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Treasury tables tax bill

Cape Town - A bill dealing with changes to tax laws and regulations governing retirement funds was tabled by the National Treasury for comment on Tuesday.

It said the so-called “first batch” of the Taxation Laws Amendment Bill (TLAB) and Regulations was not the full bill, but intended to solicit comments on two specific amendments to inform the full draft.

The full bill would be published for public comment next month.

“Draft regulations on one of the specific amendments dealing with defined benefit funds are also published for comment, and provide taxpayers with an early indication of some of the proposed reporting requirements.”

The first batch of the draft TLAB and Regulations dealt with two amendments:

- the tax treatment of the risk businesses of long-term insurers; and,

- retirement reforms, and in particular rules, with regards to defined benefit funds.

Comments were also solicited on proposed draft regulations intended to give effect to the determination of the fund member category, as well as information to be contained in contribution certificates.

The Treasury on Tuesday also tabled the 2014 Rates and Monetary Amounts and Amendment of Revenue Laws Bill, also known as the Rates Bill.

This gives affect to the rates and monetary threshold changes announced in the 2014 Budget.

“It is published for public information. The Rates Bill deals with numerical adjustments. It does not deal with new and substantive changes in law.”

The draft legislation, regulations and explanatory memoranda could be found on the National Treasury (www.treasury.gov.za) and Sars (www.sars.gov.za) websites.

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