Draft Revenue Laws Amendment Bills, 2008 On 01 August 2008 National Treasury published the Draft Revenue Laws Amendment Bill, 2008 and the Draft Revenue Laws Second Amendment Bill, 2008. These two Bills, along with the Taxation Laws Amendment Bills 2008, which were promulga ted earlier this year, give effect to the tax proposals presented by the Minister of Finance in the 2008 National Budget which was tabled in Parliament on 20 February 2008. 19 August 2008 is the date on which National Treasury is scheduled to brief Parliament’s Portfolio Committee on Finance on the Draft Bills. The Portfolio Committee will request public comments on the draft Bills and will hold public hearings commencing on 20 August 2008. In addition to the submissions to the Portfolio Committee, National Treasury has invited members of the public to submit comments on the draft Bills preferably before the Portfolio Committee’s briefing on 19 August 2008 but not later than 05 September 2008. National Treasury will endeavour to consider all such comments submitted to it and to the Portfolio Committee, as well as any recommendations arising from the hearings of the Portfolio Committee, when finalising the Bills for tabling in Parliament in late September or early October 2008 for formal consideration and adoption. Anti-Dumping and Countervailing Investigation – Clarification An investigation was published into the alleged dumping and subsidisation of stainless steel sinks originating in or imported from the People’s Republic of China and Malaysia. Dumping means that the goods imported into South Africa are sold at a lower price in South Africa than in the country of origin. Contrary to popular belief it does not relate to the quality of the product. Countervailing or antisubsidy means that the goods exported to South Africa are alleged to have received export subsidies from the exporting Government. Comment due 01 September 2008.
