- South African National Treasury opened consultation on draft Taxation Laws Amendment Bill, Revenue Laws Amendment Bill, Tax Administration Laws Amendment Bill, and draft regulations
- Measures in draft bills and regulations include clarifying VAT treatment for nonresident subsidiaries, setting prescription period for input tax claims, clarifying VAT overpayments for imported services, addressing nonresident vendors with minimal physical presence
- Threshold for eligible renewable energy projects to increase to 30 megawatts from 15 megawatts for carbon offset allowance
- Updates to definitions in VAT Act, clarification on supplies between group companies, addressing services provided by nonresidents exclusively to registered vendors
- Implementation of Constitutional Court judgment on access to tax records, clarification on tax recovery and assessments, simplification of directives system for retirement reform
- Specific valuable metals to be excluded from domestic reverse charge regulations
- Comments due by Aug. 16 for draft RLAB and Aug. 31 for draft TLAB, TALAB, and regulations.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
