Treasury and South African Revenue Service on 2022 draft tax bills for public comment
29 July 2022
The National Treasury and the South African Revenue Service (SARS) today publish, for public comment, the 2022 draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2022 draft Rates Bill), the 2022 draft Revenue Laws Amendment Bill, the 2022 draft Taxation Laws Amendment Bill (2022 draft TLAB) and the 2022 draft Tax Administration Laws Amendment Bill (2022 draft TALAB).
The 2022 draft Rates Bill was first published on Budget Day (25 February 2022) and gives effect to the tax proposals announced in Chapter 4 of the 2022 Budget dealing with changes to the rates and monetary thresholds to the personal income tax tables and increases of the excise duties on alcohol and tobacco.
It has been revised to include changes tabled by the Minister in Parliament on 31 March 2022 and 31 May 2022 regarding temporary relief on the fuel levy as well as the postponement of the effective date of an inflationary increase in the health promotion levy of 4,5 per cent to 2.31 cents per gram of sugary beverages with more than 4 grams of sugar per 100 ml from 1 April 2022 to 1 April 2023.
The 2022 draft Revenue Laws Amendment Bill contains proposed amendments dealing with the “two pot” retirement system. The proposed amendments give effect to the previous announcements made by the Minister in the February 2021 Budget Speech and November 2021 Medium Term Budget Policy Statement. These amendments also follow a discussion document published by National Treasury for public comment on 15 December 2021, titled “Encouraging South African households to save more for retirement”.