Publication of the 2021 Tax Acts
Any intended amendments to primary legislation are announced by the Minister of Finance in his annual Budget Review.
They are tabled by the Minister of Finance in the National Assembly as Amendment Bills and, after approval by the Standing Committee on Finance (National Assembly) and the Select Committee on Finance (National Council of Provinces), they are sent to the President for assent before they are promulgated as Acts of Parliament.
The President has given effect to the 2021 tax proposals by signing three Tax Acts into law. The following Acts were promulgated on 19 January 2022.
- Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 19 of 2021 referred to as 2021 Rates Act
- Taxation Laws Amendment Act No. 20 of 2021 referred to as 2021 TLAA
- Tax Administration Laws Amendment Act No. 21 of 2021 referred to as 2021 TALAA
These Acts give legislative effect to the tax proposals as outlined by the Minister of Finance in his annual National Budget Speech delivered on 24 February 2021, as well as emergency tax measures in response to the continuing COVID19- pandemic and recent unrest in the country announced by the Minister of Finance on 28 July 2021.
The 2021 Rates Act gives effect to changes in rates and monetary thresholds and increases of the excise duties on alcohol and tobacco.
The 2021 TLAA contains more complex, technical, anti-avoidance legislative changes as well as emergency tax measures announced by the Minister of Finance on 28 July 2021.
The 2021 TALAA deals with tax proposals that are technical and administrative in nature, as well as administrative emergency tax measures announced by the Minister of Finance on 28 July 2021.