Hon Chairperson, hon members, the statement on the Voluntary Disclosure Programme and Taxation Laws Second Amendment Bill, Bill 29 of 2010, introduces a voluntary disclosure programme and amends administrative provisions of the Transfer Duty Act, Act 40 of 1949; the Income Tax Act, Act 58 of 1962; the Customs and Excise Act, Act 91 of 1964; the Value-Added Tax Act, Act 89 of 1991; the Unemployment Insurance Contributions Act, Act 4 of 2002; and of the Mineral and Petroleum Resources Royalty (Administration) Act, Act 29 of 2008.
The objects of the Bill are to introduce a voluntary disclosure programme; to amend the Transfer Duty Act; to amend the Income Tax Act of 1962 so as to amend certain provisions; to amend the Unemployment Insurance Fund Contribution Act so as to effect a technical correction; to amend the Mineral and Petroleum Resources Royalty Act so as to amend certain provisions; as well as to provide for matters connected therewith.
In considering the Bill, the committee ensured that the Bill proposed strikes a balance between the interests of the fiscus, ensures a good system of taxation and takes into consideration the current economic challenges such as inequality and unemployment. It will also encourage compliance and, at the same time, broaden the revenue base in the long term.
Having considered the presentation on the Voluntary Disclosure Programme and Taxation Laws Second Amendment Bill by the National Treasury and the SA Revenue Service, the Select Committee on Finance recommends that the NCOP adopts the Bill without amendment. Chair, I so move.
Debate concluded.
Bill agreed to in accordance with section 75 of the Constitution.