Wednesday, July 11, 2012

Promulgation of Tax Administration Bill Awaited

The Tax Administration Bill had a passage through all the stages of Parliament and was signed into law by the President of the Republic of South Africa and is awaiting promulgation to be published in the Government Gazette. Taxation experts expect the Act to come into effect within four to six weeks and said that certain parts of the Act may take effect on different dates.

At the launch of the tenth anniversary of now so called "tax season" for 2012 at the beginning of July, the Minister of Finance indicated that it was important for the South African Revenue Services (SARS) to broaden its powers to collect more taxes. To achieve this objective the Tax Administration Act grants SARS powers which may have serious and significant ramification for all taxpayers. The Tax Administration Act will enable SARS wide power to search and seize relevant material without the need for a warrant issued by a Court as in the past.

Pieter Rautenbach


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