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Good news for lenders? Further proposed amendments to the doubtful debt provisions
- 06 May 2020
- Legislation
- Louis Botha
Monday, 29 October 2018
Important:
This article is based on tax law for the tax year ending 28 February 2019.
Author: Louis Botha
On 17 October 2018, National Treasury (NT) and the South African Revenue Service (SARS), appeared before Parliament’s Standing Committee on Finance (SCoF) to provide it with a further update regarding some of the proposals contained in the 2018 draft Taxation Laws Amendment Bill (Draft TLAB), that was published earlier this year. One of the key proposals related to the doubtful debt provisions in s11(j) and s11(jA) in the Income Tax Act, No 58 of 1962 (Act), regarding which NT received substantial input from the public. The proposed amendments to these provisions were also robustly debated during the workshops hosted by NT and SARS for all stakeholders, which were well attended by members of the tax profession, on 4 and 5 September 2018. We discussed the proposed amendments in our Tax and Exchange Control Alert of 3 August 2018.
In terms of the presentation document reflecting NT and SARS’ feedback to the SCoF (Feedback Document), it states that following the workshops that took place on 4 and 5 September 2018, NT and SARS held a further meeting with stakeholders on 28 September 2018, to discuss the proposed amendments in the draft TLAB, based on the comments that were received by NT and SARS during the consultation process. Pursuant to this further consultation, NT amended the proposed amendments, as they were contained in the Draft TLAB.
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This article first appeared on cliffedekkerhofmeyr.com.