Delayed Implementation on Taxation Laws

National Treasury published its revised Draft Taxation Laws Amendment Bill. The consequence is that implementation of provisions of the Taxation Laws Amendment Act dealing with the tax treatment of retirement fund contributions, that were due to come into effect on 1 March 2015, will now be delayed for a year. National Treasury has indicated that this is to allow further consultation between Government and NEDLAC, and to allow consideration of broader social security reform initiatives. Should no agreement on implementation be reached between them by the end of June 2015, the implementation date may be moved to 1 March 2017.