Treasury puts Final Stamp of Approval on 2021 Tax Acts
The South African National Treasury has officially approved the 2021 Tax Acts after a series of amendments were approved by the department.
The 2021 Tax Acts is a series of legislative actions aimed at improving the treasuries collection of taxes and improving tax rates for the population. The string of acts includes the 2021 Rates Act, the Taxation Laws Amendment Act (TLAA) and the Tax Administration Laws Amendment Act.
The legislation also provides emergency authorities to the treasury to deal with the ongoing effects of the COVID-19 pandemic.
Changes brought by the Tax Acts include increases to the taxes on alcohol and tobacco, which the treasury said would help increase national tax revenues.
The document was officially published Thursday 27 January following the final approval last week 10 January.
For more information about the 2021 Tax Acts and its amendments visit treasury.co.za
By Ben Rappaport