n Business Tax and Company Law Quarterly - Editorial

Volume 3, Issue 1
  • ISSN : 2219-1585


The Taxation Laws Amendment Bill of 2011 referred to in the editorial of the December 2011 issue of was promulgated on 10 January 2012 as the Taxation Laws Amendment Act 24 of 2011 ('2011 TLAA'). After trawling through the many complex provisions of this Act during the past few months, on 13 March 2012 we were presented with the 2012 draft Taxation Laws Amendment Bill, which in the main repeals and/or amends many of the new provisions contained in the 2011 TLAA. During this quarter we have also seen the introduction of the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, which is expected to become law, and which introduces the changes to the various tax rates and rebates presented by the Minister of Finance in his recent budget speech, including the increased capital gains tax rate. The increase in the CGT rate is applicable to companies as from the year of assessment commencing on 1 March 2012. The effect of the change in CGT rates is that CGT disposals effected during the year ending in February 2013 and thereafter will be impacted by the increase in the CGT rate.

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