South Africa seeking input on draft tax bills

South African Revenue Service has published for stakeholders’ comments draft tax bills incorporating key tax proposals.

The 2023 draft Taxation Laws Amendment Bill contains the necessary legislative amendments required to implement the more complex tax announcements made in the 2023 Budget Review relating to research and development tax incentive, clarifying anti-avoidance rules dealing with third-party backed shares, clarifying the foreign business establishment exemption for controlled foreign companies, refining the participation exemption for the sale of shares in foreign companies, among others.

The 2023 draft Tax Administration Laws Amendment Bill contains the legislative amendments dealing with tax administration including the advance pricing agreement program.

Comments must be received by August 31.