National Treasury has called for input by 31 August 2024 on draft tax Bills and draft regulations intended to give practical effect to the 2024/25 Budget proposals. They were published on 2 August 2024 with related explanatory memoranda and a backdated media statement outlining key provisions.
As the media statement explains, the next step in this public consultation process will be a call for input on the same draft tax Bills by the National Assembly and NCOP Committees on Finance.– followed by hearings. Once finalised to reflect all relevant input received, the Bills will then be formally tabled in Parliament.
The same process is expected to be followed with the draft Rates & Monetary Amounts Bill, draft Global Minimum Tax Bill and draft Global Minimum Tax Administration Bill published in February 2024 for comment.
The draft regulations will be revised to reflect input received before being gazetted for implementation.
Published by SA Legal Academy Policy Watch
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