Minister of Finance Trevor Manuel on Tuesday tabled the Revenue Laws Amendment Bill in the National Assembly.
The draft legislation proposes amendments to a wide range of tax laws.
The minister said one of the Bill’s main provisions is an ”accelerated depreciation allowance” for developers who build in run-down urban areas.
Urban decay in South Africa’s major cities is a substantial challenge for local and national government.
The allowance will be granted to those refurbishing existing buildings or putting up new ones within demarcated urban development zones.
”The criteria for demarcating urban development zones have been designed to ensure that areas in decline are targeted, and to ensure that local government and national government’s efforts reinforce one another,” Manuel said.
Also included in the Bill are amendments to extend the exchange control amnesty.
The amnesty — which allows taxpayers who illegally stashed money offshore to bring the funds home without fear of prosecution — has been extended to February 29 next year.
The Bill will now be referred back to the finance portfolio committee. — Sapa