The National Treasury of South Africa has invited taxpayers, tax practitioners, and the public to submit technical tax proposals for the 2024 budget. The proposals should address unintended anomalies, revenue leakages, loopholes, and technical issues within existing tax legislation that require correction. Substantive tax policy proposals are excluded from this invitation, and the proposals must be submitted by November 24, 2023. The National Treasury and the South African Revenue Service will evaluate the proposals, and selected proposals will be considered for inclusion in Annexure C of the 2024 Budget Review.
What is the Invitation for Technical Tax Proposals for South Africa’s 2024 Budget?
The National Treasury has extended an invitation to stakeholders, including taxpayers, tax practitioners, and the public, to submit technical tax proposals for the 2024 budget. The invitation seeks proposals addressing unintended anomalies, revenue leakages, loopholes, and technical issues within existing tax legislation that require correction. Substantive tax policy proposals are excluded from this invitation. Proposals must be submitted by November 24, 2023, and will be evaluated by the National Treasury and the South African Revenue Service. Selected proposals will be considered for inclusion in Annexure C of the 2024 Budget Review.
The National Treasury has extended an invitation to stakeholders for submitting technical tax proposals in preparation for the 2024 budget. Taxpayers, tax practitioners, and the general public are welcome to participate, providing valuable insights and recommendations that will influence the nation’s financial policies.
During the annual Budget Speech in February, the Minister of Finance presents new tax proposals. The accompanying Budget Review contains additional information on tax proposals and forthcoming changes to tax legislation. Notably, Chapter 4 of the Budget Review highlights substantial tax policy proposals and rate adjustments, while Annexure C primarily consists of technical tax proposals.
The invitation specifically requests proposals addressing unintended anomalies, revenue leakages, loopholes, and technical issues within existing tax legislation that require correction. It is important to note that major tax policy proposals are excluded from this invitation.
To ensure a comprehensive evaluation, the National Treasury mandates that submitted proposals must be structured under these headings:
Each submitted technical tax proposal must clarify the legal problem, furnish an in-depth factual description, and identify the affected businesses or individuals.
Interested stakeholders must submit their technical proposals by Friday, 24 November. To address concerns and collect supplementary information, virtual workshops will be conducted on 7 and 8 December 2023. Electronic invitations will be sent to stakeholders who submitted proposals, making it crucial that they provide correct contact information in their submissions.
Upon completion of this procedure, the National Treasury and the South African Revenue Service (SARS) will propose their recommendations to the Minister of Finance, who will then consider them for possible inclusion in Annexure C of the 2024 Budget Review. However, engaging or requesting additional information on a proposal before the 2024 Budget does not guarantee its inclusion in the Budget Review. The Minister of Finance possesses the ultimate authority to decide which proposals will be included and will not entertain further correspondence.
To submit written proposals, stakeholders can send their contributions to the National Treasury at 2023AnnexCProp@treasury.gov.za and SARS at acollins@sars.gov.za. If stakeholders have substantive tax proposals that involve policy changes, they must direct them separately to Mr. Christopher Axelson (Acting Deputy Director General: Tax and Financial Sector Policy) at Christopher.Axelson@treasury.gov.za.
This initiative by the National Treasury reflects the government’s dedication to transparency and public participation in the creation of financial policies. By involving multiple stakeholders in this process, the National Treasury hopes to design a more knowledgeable and inclusive tax system that addresses the diverse requirements of South African society. The upcoming virtual workshops will offer stakeholders an opportunity to discuss and refine their technical tax proposals, ensuring that all viewpoints are considered in the 2024 Budget Review.
In conclusion, the National Treasury’s call for technical tax proposals signifies a crucial move towards shaping South Africa’s financial future. Through this collaborative effort, the government can pinpoint and address potential loopholes, revenue leakages, and unintended consequences, leading to a more resilient and fair tax system. Stakeholders are urged to take advantage of this chance to contribute their expertise and make their voices heard in the nation’s financial policy-making process.
Taxpayers, tax practitioners, and the general public are welcome to submit technical tax proposals for South Africa’s 2024 Budget.
The technical tax proposals should address unintended anomalies, revenue leakages, loopholes, and technical issues within existing tax legislation that require correction. The proposals must be structured under the headings of Income tax – individuals, employment, and savings; Income tax – domestic business; Income tax – international; Other taxes – such as carbon tax, excise, and value-added tax; and Tax administration legislation. Each proposal must clarify the legal problem, provide an in-depth factual description, and identify the affected businesses or individuals.
Substantive tax policy proposals are excluded from this invitation.
Annexure C of the 2024 Budget Review primarily consists of technical tax proposals.
The submission deadline for technical tax proposals is November 24, 2023.
Yes, virtual workshops will be conducted on 7 and 8 December 2023 to address concerns and collect supplementary information from stakeholders who have submitted proposals.
The National Treasury and the South African Revenue Service (SARS) will evaluate the technical tax proposals and propose recommendations to the Minister of Finance. The Minister of Finance will decide which proposals will be included in Annexure C of the 2024 Budget Review.
The National Treasury’s call for technical tax proposals reflects the government’s dedication to transparency and public participation in financial policy-making. The upcoming virtual workshops will provide an opportunity for stakeholders to discuss and refine their proposals, ensuring that all viewpoints are considered in the 2024 Budget Review.
In Kraaifontein, a lively part of Cape Town, the community faces a tough battle against…
The Good Hope Centre in Cape Town is getting a fresh start! Plans are underway…
The My Cape Town Market is a lively summer event in the beautiful Company's Garden,…
Boatica Cape Town is Africa's biggest boating show, taking place from October 2527, 2024, at…
The South African Police Service (SAPS) is taking strong steps to fight crime and keep…
Alexkor SOC Ltd is a stateowned company in South Africa that started in 1992, focusing…