National Legislation: 2024 Draft Tax Bills and Draft Regulations

National Legislation: 2024 Draft Tax Bills and Draft Regulations

• 08 August 2024
• SARS Issues
• South African Accounting Academy

A joint media statement was published with more details (in summary format) about the key proposals incorporated in the revised 2024 Draft Tax Bills and Draft Regulations.

The respective Bills, Regulations and Explanatory Memoranda can be accessed via the links provided

Due date for comment: 16 August 2024

• Draft Revenue Laws Amendment Bill (RLAB) 2024: https://www.sars.gov.za/legal-draft-2024-27-draft-revenue-laws-amendment-bill-2024-1-august-2024/
  • Draft Explanatory Memorandum to Revenue Laws Amendment Bill (RLAB) 2024: https://www.sars.gov.za/legal-draft-2024-27a-draft-explanatory-memorandum-to-revenue-laws-amendment-bill-2024-1-august-2024/

Due date for comment: 31 August 2024

• Draft Taxation Laws Amendment Bill (TLAB) 2024: https://www.sars.gov.za/legal-draft-2024-28-draft-taxation-laws-amendment-bill-2024-1-august-2024/
  • Draft Explanatory Memorandum on the Draft Taxation Laws Amendment Bill (TLAB) 2024: https://www.sars.gov.za/legal-draft-2024-28a-draft-explanatory-memorandum-on-the-draft-taxation-laws-amendment-bill-2024-1-august-2024/
• Draft Tax Administration Laws Amendment Bill (TALAB) of 2024: https://www.sars.gov.za/legal-draft-2024-29-draft-tax-administration-laws-amendment-bill-of-2024-1-august-2024/
  • Draft Memo on Objects of Tax Administration Laws Amendment Bill (TALAB) of 2024: https://www.sars.gov.za/legal-draft-2024-29a-draft-memo-on-objects-of-tax-administration-laws-amendment-bill-of-2024-1-august-2024/
• Draft Regulations on the Method for Determining the VAT liability in respect of Casino Table Games of Chance: https://www.sars.gov.za/legal-draft-2024-30-draft-regulations-on-the-method-for-determining-the-vat-liability-in-respect-of-casino-table-games-of-chance-1-august-2024/
  • Draft Explanatory Memorandum on the method for determining the VAT Liability in respect of Casino Table Games of Chance: https://www.sars.gov.za/legal-draft-2024-30a-draft-explanatory-memorandum-on-the-method-for-determining-the-vat-liability-in-respect-of-casino-table-games-of-chance-1-august-2024/
• Draft Regulations on Electronic Services for the purpose of the Definition of “electronic services”: https://www.sars.gov.za/legal-draft-2024-31-draft-regulations-on-electronic-services-for-the-purpose-of-the-definition-of-electronic-services-1-august-2024/
  • Draft Explanatory Memorandum to Electronic Services Regulations 2024: https://www.sars.gov.za/legal-draft-2024-31a-draft-explanatory-memorandum-to-electronic-services-regulations-2024-1-august/
• Draft Carbon Offset Regulations Prescribing Carbon Offsets in terms of Section 19(c) of the Carbon Tax Act: https://www.sars.gov.za/legal-draft-2024-32-draft-carbon-offset-regulations-prescribing-carbon-offsets-in-terms-of-section-19c-of-the-carbon-tax-act-1-august-2024/
  • Draft Explanatory Memorandum to Carbon Offsets Regulations: https://www.sars.gov.za/legal-draft-2024-32a-draft-explanatory-memorandum-to-carbon-offsets-regulations-1-august-2024/
• Domestic Reverse Charge Regulations: https://www.sars.gov.za/legal-draft-2024-33-draft-domestic-reverse-charge-regulations-1-august-2024/
  • Draft Explanatory Memorandum to Domestic Reverse Charge Regulations: https://www.sars.gov.za/legal-draft-2024-33a-draft-explanatory-memorandum-to-domestic-reverse-charge-regulations-1-august-2024/

Click here to download the Media Statement.

Relevance to Auditors, Independent Reviewers & Accountants:

• The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, 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.
• As an auditor, independent reviewer, an accountant or tax practitioner, you need to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech.
• As an employer and taxpayer, you also need to comply with the Income Tax Act in your workplace and be aware of the various Draft Amendment Bills and Regulations, so that you and your practice may apply the updated legislation.

Relevance to Your Clients:

• An entity (company or close corporation) has a duty to comply with the Income Tax Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
• It is important to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech, and the various Draft Amendment Bills and Regulations so that your clients may apply the updated legislation.

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