Taxpayers And Tax Practitioners Take Note: Proposed Tax Law Amendments 2024
Tax Consulting South Africa
On the frontiers of tax technical expertise & optimal compliance assurance
The National Treasury published three significant tax bills on 1 August 2024 and invited public comment to ensure comprehensive stakeholder engagement. This is in line with Treasury’s ongoing efforts to improve compliance in an efficient and effective manner.
The three Tax Bills are as follows:
Focus of Amendments
National Treasury has elected to focus on a number of big-ticket items which will have a significant impact on the tax legislation. Tax practitioners and financial advisors are especially encouraged to consider the various provisions affecting cross-border transactions including the funding of offshore trust structures.
By and large, however, the core makeup of the TLAB and TALAB is aimed at SARS enforcement and the enhancement of tax administration. A number of important amendments have been included which specifically address short comings in SARS’ tax dispute process.
The RLAB addresses various proposals affecting the new two pot retirement system and which will likely be unpacked by experts in the coming weeks.