Pretoria – The 2016 Draft Taxation Laws Amendment Bill (TLAB) and the 2016 Draft Taxation Administration Laws Amendment Bill (TALAB) have been published for public comment by National Treasury and the South African Revenue Service (SARS).
National Treasury on Friday said these are the last two bills to give effect to the tax proposals announced by the Finance Minister in the 2016 Budget.
“One of the bills also contains amendments not announced in the Budget, which deal with improving the effectiveness of the Office of the Tax Ombud.
“These bills give effect to most of the tax proposals announced in the 2016 Budget Speech and the 2016 Budget Review,” said Treasury on Friday.
“The current bills do not deal with the youth employment tax incentive (ETI) and the learnership tax incentive, which are currently being reviewed through a separate but parallel process.
“The two incentives will cease to continue if no further amendments are enacted this year. Further amendments will be incorporated in the revised draft to be published in September 2016, should the reviews warrant the continuation or amendment of these incentives in one form or another,” said the department.