The Davis Tax Committee (DTC) has announced the conclusion of its work and the publication of the following four final reports:
- VAT (replaces the first VAT report);
- Corporate income tax (CIT);
- Public benefit organisations (PBO’s);
- Wealth tax.
The reports are based on the mandate of the DTC as per its Terms of Reference. The PBO and wealth tax reports were done in addition to the specified items in the Terms of Reference. The DTC does not require any further input on the four reports that have now been published as the reports have been finalised.
It is important to note that, as mentioned in the Terms of Reference of the DTC, “the Committee is advisory in nature, and will make recommendations to the Minister of Finance. The Minister will take into account the report and recommendations and will make any appropriate announcements as part of the normal budget and legislative processes. As with all tax policy proposals, these will be subject to the normal consultative processes and Parliamentary oversight once announced by the Minister.”
This brings the DTC to the conclusion of its work within five years of being appointed by the Minister of Finance on 17 July 2013 to inquire into the role of the tax system in the promotion of inclusive economic growth, employment creation, development and fiscal sustainability.
Given the important nature and potential impact of these recommendations, we have written abridged versions of the proposals on a wealth tax as well proposals regarding VAT for your perusal.