President Jacob Zuma has signed four acts into law, the presidency said on Tuesday.
Zuma signed the Development Bank of Southern Africa Amendment Act, the Taxation Laws Amendment Act, the Tax Administration Laws Amendment Act, and the Rates and Monetary Amounts and Amendment of Revenue Laws Act, spokesman Mac Maharaj said in a statement.
The Development Bank of Southern Africa Amendment Act includes an amendment to the principal act by deleting obsolete provisions, increasing the bank’s authorised share capital, and aligning the act with the Companies Act. It extends the bank’s operations to certain national territories in Africa and its oceanic islands.
The Taxation Laws Amendment Act deals with the valuation of defined benefit contributions by an employer as a fringe benefit in the hands of the employee.
The Tax Administration Laws Amendment Act changes administrative provisions that include the Income Tax Act, the Value Added Tax Act, Customs and Excise Act, Securities Transfer Tax Administration Act, Tax Administration Act and Customs Duty Act.
The Rates and Monetary Amounts and Amendment of Revenue Laws Act aims to give legislative effect to some of the tax proposals announced by the minister of finance in the budget review last year, specifically dealing with changes in customs and excise duties.
Source : Sapa /gq/th/jje/rod
