The Tax Laws (Amendment) Act, 2020 ( herein referred to as “Tax (Amendment) Act”) was assented into law by the president on 25th April 2020. Before being passed into law, the Bill was committed to the Departmental Committee on Finance and National Planning and submitted for public participation. Various stakeholders presented their concerns on some of the provisions from Bill.
It can be appreciated that Parliament considered some of the views presented by various stakeholders, and introducing some provisions proposed by the President that had been left out of The Tax (Amendment) Bill, 2020. This alert contains in summary the provisions of the Tax (Amendment) Act and the potential impact of these provisions to your business.
All provisions of the Act came into effect on the date of assent except Section 5 (2) (aa) of the VAT Act which provides for inclusion of duty and other fees in computing the taxable value for fuel. The latter shall come into effect on the 15th day of the following month from the date of assent.