It eliminates duplication, removes redundant requirements and aligns different requirements that currently exist in different tax Acts".
The concept of a single tax Act dealing with administration was first mooted by the Minister of Finance in the 2005 Budget review and has taken a long time to implement. It introduces a number of changes to the way in which tax Acts are administered. These include the following:
In view of the wide-ranging powers afforded to SARS in terms of the Act and the consequences of non-compliance it is clear that vigilance on the part of the taxpayer and his advisors is called for.