Chairperson, these Bills before us were probably some of the most intricate, complex and far-reaching Bills that I have been involved with so far. The National Treasury, the SA Revenue Service and the portfolio committee had to be intensely involved with the process and the interrogation of various issues which continually confronted all the stakeholders.
The process was, however, very transparent and there were a large number of submissions received from various stakeholders in government and the private sector. The affected businesses as well as organised business generously participated in written and oral submissions to the committee, as well as to the National Treasury and SARS.
Compliments must be given to the Treasury, SARS and the portfolio committee on the progressive manner in which each input was valued, and how the National Treasury and SARS were prepared to accommodate reasonable and justified concerns. Voorsitter, die Securities Transfer Tax Bill en sy gepaardgaande administrasiewetsontwerp hanteer die samevoeging van twee bestaande wetgewings wat handel oor selkoste op transaksies van ongelyste aandele en die ongesertifiseerde sekuriteitsbelasting op transaksies van aandelebeursverhandelings. Ons glo dat dit administrasie en kontrole sal vergemaklik en alle verhandelingstransaksies meer koste-effektief sal maak.
Die Wysigingswetsontwerp op Inkomstewette van 2007 verteenwoordig die tweede gedeelte van die belastingvoorstelle soos in die begrotingsoorsig aangekondig aan die begin van hierdie jaar. Die Minister van Finansies het tydens die Medium Term Budget Policy Statement - MTBPS - onder andere aangedui dat dit nie net makliker en meer bekostigbaar gemaak moet word om besigheid te doen in Suid-Afrika nie, maar dat onnodige rompslomp verwyder moet word.
Aanvanklik was daar 'n bekommernis dat hierdie wetgewing teenstrydig hiermee kan wees, maar daar is wyd en met verskeie rolspelers en geaffekteerdes gekonsulteer. Die Nasionale Tesourie en SARS het groot empatie gewys, nie net teenoor die MTBPS doelstellings nie, maar ook teenoor die opregte en ernstige bekommernisse van die privaatsektor en geaffekteerde besighede.
Voorsitter, hierdie wetsontwerp handel oor verskeie verreikende sake, maar onder andere oor die volgende: Eerstens, die verbreding van die basis van sekondre belasting op maatskappye; die implikasie van die aanslagkoersverandering van 12,5% na 10%, en die vereenvoudiging van die intergroep STS verpligtinge.
Tweedens handel dit oor die verdienste uit, en verkope van, aandele en ander belange, asook die hantering van aandelepremies wat vervolgens as van kapitale aard geag sal kan word, asook die aanspreek van verskeie praktyke en meganismes om aanspreeklikheid te vermy, om dit hok te slaan.
Voorsitter, ten opsigte van herorganisasie van maatskappye, veral binne groepsverband, is daar verskeie voorsienings om sekere onnodige beperkinge op te hef terwyl ander konsessies heroorweeg moes word; alles om dit makliker te maak vir besigheid. (Translation of Afrikaans paragraphs follows.)
[Chairperson, the Securities Transfer Tax Bill and its associated administrative Bill manage the conjunction of two existing pieces of legislation which deal with stamp duty on transactions of unlisted shares and uncertified securities tax on transactions of stock exchange trading. We believe that it will simplify administration and control and ensure that all stock exchange transactions are more cost effective.
The Revenue Laws Amendment Bill of 2007 represents the second part of the tax proposals as set out in the Budget Review at the beginning of this year. The Minister of Finance indicated, among other things, during the Medium-Term Budget Policy Statement - MTBPS - that not only must it be made easier and more affordable to do business in South Africa, but the unnecessary red tape must also be eliminated.
Initially the concern was that this legislation could be contradictory to this, but role-players and affected people were widely consulted. The National Treasury and Sars have shown great empathy, not only towards the MTBPS goals, but also towards the sincere and serious concerns of the private sector and affected businesses.
Chairperson, this legislation deals with various far-reaching matters, but among others also the following: Firstly, the broadening of the basis of secondary taxation on companies; the implications of the assessment rate being lowered from 12,5% to 10%; and the simplification of the inter group STS obligations.
Secondly, it deals with the earnings from, and sales of, shares and other interests, as well as dealing with share premiums which can henceforth be viewed as capital, and addressing various practices and mechanisms to avoid accountability in an effort to curb this.
Chairperson, in regard to the restructuring of companies, especially within groupings, there were various measures to lift unnecessary restrictions, while other concessions had to be reconsidered; all in an effort to make things easier for business. ]
The section dealing with the research and development of intellectual property, the corresponding tax concessions, and the retention of these properties as assets for our future economy, was very challenging at times. Specifically, concerns were raised about the accountability on royalties for the assumed further development of non-South African intellectual properties and the cross-border transfer pricing of intellectual properties, but all were amicably dealt with eventually.
Voorsitter, die uitdaging is om die bates van ons ekonomie te beskerm, terwyl ons wetgewing tegemoedkomend moet wees ten opsigte van die vereistes van moderne internasionale handel en besigheidsvestiging. Hiersonder kan ons weinig op ons eie vermag, wat weer ons ekonomie kan laat stagneer. (Translation of Afrikaans paragraph follows.)
[Chairperson, the challenge is to protect the assets of our economy, while our legislation must be accommodating in regard to the requirements of modern international trade and the establishment of business. Without this, we cannot achieve much on our own, which in turn could lead to the stagnation of our economy.]
Furthermore, in support of increased international compliance, the South African tax system must also account for realities and restrictions in foreign countries in order to protect South Africans investing in these foreign countries from, among others, hyperinflation consequences.
Voorsitter, hoewel die DA van mening is dat ons voortdurend krities moet wees om te verseker dat ons 'n kompeterende, ontwikkelende ... [Inaudible] ... steun ons hierdie wetsontwerp. Baie dankie. [Tyd verstreke.] (Translation of Afrikaans paragraph follows.)
[Chairperson, although the DA is of the opinion that we should constantly be critical in order to ensure that we have a competitive, developing ... [Inaudible.] ... we will support this Bill. Thank you. [Time expired.]]