On 21 January 2020, the National Assembly released a Media Statement, which provides that on 13 January 2020, President, Cyril Ramaphosa, signed into law five different revenue related bills. These bills, which have now been promulgated include the Taxation Laws Amendment Act No. 34 of 2019 (TLAA), the Tax Administration Laws Amendment Act No. 33 of 2019 (TALAA) and the Rates and Monetary Amounts (The Rates Act 2019) and Amendment of Revenue Laws Act No. 32 of 2019.
The 2019 Rates Act gives effect to changes in rates and monetary thresholds and increases of the excise duties on alcohol and tobacco. The TLAA 2019 contains more complex, technical and anti-avoidance legislative changes. The TLAA amends section 9D of the Income Tax Act, 1962 regarding the definition of controlled foreign company (CFC) rules and extends the application of CFC rules for both direct and indirect transactions.
