Sars on 11 December 2015 published a response document on the Final Response Document on Taxation Laws Amendments Bill, 2015 and Tax Administration Laws Amendment Bill, 2015, dated 4 December 2015, which is based on report-back hearings to the Standing Committee on Finance in Parliament) Taxation Laws Amendments Bill, 2015, which also reflect on Customs.
It relates to ‘10.1. Alignment of prescription periods to general prescription period’.
(Main reference: section 99; clause 24)
Comment: Amend sections 76(4); 76B(1)(b); 76B(1)(d) and 76B(1)(e) accordingly (i.e. amend the two year period to three years).
Response: Noted. Sections 65 and section 66 of the Customs and Excise Amendment Act, 2014, have effected the suggested amendments to sections 76(4); 76B(1)(b); 76B(1)(d) of the C&E Act. A review of the remaining prescription periods will be undertaken with a view to possible amendments in the 2016 legislative cycle.