The Select Committee on Finance will tomorrow, 7 September 2016, deliberate on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, Taxation Laws Amendment Bill
and Tax Administration Laws Amendment Bill.
Sukuk issuance will receive another boost after the proposed amendments to the Taxation Laws Amendment Bill
2015 on which the Treasury consulted in Third Quarter 2015 and which come into operation on 1st January 2016.
The South African parliament adopted the Taxation Laws Amendment Bill
2015, which effectively extends the same tax and capital gains neutrality regime to listed companies (as such corporates) as for public entities--both sovereign and quasi-sovereign--relating to sukuk issuance and murabaha (cost-plus financing) transactions.
The Chairperson of the Standing Committee on Finance read out the following statement at the beginning of the public hearings on the Taxation Laws Amendment Bill
(Provident Fund Bill):
It should be noted that the 2015 Taxation Laws Amendment Bill
does not amend the scheduled implementation date, but only amends the R150 000 de minimis threshold to R247 500; closes certain coverage gaps; and requires a review of the legislation after two years from the effective date, and to report this review to Parliament.
The National Treasury today releases for urgent consultation, amendments on the timing of annuitisation for provident funds in the 2015 Taxation Laws Amendment Bill
( 2015 TLAB ), as tabled by the Minister of Finance in the National Assembly in Parliament.
These are the Taxation Laws Amendment Bill
, the Financial Sector Regulation Bill, the Financial Intelligence Centre Bill, the Finance Bill and the National Development Bank Special Appropriation Bill for the 2015/16 Financial Year.
The National Treasury and South African Revenue Service (SARS) will tomorrow be releasing the draft 2011 Taxation Laws Amendment Bills
for public comment.