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- South African President Cyril Ramaphosa last week signed five bills relating to tax administration and revenue proposals for the 2019 fiscal year
South African President Cyril Ramaphosa last week signed five bills relating to tax administration and revenue proposals for the 2019 fiscal year. Ramaphosa assented to the bills on January 13, after they were tabled in Parliament by Finance Minister Tito Mboweni last year at the medium-term budget policy statement. The bills were passed by the National Assembly and National Council of Provinces last year.
Amongst the five bills that got his assent is the Adjustments Appropriations Bill, which outlines government’s budget priorities for the short and medium term. The objectives of the bill include authorization of a R17.65billion to Eskom in terms of the Public Finance Management Act. Taxation Laws Amendment Bill was another legislation signed, which has got the approval of the president. This bill is relating to individual savings and employment tax, business tax, Value Added Tax and the Customs and Excise Act. There is also a provision relating to spousal pension in the bill, which is aimed at reducing the financial burden of the surviving spouse, while calculating taxes.
The other bills that were signed by the President are Tax Administration Laws Amendment Bill, which seeks to make technical corrections to several acts, including the Income Tax Act, the Customs and Excise Act, the Value Added Tax Act, etc, the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, which deals with changes in rates and monetary thresholds and the Division of Revenue Amendment Bill, which gives effect to changes to the division of revenue act for the 2019/20 fiscal year.
