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.
Discover more: Draft Taxation Laws Amendment Bill, 2015