Detailed explanatory notes are now available to support the publication of the two Revenue Laws Amendment Bills.

Bill 24 contains provisions for the taxation of amounts derived from broad-based employee share plans.

Bill 25 contains a number of proposals:

• a requirement for individual taxpayers to inform SARS of a new address within 60 days of the change.
  
  
• a requirement for all tax practitioners to register with SARS, in preparation for the future establishment of a separate Board, distinct from SARS, to administer the process of regulating tax practitioners. There will be a number of exclusions from this requirement, including:
  
  
  • persons who provide advice or complete documents for no consideration to themselves or their employers
    
    
  • advocates and lawyers who provide advice or assist clients during or in anticipation of litigation
    
    
  • employees who provide advice or complete documents of their employers or a connected person in relation to that employer (such as a group tax manager or a payroll supervisor.
    
    

• an extension to the requirement for third parties to confirm the accuracy of information supplied by taxpayers in their returns to medical schemes and retirement costs.
  
  
• a requirement for employers to report any amounts relating to the disposal of qualifying equity shares.

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...back to 11 November 2004


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