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Proposed amendments to South Africa’s taxation laws
Taxand South Africa looks at the full text of the draft Taxation Laws Amendment Bill, 2015.
The draft TLAB deals, inter alia, with the following aspects:
- Closing a loophole to ensure consistent tax treatment on all retirement funds
- Closing a loophole to avoid estate duty through excessive contributions to retirement funds
- Proposing that a similar tax dispensation as applies to securities lending arrangements be introduced for the outright transfer of collateral
- Providing transitional tax relief in respect of the unintended transitional tax consequences that may arise pursuant to the regulation of hedge funds
- Providing measures to counter tax free corporate-migrations
- Withdrawal of special foreign tax credits for service fees sourced in South Africa
- Reinstatement of the controlled foreign company diversionary income rules in their form prior to the amendment and removal thereof in terms of the Taxation Laws Amendment Bill, 2011
- Allowing municipalities to demarcate more areas as Urban Development Zones
- Monetary threshold adjustments for an enterprise supplying commercial accommodation
Comments on the draft TLAB were due by 24 August 2015.
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