On 28 July 2021 National Treasury published the Draft 2021 Taxation Laws Amendment Bill and the Draft 2021 Tax Administration Laws Amendment Bill which give effect to the 2021 budget proposals announced on 24 February 2021. The draft bills are open for public comment. The draft bills were open for public comment up until close of business on 28 August 2021
We bring you a series of highlights aimed at providing an overview of the more pertinent tax proposals.
References below to the ITA refer to the Income Tax Act No.58 of 1962, and references to the TAA refer to the Tax Administration Act No.28 of 2011. Whereas references to the Carbon Tax Act refer to the Carbon Tax Act No.15 of 2019, and references to the Customs Act refer to the Customs and Excise Act No.91 of 1964.