The Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2022, (Act No. 19 of 2022) (2022 Rates Act), Taxation Laws Amendment Act, 2022 (Act No 20 of 2022) (2022 TLAA) and Tax Administration Laws Amendment Act, 2022 (Act No. 16 of 2022) (2022 TALAA) were promulgated on 5 January 2023. These Acts give legislative effect to the tax proposals as outlined by the Minister of Finance in his annual National Budget Speech delivered on 23 February 2022.
The 2022 Rates Act gives effect to changes in rates and monetary thresholds and increases of the excise duties on alcohol and tobacco. It also contains 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 increase in the health promotion levy. The 2022 TLAA contains more complex, technical and anti-avoidance legislative changes. It also contains changes to the carbon tax rate trajectory, extension of the first phase of the carbon tax as well as an excise duty rate for both nicotine and non-nicotine vaping solutions. The 2022 TALAA deals with tax proposals that are technical and administrative in nature.
A Final Response Document on the 2022 Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2022 Rates Bill), 2022 Taxation Laws Amendment Bill (2022 TLAB) and 2022 Tax Administration Laws Amendment Bill (2022 TALAB), as well as the Explanatory Memorandum to the 2022 TLAB (Explanatory Memorandum) and the Memorandum of Objects to the 2022 TALAB (Memorandum of Objects) are also published.
The Final Response Document updates the Draft Response Document to consider submissions and decisions made following further inputs made by stakeholders, the Standing Committee on Finance and the Select Committee on Finance during public hearings regarding the 2022 Draft Rates Bill, 2022 Draft TLAB and 2022 Draft TALAB.
The 2022 Rates Act, 2022 TLAA, 2022 TALAA, Final Response Document, Explanatory Memorandum and Memorandum of Objects can be found on the National Treasury (www.treasury.gov.za) and SARS (www.sars.gov.za) websites.
