National Treasury has invited the public to submit technical tax proposals to be considered for possible inclusion in the 2021 Budget Review.<\/p>\n
Every February, the Finance Minister announces new tax proposals that provide additional information on the tax proposals made in the Budget, as well as proposed changes to tax legislation. <\/p>\n
More substantive tax policy proposals and rate changes are contained in Chapter 4 of the Budget Review, while the more technical tax proposals are generally contained in Annexure C of the Budget Review.<\/p>\n
\u201cThe technical tax proposals requested in this invitation must be limited to unintended anomalies, revenue leakages, loopholes and technical matters applicable to the current tax legislation that require correction. More substantive tax policy proposals and rate changes are dealt with through a different process, and hence this request does not apply to major tax policy proposals,\u201d Treasury said in a statement.<\/p>\n
To ensure proper assessment, technical tax proposals should be submitted under the following headings:<\/p>\n
Income tax \u2013 individuals, employment and savings;<\/p>\n
Income tax \u2013 domestic business;<\/p>\n
Income tax \u2013 international;<\/p>\n
Other taxes \u2013 for example, value added tax, and<\/p>\n
Tax administration legislation. <\/p>\n
Each technical tax proposal must be explained in detail with the explanation covering the following areas:<\/p>\n
The legal nature of the problem;<\/p>\n
A detailed factual description; and<\/p>\n
The nature of the business \/ persons impacted.
<\/p>\n
The public has until 23 November to submit the requested technical proposals.<\/p>\n
The Treasury hold virtual workshops with stakeholders on 3 and 4 December to clarify issues raised in the submitted technical proposals, to further assist in the prioritisation of the issues raised and to obtain further information.<\/p>\n
\u201cThe dates for the workshops will be confirmed by way of an electronic invitation to taxpayers, tax practitioners and members of the public who submitted proposals. Please ensure that correct e-mail addresses and contact information are included in the written submissions,\u201d said Treasury. <\/p>\n
Following the above process, National Treasury and SARS will submit recommendations to the Minister of Finance for possible inclusion in Annexure C of the 2021 Budget Review.<\/p>\n
Treasury clarified that engagement or request for more information on any proposal before the 2021 Budget is no indicator that the proposal will be included in the 2021 Budget Review.<\/p>\n
\u201cThe final decision to include any proposal is the sole prerogative of the Minister of Finance and no further correspondence will be entered into regarding the Minister\u2019s decision on the proposals received.\u201d \u2013 SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" National Treasury has invited the public to submit technical tax proposals to be considered for possible inclusion in the 2021 Budget Review. Every February, the Finance Minister announces new tax proposals that provide additional information on the tax proposals made in the Budget, as well as proposed changes to tax legislation. More substantive tax policy […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-171028","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-sanews","8":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/171028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=171028"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/171028\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=171028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=171028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=171028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}