National Treasury and SARS Call for Public Comment on 2024 Draft Tax Bills and Regulations

The South African National Treasury, in conjunction with the South African Revenue Service (SARS), has opened the floor to the public to offer comments on the newly published draft tax bills and accompanying regulations for the year 2024. This participatory step comes as part of the institutions' efforts to involve taxpayers and stakeholders in shaping the country's fiscal policies.

The documents in question encompass several key proposals from the latest Budget Speech, available for review and comment. Particularly under examination are the 2024 draft Taxation Laws Amendment Bill (TLAB), Revenue Laws Amendment Bill (RLAB), Tax Administration Laws Amendment Bill (TALAB), and draft regulations covering Value-Added Tax (VAT) liability for casino table games, amendments to Carbon Offset Regulations, and domestic reverse charge VAT regulations for valuable metals.

The comprehensive set of draft proposals is aimed not only at updating existing financial laws to reflect the country's evolving economic landscape but also at enhancing tax administration efficiency and compliance. South Africans are being called upon to critically review these documents and provide insights that may help refine and improve the laws before they are enacted.

In terms of VAT, the new draft regulations seek to clarify the method of determining liability for casino table games - an industry known for significant economic activity. Additionally, as environmental concerns remain at the forefront of policy debates, modifications to Carbon Offsets Regulations reflect South Africa's ongoing commitment to sustainable development and adherence to international climate agreements.

The draft bills and regulations, complete with Explanatory Memoranda detailing the proposed amendments, are available for access on the official websites of the National Treasury and SARS. Moreover, the National Treasury has released the 2024 Budget Review, which offers further context on rate changes and tax amendments contained within the proposals.

The Ministry of Finance has emphasized the importance of this public engagement, illustrating its commitment to transparency and inclusivity in policy-making. The initial comment period pertaining to the 2024 RLAB culminated in workshops held on June 6, 2024, but stakeholders now have a second chance to have their thoughts heard on the revised draft.

To participate in the conversation, interested parties are invited to send written comments to the National Treasury's dedicated email (2024AnnexCProp@treasury.gov.za) and directly to SARS (acollins@sars.gov.za) by two separate deadlines. For feedback specifically on the 2024 draft RLAB, the cutoff is close of business on August 16, 2024. For all other documents, including the draft TLAB, TALAB, and newly established regulations, the window for comments extends until the close of business on August 31, 2024.

Stakeholders are encouraged to take part in this crucial process as South Africa strives to fortify its economic framework and fiscal policies under the guidance of inclusive and participative governance.