The National Treasury and South African Revenue Service (SARS) are standing their ground on proposed amendments to tax legislation in South Africa, despite protests from businesses.
Speaking to the parliamentary standing committee on finance this week, the National Treasury and SARS responded to comments by businesses regarding key issues concerning the proposed carbon tax, excise tax, and changes to how tax may apply in the customs and insurance sectors.
Businesses, meanwhile, would like to see the annual carbon tax increases continue based on the current Consumer Price Index of +2% structure until at least 2030 to allow for reviewing and aligning different policies.Momoniat said that he was surprised by the lack of vision coming from many businesses and said that they would not echo the same sentiments about the new carbon tax to international investors.
Businesses said that considering South Africa’s affordability, a 70 cents duty per millilitre is more than appropriate. It added that the long-term health effect of e-cigarettes are unknown, and therefore the government is taking cautionary steps – even if vaping is marketed as a less harmful alternative to smoking.
For short-term insurers, SARS has proposed a three-year phasing-in period of the new standards, whereas for long-term insurers, a six-year plan.
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