The Second Revenue Law Amendment Bill, released recently by the SA Revenue Service (Sars), will have far-reaching implications, including the possible erosion of the confidentiality of tax returns.
The new Bill also introduces new changes to Capital Gains Tax (CGT) and foreign source income, and makes some changes to value added tax (Vat). The Bill also deals with CGT relief for corporate actions, creates a tax court and makes allowance for foreign exchange gains and losses to be taxed.
The Bill, which runs to 233 pages, has been dubbed Sars` "biggest ever production" by Peter Harrison, associate director of taxation services at Deloitte & Touche.
Harrison will be delivering a series of Deloitte & Touche tax update seminars in November, covering these issues in detail. Keep an eye on ZAFinance, or subscribe to our free daily newsletter, for more information as well as signing up details.
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