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Treasury Seeks Technical Tax Proposals for 2021 Budget

November 5, 2020

National Treasury

National treasury has called on taxpayers, tax practitioners and members of the public to submit technical tax proposals to be considered for possible inclusion in Annexure C of the 2021 Budget Review.

In a statement, treasury clarified that the technical tax proposals must be “limited to unintended anomalies, revenue leakages, loopholes and technical matters applicable to the current tax legislation that require correction”.

Treasury points out that more substantive tax policy proposals and rate changes are dealt with via a different process.

The format for technical tax proposals is set down.

Proposals are invited until 23 November 2020.

Treasury also plans to hold virtual workshops with stakeholders on 3 and 4 December 2020 in order to “clarify issues raised in the submitted technical proposals, to further assist in the prioritisation of the issues raised and to obtain further information”.

At the conclusion of the process, treasury and the South African Revenue Service will submit recommendations to the finance minister for possible inclusion in Annexure C of the 2021 Budget Review.

Treasury also announced that a virtual workshop on the Discussion Document (Tax Treatment of Excessive Debt Financing, Interest Deductions and other Financial Payments) published on 26 February 2020 and the VCC Survey published on 31 July 2020 is planned for 2 December 2020.

Meanwhile, in Government Gazette 43855, the Financial Sector Conduct Authority published proposed amendments to the listing requirements of A2X for comment.

The call was made in terms of section 11(6)(c) of the Financial Markets Act.
Objections are invited within 14 days of the date of publication.