TLAB, TALAB, Rates Bill, Global Tax Bills and Revenue Bill: public hearings

Video The Committee held public hearings on six tax bills. Four stakeholders, the Association for Savings and Investment South Africa, the Congress of South African Trade Unions, the Institute of Retirement Funds Africa, and Webber Wentzel, made oral submissions on the Revenue Laws Amendment Bill and Taxation Laws Amendment Bill. COSATU reported that workers, especially low-income workers, are aggrieved at paying tax on pension withdrawals, particularly the once-off relief and withdrawals from the savings pot. The National Treasury argued that these savings should be taxed as the contributions made into the retirement funds are not taxed at all. Members wondered if this provision was in line with the spirit and intention of the two-pot system. Members were pleased to hear that the National Treasury has been working on the zero-rating of VAT, and it may feature in the 2025 Budget Statement. The National Treasury and South African Revenue Service will provide detailed responses to the submissions on Friday, November 29th.