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ARTICLE · 04 SEPTEMBER 2024

Draft Tax Bills Published For Public Comment - Important Changes Proposed

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On 1 August 2024 National Treasury and the South African Revenue Service (SARS) released the draft Taxation Laws Amendment Bill, draft Revenue Laws Amendment Bill, draft Tax Administration Laws Amendment Bill...

South AfricaTax
Conor McFadden
Conor McFadden
Johan Coertze
Johan Coertze
Lenate Joubert
Lenate Joubert
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On 1 August 2024 National Treasury and the South African Revenue Service (SARS) released the draft Taxation Laws Amendment Bill, draft Revenue Laws Amendment Bill, draft Tax Administration Laws Amendment Bill as well as draft Regulations in terms of the Value-Added Tax Act1 and the Carbon Tax Act2 for public comment by 31 August 2024.

We set out below a summary of some of the significant proposed amendments contained in the various draft bills. Following the public comment process, the bills will be tabled in Parliament and enacted into law.

Income Tax Act

Definition of a 'company' and 'trust' to provide for collective investment schemes and similar portfolios

It is proposed that the definition of a 'company' be clarified to include a portfolio of a hedge fund collective investment scheme in terms of which the public holds shares, units or any other participatory interest.

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