Second batch of 2021 Tax Bills drawn up

Second batch of 2021 Tax Bills drawn up
18 Aug 2021

National Treasury has published the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill for comment.

In a statement, treasury indicates that the second batch of the draft tax bills contains emergency tax measures taking effect on 1 August 2021 and seek to make amendments in the Disaster Management Tax Relief Act of 2020 and Disaster Management Tax Relief Administration Act of 2020.

The first batch of the draft bills contain tax proposals made in the 2021 Budget on 24 February 2021.

The two batches will be combined to form the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws Amendment Bill to be tabled in parliament during the Medium Term Budget Policy Statement in October 2021.

Treasury points out that “tax compliant businesses in the alcohol sector can apply to SARS to obtain deferrals of up to three months for excise duty payments, after setting out the circumstances justifying a deferral”.

According to treasury, this measure does not require a legislative amendment as the “customs and excise rules that SARS administers were amended in 2020 to provide for deferrals of excise in cases of temporary financial constraint”.

Treasury has also published explanatory notes on the emergency tax measures in response to the continuing Covid-19 pandemic and recent unrest in the country.

Treasury has also released the 2020/21 Annual Report on non-compliance with payment of suppliers’ invoices within 30 days.

In a statement, treasury points out that the Report shows that national departments achieved an annual average timeous submission rate of 73% during the 2020/21 financial year representing a regression when compared to the annual average timeous submission rate of 85% achieved in the 2019/20 financial year.

Meanwhile, the Independent Regulatory Board for Auditors has requested, in Government Gazette 44987, comment on a search and seizure procedure guide and a procedure guide on the referral of non-audit complaints to accredited professional bodies in terms of the Auditing Profession Act.

Comment is invited until 13 September 2021.

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(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)
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