Comments sought on draft tax bills and global minimum tax bills
Breaking News

Comments sought on draft tax bills and global minimum tax bills

Comments sought on draft tax bills and global minimum tax bills

National Treasury and the South African Revenue Service (SARS) have called for comments on the 2024 Draft Rates Bill (2024 Draft Rates Bill), 2024 Draft Revenue Laws Amendment Bill, Draft Global Minimum Tax Bill, and the Draft Global Minimum Tax Administration Bill.
The four draft bills were published in the government gazette on Wednesday for public comment.
“The 2024 Draft Rates Bill contains announcements made in Chapter 4 and Annexure C of the 2024 Budget Review that deal with the increase of excise duties. The 2024 Draft Revenue Laws Amendment Bill is aimed largely at clarifying the existing language and to simplify the directives system for both administrators and SARS to allow for the efficient implementation of the ‘two-pot’ retirement reform,” Treasury said.
The department said the Draft Global Minimum Tax Bill is aimed at implementing the GloBE Model Rules in South Africa to enable the country to impose a multinational top-up tax at a rate of 15% on the profits of in-scope multinational enterprise groups. 
“The Draft Global Minimum Tax Administration Bill is aimed at the administration of the Draft Global Minimum Tax Bill,” the department explained. 
After receipt of written comments, Treasury and SARS will engage with stakeholders through public workshops to discuss the written comments on the draft bills.
“The Standing Committee on Finance (SCoF) and the Select Committee on Finance (SeCoF) in Parliament are expected to make a similar call later this year for public comment and convene public hearings on the draft bills before their formal introduction in Parliament.
“Thereafter, a response document on the comments received will be presented at the parliamentary committee meetings, after which the draft bills will then be revised, taking into account public comments and recommendations made during committee hearings, before they are tabled formally in Parliament for consideration,” the department said.
The 2024 Draft Rates Bill, 2024 Draft Revenue Laws Amendment Bill, Draft Global Minimum Tax Bill and Draft Global Minimum Tax Administration Bill can be found on the National Enquiries: Communications Unit Email: media@treasury.gov.za, Tel: (012) 315 5046 Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites. 
More general information underlying the draft legislation can be found in the 2024 Budget Review, available on the National Treasury website.
“The 2024 Draft Taxation Laws Amendment Bill and 2024 Draft Tax Administration Laws Amendment Bill, which contain the remaining tax proposals announced in the 2024 Budget Review, will be released for public comment later in the year,” the department said.
Written comments should be forwarded to the National Treasury’s tax policy depository at 2024AnnexCProp@treasury.gov.za, and SARS at acollins@sars.gov.za by the close of business on 31 March 2024. – SAnews.gov.za

GabiK
Wed, 02/21/2024 – 13:44

59 views

Related posts:

  1. Government to introduce global minimum corporate taxGovernment to introduce global minimum corporate tax Over the next few years, government plans to implement a global minimum corporate tax to limit the negative...
  2. Public comment sought on minimum wage adjustmentsThe National Minimum Wage Commission is inviting written representation from interested stakeholders in preparation for the 2023 national minimum wage adjustments. In a statement, the...
  3. Government extends extension on draft legislation on conservation, draft game meat strategyThe Department of Forestry, Fisheries and the Environment has encouraged members of public, including interested and affected stakeholders to take advantage of the extension on...
  4. Comments sought on Water Acts amendmentsComments sought on Water Acts amendments The Department of Water and Sanitation will next week kick-start a series of public consultations on the amendment of...
  5. Household Electricity Bills To Decrease By £150 To £1,923 Per Annum As Fee Cap Falls To Minimum From 2022 – After support payments stop, over seven million people will have to pay MORE than they did a year ago.Advertisements Household energy bills are poised to decrease by £150 annually, reaching a new average of £1,923, as the energy price cap experiences its lowest...
  6. South Africa’s Minister of Forestry, Fisheries and the Environment, Barbara Creecy, calls for comments on the gazetted Draft White Paper on the Conservation and Sustainable Use of BiodiversityBarbara Creecy, South Africa’s Minister of Forestry, Fisheries, and the Environment, has requested feedback on the recently published Draft White Paper on the Conservation and...
  7. Closing date for draft SA Petroleum Company Bill public comments extendedClosing date for draft SA Petroleum Company Bill public comments extended The Department of Mineral Resources and Energy (DMRE) has extended the closing date for...
  8. Comments deadline for draft IRP 2023 extendedComments deadline for draft IRP 2023 extended The Department of Mineral Resources and Energy (DMRE) has extended the deadline for comments on the draft Integrated...
  9. SA citizens are encouraged to air their opinion on SARS draft BillsThe National Treasury and the South African Revenue Services (SARS) issued a number of draught Bills on Friday, and the public has until August 29,...
  10. A Utah professional tax preparer pleaded guilty today to tax evasion, conspiring to defraud the United States and obstructing the IRS’s efforts to collect his personal tax debtTax evasion, conspiring to defraud the United States, and impeding the IRS’s efforts to collect his own tax debt were all charges to which a...