National Treasury Implements 2023 Tax Acts

Advertisement

Heading

The National Treasury has implemented the 2023 Tax Acts, enacting changes proposed in the Minister of Finance's annual Budget Speech. These Acts cover adjustments to tax rates, excise duties, and administrative procedures, now in effect as of 22 December 2023.


Advertisement

 


The National Treasury has officially rolled out the 2023 Tax Acts, putting into action the tax proposals announced by the Minister of Finance in last year's National Budget Speech.

These acts include the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2023 (2023 Rates Act), Taxation Laws Amendment Act, 2023 (2023 TLAA), and Tax Administration Laws Amendment Act, 2023 (2023 TALAA), all signed into law on 22 December 2023.

According to the Treasury, the 2023 Rates Act brings changes to tax rates and monetary thresholds, along with hikes in excise duties on alcohol and tobacco. 

The 2023 Rates Act gives effect to changes in rates and monetary thresholds and increases of the excise duties on alcohol and tobacco. 

Meanwhile, the 2023 TLAA introduces more intricate, technical anti-avoidance measures, and the 2023 TALAA addresses administrative and technical tax proposals.

The 2023 TLAA contains more complex, technical, anti-avoidance legislative changes. The 2023 TALAA deals with tax proposals that are technical and administrative in nature.

Additionally, the Treasury has released a final Response Document on the 2023 Rates Bill, 2023 TLAB, and 2023 TALAB, along with supporting documents like the Explanatory Memorandum and Memorandum of Objects. 

A final Response Document on the 2023 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2023 Rates Bill), 2023 Taxation Laws Amendment Bill (2023 TLAB) and 2023 Tax Administration Laws Amendment Bill (2023 TALAB), as well as the Explanatory Memorandum to the 2023 TLAB (Explanatory Memorandum) and the Memorandum of Objects to the 2023 TALAB (Memorandum of Objects) are also published,

These documents have been updated to incorporate feedback and decisions made during public hearings and stakeholder consultations. All the newly enacted tax acts and related documents are available on the National Treasury and SARS websites.

Suggested Article:

Taxes

The 2023 Tax filing season is on the horizon and the South African Revenue Service wants to ensure that taxpayers are up to speed with its Tax filing procedures. This applies to SARS’s auto-assessment process.  


Advertisement



Advertisement


Advertisement


Advertisement


Google News


Recommended Article: How To Apply For The SASSA R350 Grant

 



Advertisement




Advertisement