The Draft 2020 Taxation Laws Amendment Bill and Draft 2020 Tax Administration Laws Amendment Bill open for public comment

On 31 July 2020 National Treasury published the Draft 2020 Taxation Laws Amendment Bill and the draft 2020 Tax Administration Laws Amendment Bill which give effect to the 2020 Budget proposals announced on 26 February 2020. The draft bills are open for public comment. Comments are to be made in the form of written submissions by close of business on 31 August 2020.

Click here to read and download a summary of the more pertinent tax proposals, such as:

• Employer provided bursaries
• Limitation to rollover of amounts claimable under the Employment Tax Incentive
• Amending the taxation of foreign dividends and foreign gains received by REITs
• Amendments to the doubtful debts allowance for various taxpayers
• Refining the interaction between the anti-avoidance provisions for intra-group transactions
• Limiting rollover relief in respect of unbundling transactions
• New anti-avoidance provision regarding change in residence
  
• Limiting the application of dividend and capital gain exemptions in loop structures
• Narrowed application of mining capital expenditure deductions
• Changes to the VAT treatment of corporate rule transactions
• Aligning the carbon fuel levy adjustment with the Carbon Tax Act
• Removal of requirement to prove intent in prosecuting tax offences
• Estimated assessments