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2023 Tax Amendment Acts gazetted
- 04 January 2024
- Tax
- South African Accounting Academy
These consist of:
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Taxation Laws Amendment Act, 2023
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Tax Administration Laws Amendment Act, 2023
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Rates & Monetary Amounts & Amendment of Revenue Laws Act, 2023
They give effect to proposals in the 2023 Budget subsequently reflected in draft Bills that have since been subjected to robust public consultations and revised where appropriate.
Provisions deemed retrospectively effective are indicated in the text of each Act concerned, with the relevant commencement date.
Formally introduced in Parliament on 31 October 2023 with the Medium Term Budget Policy Statement, the National Assembly passed the Bills on 30 November and by the NCOP seven days later - when they were sent to the President for signature.
Click here to download the Amendment Acts:
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Taxation Laws Amendment Act, 2023
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Tax Administration Laws Amendment Act, 2023
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Rates & Monetary Amounts & Amendment of Revenue Laws Act, 2023
Relevance to Auditors, Independent Reviewers & Accountants:
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The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. Suppose they don’t comply with the relevant laws and regulations. In that case, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an auditor, independent reviewer, accountant and tax practitioner, you need to consider amendments that result from the annual budget speech and are enacted into law.
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Tax practitioners play a critical role in bridging the gap between taxpayers and SARS. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and tax practitioners to keep abreast of such changes so that entities and taxpayers continue to meet their tax obligations.
Relevance to Your Clients:
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As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for entities and taxpayers to continue to meet their tax obligations.