South Africa

News24.com | Ramaphosa signs off 2020 tax acts

President Cyril Ramaphosa (Image: GCIS)

President Cyril Ramaphosa (Image: GCIS)

Three tax acts, which give effect to tax proposals outlined by Finance Minister Tito Mboweni during the February 2020 budget, have been signed off by the president and published.

In a statement issued on Friday, National Treasury said that the 2020 Rates and Monetary Amounts and Amendment of Revenue Laws Act, the Taxation Laws Amendment Act and the Tax Administration Laws Amendment Act were published in the Government Gazette on 20 January 2021. The acts were signed by President Cyril Ramaphosa last week.

"The 2020 Rates Act gives effect to changes in rates and monetary thresholds and increases of the excise duties on alcohol and tobacco," the statement read.

The Taxation Laws Amendment Act includes "more complex, technical and anti-avoidance legislative" changes and Tax Administration Laws Amendment Act deals with proposals that are "technical and administrative in nature," Treasury said.

The statement also indicated that the Disaster Management Tax Relief Act of 2020 and the Disaster Management Tax Relief Administration Act of 2020 were signed by the president on 5 November and were published in the government gazette on the same day.

"These acts provide the necessary legislative amendments required to implement tax measures aimed at providing tax relief in relation to the effects of the Covid-19 pandemic."

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