Juta's Compendium of Tax Legislation, 2015 (Volumes 1 & 2)
The 2015 edition of Juta's Compendium of tax legislation examines the amendments to South African tax law through a new lens. Appearing as a two-volume publication, the Compendium pack comprises the following legislative material. Volume 1: The Income Tax Act, the Value-Added Tax Act, the Tax Administration Act and the Employment Tax Incentive Act again form part of Volume 1. In 2015 the Transfer Duty Act, the Estate Duty Act as well as the Case Digest, comprising tax cases from 2007 to 2014, are included in Volume 1. The rates of normal tax and the income tax monetary thresholds and rebates subject to periodic legislative change are also included in this volume. Volume 2: Supplementary material to the Income Tax Act, the Value-Added Tax Act and the Tax Administration Act (including regulations, interpretation notes, practice notes and binding general rulings) are included in this volume. In addition, the editors have created a table of contents - arranged by section in the act as well as numerically - in respect of each subdivision found in the volume. This will assist readers in their search for specific information. This volume now also contains a list of relevant SARS guides and other policy documents to facilitate further reading. All amendments in terms of the Taxation Laws Amendment Bill 13B of 2014, the Tax Administration Laws Amendment Bill 14 of 2014 and the Rates and Monetary Amounts and Amendment of Revenue Laws Bill 12 of 2014 are incorporated in the 2015 Compendium. Information relating to the coming into operation (date and additional data supplied in the Acts) of each specific provision of these acts is provided as part of the annotation in respect of the section, subsection or paragraph affected by it. In Volume 1, Juta Law editors have consolidated the tax legislation by incorporating the 'prelex' (legislation in force before the coming into operation of the substituted, amended or deleted provisions) and 'pendlex' (pending legislation that will only come into operation after 1 April 2015). The text is clearly differentiated by the use of shading to indicate the prelex and pendlex, and effective dates have also been added into the text, further enhancing the reader's understanding of the relevant changes. Because of the continued positive feedback about the usefulness of the 'prelex' (Juta embarked on this value-adding enhancement in the 2012 edition), we continue to include the prelex not only in respect of amendments coming into operation from 1 January 2014 and later, but also in the case of any amendment coming into operation retrospectively with effect from an earlier date, for instance 1 April 2009. This means that more than one version of prelex text is sometimes created where a specific provision of, for instance, the Income Tax Act (IT Act) was amended more than once (in most cases retrospectively) in terms of legislation amending the IT Act since the 2014 Compendium. In the 2015 Compendium only the provisions of Schedule 1 to the Tax Administration Act that have not yet come into operation have been reproduced. In this regard readers are also referred to Interpretation Note 68 (Issue 2), which is found in volume 2 of the Compendium and deals with the matter of provisions of the Tax Administration Act that did not commence on 1 October 2012. Tax practitioners are therefore able to read and interpret the changes to tax laws, and to understand the impact of future legislation. Demystifying the myriad of tax legislation, the 2015 edition will again be a reliable and invaluable resource for all tax practitioners. It is strongly recommended that the 2012, 2013 and 2014 Compendiums be kept as invaluable 'point-in-time' reference works.