TLAB, TALAB, Rates Bill, Global Tax Bills and Revenue Bill: adoption

Video The Committee met to adopt its reports on six tax bills: the Global Minimum Tax Bill, the Global Minimum Tax Administration Bill, the Draft Revenue Laws Amendment Bill, the Draft Taxation Laws Amendment Bill, the Draft Taxation Administration Laws Amendment Bill, the Draft Rates and Monetary Bill, and the Draft Revenue Laws Amendment Bill. Before deliberating on its reports, the Committee heard that the Association for Savings and Investment South Africa and National Treasury met the previous day to discuss the former’s concern regarding the seeding date provided in the Revenue Laws Amendment Bill for provident fund members who were age 55 or older on 1 March 2021. The Committee was pleased to hear that the two parties reached an agreement wherein the National Treasury will accommodate the Association’s proposed changes in a ‘quick’ bill sometime at the start of next year. After concluding this matter, the Committee considered and adopted the reports on the six bills. This was the Committee’s final meeting for the year.