The South African Revenue Services and the National Treasury on July 19 released for public comment draft legislation that would give effect to the tax proposals announced in the February Budget.
The two draft Bills – the Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB) – include the majority of the more complex and administrative tax proposals contained in the Budget, but they do not include the proposals dealt with in the 2017 Draft Rates Bill, such as changes to the personal income tax brackets and rates and excise duties, and the introduction of the Health Promotion Levy.
Significant proposals contained in the 2017 TLAB include: the removal of the foreign employment income tax exemption in respect of South African residents; measures to address the circumvention of anti-avoidance rules dealing with share buy backs, dividend stripping and contributed tax capital; measures to strengthen anti-avoidance rules relating to mining environmental rehabilitation funds; and the extension of controlled foreign company rules to interposed foreign trusts and foreign foundations.
Comment is invited on the draft legislation until August 18.
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.
Spain and Romania signed a DTA on October 18, 2017.
Denmark and Japan signed a DTA Protocol on October 11, 2017.
The Bahamas and Finland signed a Protocol to amend their TIEA on October 19, 2017.
The Dutch lower house of parliament on October 24, 2017, approved the ratification of a DTA signed with Zambia.
Cyprus and Mauritius signed a DTA Protocol on October 23, 2017.
According to preliminary media reports, Armenia and Iran are to enter into negotiations to revise their DTA.
The United Kingdom and Ukraine signed a DTA Protocol on October 9, 2017.
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Russia and Japan signed a DTA on September 7, 2017.
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
The United Kingdom and Belarus signed a DTA on September 26, 2017.