Learning unit 1.pdf - Learning unit Introduction to South...

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2016/09/06 1 1 Learning unit 1: Introduction to the South African tax system Background Provide services to citizens therefore need income. Different types of taxes levied in SA. 1) Income tax ( various types which includes capital gains tax, turnover tax and dividends tax). 2) VAT 3) Estate duty 4) Excise duty 5) Customs duty 6) Transfer duty 7) Air passenger tax 8) Securities transfer tax 9) UIF 10) SDL 2 The income tax act Updated every year. Originally legislated in 1962 and amended annually. SA government fiscal year- 1 April - 31 March February each year Minister of Finance ( Mr Pravin Gordhan ) announces government spending, tax and borrowing plans- 3 years budget ( BUDGET SPEECH! 2017 budget speech was scheduled for 24 February 2016). 3 Budget speech based on national budget- plan how much money will be spent on different services- results in amended tax legislation. BUDGET PROCESS: 3 - 4 month review of national and provincial legislatures. Parliament debate , draft taxation bills presented to state president for signature and promulgated as act of parliament and published in government gazette. Bills have explanatory memorandums which explains reasons for amendments. 4 Currently government issues 2 amendment acts- Taxation Laws Amendment Act & Taxation Laws Second Amendment Act.
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  • Summer '15
  • prof.leilagoosen

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