer from a pension fund and pension preservation fund (including an unclaimed-benefit pension preservation fund).
      • This means that the transfer will be tax neutral.
      • The update to the directives system will allow the “Transfer – Unclaimed Benefits” (code 48) to account for transfers between pension, preservation, and provident funds, and unclaimed-benefit funds of each type.
    • Free portability between funds: the following fund types will be added to the eFiling RT01 screen drop-down menu:
      • Unclaimed Pension Preservation Fund.
      • Unclaimed Provident Preservation Fund.

Please do not submit Tax Directives files on the current form after 16:00 on 23 February 2024. SARS will queue and process such files after we have upgraded the Tax Directive system.

SARS values your support and collaboration, as always.

  • 21 February 2024 – National Legislation

Taxation Proposals as tabled by the Minister of Finance in his Budget Review 2024 at 14:27

  • Draft Revenue Laws Amendment Bill, 2024
    • Draft Explanatory Memorandum RLAB
  • Draft Global Minimum Tax Bill, 2024
    • Draft Explanatory Memorandum on Global Minimum Tax Bill
  • Global Minimum Tax Administration Bill, 2024

Due date for comment: 31 March 2024

ATAF

National Treasury

AuthorSAICA
DivisionTaxation
Keywords
SARS
ataf
National Treasury
Categories
Legal and Policy
Date22 February 2024