Chairperson, the legislation that deals with securities transfer taxation suggests that greater onus will be placed on persons to declare their security benefits in order to avoid penalties that relate to tax payments. One of the key aspects of the Bill is the penalty imposed with regard to tax evasion. If it was the intent of the person to omit information which falsifies receipt or expenditure of taxable amounts, that person will have committed a tax evasion offence.
Given the already strict rules governing our Revenue policies, the legislation will hopefully mean that greater compliance will be expected from persons and should this happen, Sars coffers will continue to increase, hopefully to the benefit of our people in the end.
One of the ways in which payment of any tax interest or penalty will be done in respect of transfer of a security will be through the use of electronic payment tools.
The Revenue Bill has undergone certain changes to comply with business concerns, yet it still remains the obligation of business to work transparently with the state.
Finally, the FD supports both the Revenue Laws Amendment Bill and the Securities Transfer Tax Bill. I thank you.