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National Treasury News

Report on the consultation process for the amendments to regulations in terms of Financial Sector Regulation Act, 2017

Draft amendments to the Financial Sector Regulations, made in terms of sections 61(4), 288 and 304 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA), and which were published in Government Notice No. R405 of 29 March 2018, are set out in the Schedule, were published for comment on 18 March 2019, and were also submitted to Parliament on that date. The period allowed for comment was until close of business on 27 March 2019, in accordance with section 288(8) of the FSRA....

Friday, March 29, 2019
Treasury
Media Advisory: Minister will introduce the new Commissioner for the South African Revenue Service (SARS)
Thursday, March 28, 2019
Treasury
Media statement: Appointment of new SARS Commissioner
Wednesday, March 27, 2019
Treasury
Edward CHR Kieswetter CV
Wednesday, March 27, 2019
Treasury
Nugent Commission Report pages 197 and 198
Wednesday, March 27, 2019
Treasury
Consolidated Regulations After Amendments to Regulations: Electronic Services for the Purpose of the Definition of "Electronic Services" in Section 1(1) of the Value-Added Tax Act
Tuesday, March 26, 2019
Treasury
Explanatory Memorandum: Regulations Prescribing Electronic Services for the Purpose of the Definition of "Electronic Services" in Section 1(1) of the Value-Added Tax Act, 1991
Monday, March 18, 2019
Treasury
Government Gazette: Regulations Prescribing Electronic Services for the Purpose of the Definition of "Electronic Services" in Section 1(1) of the Value-Added Tax Act, 1991
Monday, March 18, 2019
Treasury
Budget 2019

Over the medium term, spending reductions amount to R50.3 billion, 54 per cent of which comes from compensation budget adjustments. * Provisional allocations of R75.3 billion are budgeted over the 2019 medium-term expenditure framework (MTEF) period, mainly for Eskom’s reconfiguration plan. * Since the 2018 Medium Term Budget Policy Statement the contingency reserve has been increased by R6 billion in 2019/20 to respond to requests for fiscal support from smaller stateowned companies....

Monday, February 18, 2019
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.

Thursday, January 31, 2019
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...
Friday, January 18, 2019
National Treasury
2018 Tax Acts

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

Friday, January 18, 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...

Tuesday, January 8, 2019
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...

Tuesday, January 8, 2019
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.

Monday, January 7, 2019
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.

Thursday, September 20, 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.

Monday, September 10, 2018
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. 

Friday, August 10, 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.

Friday, August 10, 2018
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.

Tuesday, July 31, 2018
National Treasury