Acts signed into law

Pretoria – President Jacob Zuma on Tuesday signed a few acts into law, in terms of section 84(2)(a) of the Constitution of the Republic of South Africa, 1996.

The Presidency on Tuesday said the acts include the Development Bank of Southern Africa Amendment Act, (Act no. 41 of 2014), the Taxation Laws Amendment Act, (Act no. 43 of 2014), the Tax Administration Laws Amendment Act, (Act no. of 2014), and the Rates and Monetary Amounts and Amendment of Revenue Laws Act, (Act no. 42 of 2014).

More about the acts

• The Development Bank of Southern Africa Amendment Act, (Act no. 41 of 2014, among others, amends the principal act by deleting obsolete provisions, increasing authorised share capital of the Bank and aligning the act with the Companies Act, 2008. It also extends the operations of the bank to certain national territories on the African continent and its oceanic islands.
• The Taxation Laws Amendment Act, (Act no. 43 of 2014) deals with the valuation of defined benefit contributions by an employer as a fringe benefit in the hands of the employee.
• The Tax Administration Laws Amendment Act, (Act no. of 2014) amends administrative provisions of, among others, the Income Tax Act, the Value Added Tax Act, Customs and Excise Act, Securities Transfer Tax Administration Act, Tax Administration Act and Customs Duty Act.
• The Rates and Monetary Amounts and Amendment of Revenue Laws Act, (Act no. 42 of 2014) aims to give legislative effect to some of the tax proposals announced by the Minister of Finance in the Budget Review 2014, specifically dealing with changes in customs and excise duties. – SAnews.gov.za