Category

Media statement: Process for appointing SARS Commissioner

The Minister of Finance, Mr Tito Mboweni, has appointed a panel to interview and recommend to the President of the Republic of South Africa a shortlist of candidates for the position of the Commissioner of the South African Revenue Service (SARS).

National Treasury
Media Advisory: Save the date - Media Workshop

As part of equipping journalists with information to help them with their reporting of the Budget and related issues, Treasury will host a media workshop on 19 February 2019. Details of what will be presented at the workshop will follow in due course.

Treasury
Media statement: Publication of the 2018 Tax Acts and Accompanying Documentation

The President has signed into law three 2018 tax bills, that give legislative effect to the tax proposals announced by the Minister of Finance in his annual National Budget Speech delivered on 21 February 2018.

  • Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2018 (Act No. 21 of 2018) (2018 Rates Act)
  • the Taxation Laws Amendment Act, 2018 (Act No 23 of 2018) (2018 TLAA) and
  • the Tax Administration Laws Amendment Act, 2018 (Act No 22 of 2018) (2018...
National Treasury
2018 Tax Acts

Click here to view the 2018 Amendment Acts that were promulgated on 17 January 2019.

National Treasury
Media statement: Warning regarding scammers

The Ministry of Finance would like to warn the public about scams which purport to be communication from the Ministry. In the latest of these scams, a person purporting to be the Deputy Minister of Finance has been asking people on Facebook for money in return for funding their projects or business plans. This person also asks for people’s full names, ID numbers, as well as home addresses. Neither the Ministry nor National Treasury assists individuals or businesses with the funding of their...

National Treasury
Media Statement: New Research on Profit Shifting and Corporate Tax Avoidance (20/12/2019)

A new SA-TIED research study estimates that South Africa loses about 7 billion ZAR a year due to profit shifting by multinational corporations; amounting to about 4% of total current corporate income tax receipts. While this assessment is comparable to reviews for other non-tax haven countries, the new study is unique in being the first to estimate profit shifting by firm size. The key finding suggests that 98% of the tax loss is associated with profit-shifting by the biggest 10% of...

National Treasury
Media statement: Extension of SARS Acting Commissioner’s Term (14/12/2019)

The Minister of Finance, Mr Tito Mboweni, has re-appointed Mr Mark Kingon as Acting Commissioner of the South African Revenue Service (SARS) for a further 90 days beginning on December 13, or until such date as a new Commissioner for SARS is appointed by the President.

National Treasury
Draft Response documents on the 2018 draft tax bills

The National Treasury today publishes the draft Taxation Laws Amendment Bill, 2018 (TLAB) and draft Tax Administration Laws Amendment Bill, 2018 (TALAB). The TLAB and TALAB include the legislative amendments for the more complex tax proposals that were announced in the 2018 Budget Review on 21 February 2018.

National Treasury
Speech by Minister of Finance Mr. Nhlanhla Nene 2018 Tax Indaba

It is my honour to give this opening address to the 2018 Tax Indaba. Tax policy and tax administration are not usually seen as especially interesting topics in the eyes of the general public, but that has certainly changed after the events of the past few years.

National Treasury
Media Statement: Release for public comment: Report by the Independent Panel on the review of the current list of zero-rated VAT items

The Minister of Finance today releases the report by the Independent Panel on the review of the current list of items that are zero-rated for VAT purposes for public comment by 31 August 2018. The Minister appointed the panel after the announcement in the budget in February of the increase in the rate of value-added tax (VAT) from 14 to 15 per cent effective from 1 April 2018. 

National Treasury
VAT Panel: Recommendations on Zero Ratings in the Value-Added Tax System

The Value-Added Tax (VAT) rate was increased from 14% to 15% on 01 April 2018, as announced in the February 2018 National Annual Budget. Following the announcement of the VAT increase, concerns have been raised, in Parliamentary and other processes, about its impact on poor and low-income households. The increase in VAT would raise the tax on the poorest 50% of households by around R1.8 billion or an average of R216 per household per annum.

National Treasury
Media Statement: VAT Panel Report

The Chair of the Independent Panel of Experts for the review of the current list of VAT zero-rated items, Professor Ingrid Woolard, today requested from the Minister of Finance an extension of today’s deadline for the submission of its report. The Minister has agreed to extend the deadline from 31 July 2018 to 6 August 2018. The report will be made public soon thereafter.

National Treasury
Media Statement: Extension of SARS Acting Commissioner's term

The Minister of Finance, Mr Nhlanhla Nene, has re-appointed Mr Mark Kingon as Acting Commissioner of the South African Revenue Service (SARS) for a further 90 days beginning on June 17.

National Treasury
South Africa: Staff Concluding Statement of the 2018 Article IV Mission

An International Monetary Fund (IMF) team led by Ana Lucía Coronel visited South Africa in May 28-June 11, 2018 to conduct its regular Article IV surveillance activities. Discussions focused on measures and reforms to reignite growth and reduce poverty and inequality.

National Treasury
Terms of reference for the Independent panel of experts for the review of current list of VAT zero rated food items

The Value-Added Tax (VAT) rate was increased from 14 to 15 per cent on 01 April 2018, as was announced in the February 2018 National Annual Budget. The increase of the VAT rate by one per cent is expected to raise additional revenue in the amount of R22.9 billion in 2018/19. 

National Treasury
2018 Budget Vote: National Treasury, Opening Address, Nhlanhla Nene, Minister of Finance

National Treasury is the custodian of the long-term prosperity of South Africa, a mandate it derives from none other than the supreme law of the land, the Constitution. This mandate is further fleshed out in the Public Finance Management Act, the PFMA

National Treasury
Minister’s Speech at the SARS 2017/18 Preliminary Revenue Outcome Announcement
Treasury
Media Statement: Establishment of an Independent Panel of Experts to Consider and Review the Current List of VAT Zero-Rated Food Items

The increase in the Value-Added Tax (VAT) rate from 14 to 15% will take effect on Sunday, 01 April 2018 as announced in the 2018 Budget, and all VAT vendors are therefore expected to charge the higher rate of 15% from this date.

Treasury
Proposed Regulatory Framework for Foreign Member Funds in South Africa

South African institutional investors are allowed to invest offshore subject to various foreign investment limits, depending on the type of institutional investor. Retirement funds and the non-market linked business of insurance companies can invest up to 25 percent of their total retail assets and collective investment schemes, asset managers and market-linked business of insurers can invest up to 35 percent their total retail assets.

Treasury
Media Statement: Publication for Comment on the Draft Foreign Member Funds Framework

The National Treasury (NT) today publishes for comment the Foreign Member Funds Framework to be declared by the Minister of Finance in terms of the Collective Investment Schemes Act (Act 45 of 2002).

Treasury