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Tax Court Members Panel Reappointed

August 2, 2022

South African Revenue Service

The 2017-2022 Panel of Tax Court Members has been reappointed.

The South African Revenue Service announced the reappointment in Government Gazette 47107 in terms of the Tax Administration Act.

The list of accountant and commercial members are reappointed for a further period from 1 July 2022 until 31 October 2022.

Meanwhile, in Gazette 47133, national treasury announced the release of two documents for consultation.

The draft documents, drawn up by the Financial Intelligence Centre, focus on the screening of employees for competence and integrity as well as scrutinising employee information against the targeted financial sanctions lists by accountable institutions as an anti-money laundering, combatting terrorist and proliferation financing measure.

Comment is invited until 19 August 2022.

Final versions are expected to be published by the end of August 2022.

In a statement, treasury has provided detail on the proposed “two-pot” retirement system contained in the recently released 2022 Draft Revenue Laws Amendment Bill.

According to treasury, the draft amendments “enable South Africans to also save for non-retirement purposes (e.g. emergencies) via their retirement funds, whilst preserving more of their savings for retirement”.

The proposed amendments also aim to “encourage members to preserve their retirement savings by making it more flexible to accommodate unforeseen pressures that members face during the span of their working life”.

Workers will be able to access retirement funds without resigning from employment.

Comment on the draft bill is invited until 29 August 2022.