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On 6th May 2020, The Finance Bill 2020 was presented to the Parliament as a subject of the ordinary Fiscal Budgetary Course by the Chairperson of the Department Committee on Finance & National Planning. This comes barely a fortnight after the Tax Laws Amendment Act, 2020 was signed and enforced by the President on 25th April 2020
Previously, the Finance Bill would be presented to Parliament after budget reading, which would happen in June. However, this trend has been eradicated upon the recent developments in the interpretation of the constitution by the court on the collection of taxes by the government before approval of the provisions by the Parliament. The Finance Bill being presented to the National Assembly this early gives time for an appropriate assessment of the tax measures before approval.
The Finance Bill 2020 will be subjected to public consultation, the National treasury will then submit the Finance Bill to the Parliament for enactment.
The Finance Bill 2020l has reintroduced some of the tax proposals initially proposed by the Tax Law Amendment Bill,2020 but were rejected by the Parliament. Furthermore, the Bill provides additional tax changes and other miscellaneous amendments.
This publication summarizes the Finance Bill, 2020 key proposals.