National Treasury has invited the public to submit technical tax proposals to be considered for possible inclusion in the 2021 Budget Review.
Every February, the Finance Minister announces new tax proposals that provide additional information on the tax proposals made in the Budget, as well as proposed changes to tax legislation.
More substantive tax policy proposals and rate changes are contained in Chapter 4 of the Budget Review, while the more technical tax proposals are generally contained in Annexure C of the Budget Review.
“The technical tax proposals requested in this invitation must be limited to unintended anomalies, revenue leakages, loopholes and technical matters applicable to the current tax legislation that require correction. More substantive tax policy proposals and rate changes are dealt with through a different process, and hence this request does not apply to major tax policy proposals,” Treasury said in a statement.
The public has until 23 November to submit the requested technical proposals.
The Treasury hold virtual workshops with stakeholders on 3 and 4 December to clarify issues raised in the submitted technical proposals, to further assist in the prioritization of the issues raised and to obtain further information.
“The dates for the workshops will be confirmed by way of an electronic invitation to taxpayers, tax practitioners and members of the public who submitted proposals. Please ensure that correct e-mail addresses and contact information are included in the written submissions,” said Treasury.
Following the above process, National Treasury and SARS will submit recommendations to the Minister of Finance for possible inclusion in Annexure C of the 2021 Budget Review.
Treasury clarified that engagement or request for more information on any proposal before the 2021 Budget is no indicator that the proposal will be included in the 2021 Budget Review.
“The final decision to include any proposal is the sole prerogative of the Minister of Finance and no further correspondence will be entered into regarding the Minister’s decision on the proposals received.”