Tax Bill on Disclosure to be Tabled

National Treasury

National treasury intends tabling two key finance bills in Parliament next week.

Explanatory summaries of the Division of Revenue Amendment Bill and the Taxation Laws Second Amendment Bill were published in the Government Gazette at the end of last week.

It is expected that the bills will be tabled when the finance minister, Pravin Gordhan, delivers the medium term budget policy statement on Tuesday.

Explanatory summaries of proposed pieces of legislation must be published in the Gazette prior to tabling in accordance with rule 241(1)(c) of the rules of Parliament.

The Division of Revenue Amendment Bill seeks to introduce amendments to the Division of Revenue Act.

According to the notice, the amendment bill aims to introduce the changes in order to provide for the equitable division of revenue to be raised at the national level for the 2011/12 financial year.

The revenue is divided amongst the national, provincial and local spheres of government.

The amendment bill reflects adjustments to allocations made as a result of the adjustments budget process.

The notice indicates that a copy of the bill will be made available after tabling next week.

The Taxation Laws Second Amendment Bill seeks to introduce amendments to the Customs and Excise Act of 1964.

It also makes:

•    Additional provision for disclosure of information
•    Provision for continuations
•    Provision for broadening the scope of a section

The bill was released for public comment in June 2011.

In terms of disclosure, the proposed legislation stipulates that pertinent information that would enable the financial intelligence centre to carry out its functions must be disclosed.

Disclosure is also necessary to state bodies that regulate the movement of goods or persons in and out of the republic.

Sabinet Cape Town Office