Rates and Monetary Amounts Act Signed

The Presidency

President Zuma has assented to the Rates and Monetary Amounts and Amendment of Revenue Laws Act.

Parliament passed the bill and sent it for assent earlier this month.

The act aims to:

•    Fix the rates of normal tax;
•    Amend the Transfer Duty Act, 1949; so as to amend transfer duty monetary thresholds;
•    Amend the Income Tax Act, 1962, so as to amend rates of tax and monetary amounts;
•    Amend the Customs and Excise Act, 1964, so as to amend rates of duty in Schedule 1 to that Act;
•    Insert a new part;
•    Insert a new section;
•    Insert new tariff items;
•    Amend the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2016 so as to make corrections;
•    amend the Value-Added Tax Act, 1991, so as to amend a provision; and
•    Provide for matters connected therewith.

The signing of the act means that the health promotion levy or sugary beverage tax is now law.

President Zuma also assented to the Adjustments Appropriation Act and the Division of Revenue Amendment Act.

Sabinet Cape Town Office

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