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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Taxation Laws Amendment
Act, No.
27 of 1997
Long title
To amend the Marketable Securities Tax Act, 1948, so as to reduce the rate of tax payable in respect of the purchase of marketable securities; and to withdraw an exemption; to amend the Transfer Duty Act, 1949, so as to effect certain textual amendments; to amend the Estate Duty Act, 1955, so as to adjust a definition; and to effect certain consequential amendments; to amend the Customs and Excise Act, 1964, so as to repeal a section; to effect certain textual alterations; and to amend Schedule No. 1 to the said Act; to amend the Stamp Duties Act, 1968, so as to adjust or delete certain obsolete provisions; to further regulate the payment of stamp duty; and to reduce the stamp duty tariffs in respect of the registration of transfer, the cancellation or redemption and the acquisition of marketable securities; to amend the Customs and Excise Amendment Act, 1990, so as to repeal a section; to amend the Value-Added Tax Act, 1991, so as to further define certain expressions; to exclude certain activities from the scope of the exemption for financial services; to deem a supply of goods to be made in relation to goods imported by a foreign principal; to provide for a time of supply rule in respect of such deemed supply; to further regulate the valuation of certain deemed supplies; to limit the application of the rate of zero per cent in respect of services rendered elsewhere than in the Republic; to limit the application of the exemption for passenger transport; to further regulate the collection of value-added tax on the importation of goods; to limit the application of the payments basis of accounting for the said tax and to further regulate the accounting for the said tax when the accounting basis is changed; to further regulate the calculation of input tax in respect of second-hand fixed property; to further regulate the tax payable in respect of fixed property supplied to connected persons; to provide for a deduction in respect of properties in possession; to make further provision in respect of entertainment and adjustments of output tax and input tax; to provide that an amount shall not be deducted more than once; to further regulate the records to be maintained in the case of the acquisition of second-hand goods; to further regulate the circumstances in which a deduction may be made in respect of irrecoverable debts written off; to provide for certain deductions to be made in respect of the face value of accounts receivable transferred at face value on a non-recourse basis which is written off as irrecoverable; to shorten the period within which a vendor on the invoice basis must make an adjustment where he has not made payment in respect of a supply while he has claimed input tax; to further regulate the registration of vendors; to further provide for the right of objection; to further provide for the payment of additional tax, penalty or interest where an appeal has been lodged; to further regulate the payment of interest in respect of refunds made after an appeal has been noted; to further regulate the charging of interest and penalties; to further provide for the collection of tax after five years; to provide that a claim for a refund must be received by the Commissioner within a certain period; to further regulate the payment of interest on delayed refunds; to deem separate persons carrying on the same enterprise to be a single person under certain circumstances; to provide that the tax paid on importation by a foreign principal may be claimed as input tax by the agent; to further regulate the levying of additional tax; to prohibit the registration of imported motor vehicles where tax on importation has not been paid; and to further provide for exemption in respect of the importation of certain goods; to provide for a special exemption in respect of goods or services supplied by the International Telecommunication Union; to amend the Income Tax Act, 1993, so as to further regulate certain unbundling transactions; to amend the Taxation Laws Amendment Act, 1994, so as to further regulate the rationalisation of a group of companies; to amend the Tax on Retirement Funds Act, 1996, so as to insert a definition; and to further regulate the payment of the tax on retirement funds; to provide for the continuation of certain amendments of the Schedules to the Customs and Excise Act, 1964; and to provide for matters connected therewith.
Table of contents
Legislation Text Access Point
Long title
To amend the Marketable Securities Tax Act, 1948, so as to reduce the rate of tax payable in respect of the purchase of marketable securities; and to withdraw an exemption; to amend the Transfer Duty Act, 1949, so as to effect certain textual amendments; to amend the Estate Duty Act, 1955, so as to adjust a definition; and to effect certain consequential amendments; to amend the Customs and Excise Act, 1964, so as to repeal a section; to effect certain textual alterations; and to amend Schedule No. 1 to the said Act; to amend the Stamp Duties Act, 1968, so as to adjust or delete certain obsolete provisions; to further regulate the payment of stamp duty; and to reduce the stamp duty tariffs in respect of the registration of transfer, the cancellation or redemption and the acquisition of marketable securities; to amend the Customs and Excise Amendment Act, 1990, so as to repeal a section; to amend the Value-Added Tax Act, 1991, so as to further define certain expressions; to exclude certain activities from the scope of the exemption for financial services; to deem a supply of goods to be made in relation to goods imported by a foreign principal; to provide for a time of supply rule in respect of such deemed supply; to further regulate the valuation of certain deemed supplies; to limit the application of the rate of zero per cent in respect of services rendered elsewhere than in the Republic; to limit the application of the exemption for passenger transport; to further regulate the collection of value-added tax on the importation of goods; to limit the application of the payments basis of accounting for the said tax and to further regulate the accounting for the said tax when the accounting basis is changed; to further regulate the calculation of input tax in respect of second-hand fixed property; to further regulate the tax payable in respect of fixed property supplied to connected persons; to provide for a deduction in respect of properties in possession; to make further provision in respect of entertainment and adjustments of output tax and input tax; to provide that an amount shall not be deducted more than once; to further regulate the records to be maintained in the case of the acquisition of second-hand goods; to further regulate the circumstances in which a deduction may be made in respect of irrecoverable debts written off; to provide for certain deductions to be made in respect of the face value of accounts receivable transferred at face value on a non-recourse basis which is written off as irrecoverable; to shorten the period within which a vendor on the invoice basis must make an adjustment where he has not made payment in respect of a supply while he has claimed input tax; to further regulate the registration of vendors; to further provide for the right of objection; to further provide for the payment of additional tax, penalty or interest where an appeal has been lodged; to further regulate the payment of interest in respect of refunds made after an appeal has been noted; to further regulate the charging of interest and penalties; to further provide for the collection of tax after five years; to provide that a claim for a refund must be received by the Commissioner within a certain period; to further regulate the payment of interest on delayed refunds; to deem separate persons carrying on the same enterprise to be a single person under certain circumstances; to provide that the tax paid on importation by a foreign principal may be claimed as input tax by the agent; to further regulate the levying of additional tax; to prohibit the registration of imported motor vehicles where tax on importation has not been paid; and to further provide for exemption in respect of the importation of certain goods; to provide for a special exemption in respect of goods or services supplied by the International Telecommunication Union; to amend the Income Tax Act, 1993, so as to further regulate certain unbundling transactions; to amend the Taxation Laws Amendment Act, 1994, so as to further regulate the rationalisation of a group of companies; to amend the Tax on Retirement Funds Act, 1996, so as to insert a definition; and to further regulate the payment of the tax on retirement funds; to provide for the continuation of certain amendments of the Schedules to the Customs and Excise Act, 1964; and to provide for matters connected therewith.
Table of contents
| SECTION | TITLE |
| 1. | Amendment of section 2 of Act 32 of 1948... |
| 2. | Amendment of section 3 of Act 32 of 1948... |
| 3. | Amendment of section 18 of Act 40 of 1949 |
| 4. | Amendment of section 19 of Act 40 of 1949 |
| 5. | Amendment of section 1 of Act 45 of 1955... |
| 6. | Amendment of section 3 of Act 45 of 1955... |
| 7. | Amendment of section 4 of Act 45 of 1955... |
| 8. | Amendment of section 24 of Act 45 of 1955... |
| 9. | Amendment of section 26 of Act 45 of 1955... |
| 10. | Amendment of section 27 of Act 45 of 1955 |
| 11. | Repeal of section 47B of Act 91 of 1964 |
| 12. | Substitution of section 49 of Act 91 of 1964... |
| 13. | Amendment of section 51 of Act 91 of 1964... |
| 14. | Amendment of section 58 of Act 91 of 1964... |
| 15. | Amendment of Schedule No. 1 to Act 91 of 1964... |
| 16. | Amendment of section 1 of Act 77 of 1968... |
| 17. | Amendment of section 4 of Act 77 of 1968... |
| 18. | Amendment of section 5 of Act 77 of 1968... |
| 19. | Amendment of section 23 of Act 77 of 1968... |
| 20. | Amendment of section 30 of Act 77 of 1968... |
| 21. | Amendment of Item 15 of Schedule 1 to Act 77 of 1968... |
| 22. | Repeal of section 44 of Act 59 of 1990 |
| 23. | Amendment of section 1 of Act 89 of 1991... |
| 24. | Amendment of section 2 of Act 89 of 1991... |
| 25. | Amendment of section 8 of Act 89 of 1991... |
| 26. | Amendment of section 9 of Act 89 of 1991... |
| 27. | Amendment of section 10 of Act 89 of 1991... |
| 28. | Amendment of section 11 of Act 89 of 1991... |
| 29. | Amendment of section 12 of Act 89 of 1991... |
| 30. | Amendment of section 13 of Act 89 of 1991... |
| 31. | Amendment of section 15 of Act 89 of 1991... |
| 32. | Amendment of section 16 of Act 89 of 1991... |
| 33. | Amendment of section 17 of Act 89 of 1991... |
| 34. | Amendment of section 18 of Act 89 of 1991... |
| 35. | Amendment of section 20 of Act 89 of 1991.. |
| 36. | Amendment of section 22 of Act 89 of 1991... |
| 37. | Amendment of section 23 of Act 89 of 1991... |
| 38. | Amendment of section 32 of Act 89 of 1991 |
| 39.. | Amendment of section 36 of Act 89 of 1991... |
| 40. | Amendment of section 39 of Act 89 of 1991... |
| 41. | Amendment of section 41 of Act 89 of 1991... |
| 42. | Amendment of section 44 of Act 89 of 1991... |
| 43. | Amendment of section 45 of Act 89 of 1991... |
| 44. | Insertion of section 50A in Act 89 of 1991 |
| 45. | Amendment of section 52 of Act 89 of 1991... |
| 46. | Amendment of section 54 of Act 89 of 1991... |
| 47. | Amendment of section 57 of Act 89 of 1991... |
| 48. | Amendment of section 57C of Act 89 of 1991... |
| 49. | Amendment of section 57D of Act 89 of 1991... |
| 50. | Amendment of section 60 of Act 89 of 1991... |
| 51. | Insertion of section 67B in Act 89 of 1991 |
| 52 | Amendment of section 75 of Act 89 of 1991... |
| 53. | Amendment of Schedule 1 to Act 89 of 1991... |
| 54. | Special exemption in respect of goods or services supplied by International Telecommunication Union |
| 55. | Amendment of section 60 of Act 113 of 1993... |
| 56. | Amendment of section 39 of Act 20 of 1994... |
| 57. | Amendment of section 1 of Act 38 of 1996 |
| 58. | Amendment of section 3 of Act 38 of 1996 |
| 59. | Amendment of section 16 of Act 38 of 1996 |
| 60. | Continuation of certain amendments of Schedules Nos. 1 to 6 to Act 91 of 1964 |
| 61. | Short title |
| Sch. | SCHEDULE. AMENDMENTS TO SCHEDULE NO. 1 TO THE CUSTOMS AND EXCISE ACT, 1964 (SECTION 15) |
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