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Revenue Laws Amendment Act, No. 53 of 1999
To amend the Marketable Securities Tax Act, 1948, so as to effect certain textual alterations; to provide for an exemption; to further regulate the set-off of payments against penalty, interest and tax; and to increase the maximum period of imprisonment for certain offences; to amend the Transfer Duty Act, 1949, so as to effect certain textual alterations; to amend the Estate Duty Act, 1955, so as to effect certain textual alterations; and to delete the reference to an obsolete provision; to amend the Income Tax Act, 1962, so as to further define certain expressions; to provide that the secrecy provisions do not prevent the Commissioner from disclosing certain information to the Statistician-General or the Board administering the National Student Financial Aid Scheme; to further regulate the rebates in respect of foreign taxes paid; to effect certain textual alterations; to provide that a certain part of the salary of holders of public office is deemed to be an allowance; to further regulate the circumstances in which certain amounts received or accrued in relation to the disposal of listed shares are deemed to be of a capital nature; to further regulate the taxation of investment income of controlled foreign entities and investment income arising from donations, settlements or other dispositions; to limit the application of certain exemptions; to provide for further exemptions; to provide for the exemption of the capital element of purchased annuities in the name of a trust created for a person declared to be of unsound mind and incapable of managing his or her own affairs; to further regulate the allowance for tax purposes in respect of intellectual property; to further regulate the deduction of contributions to any retirement annuity fund; to repeal an obsolete provision; to further regulate the allowances for tax purposes in respect of buildings used in a process of manufacture; to further regulate the calculation of gains or losses on foreign exchange transactions; to insert a definition of ‘‘lending arrangement’’ in respect of the incurral and accrual of interest; to regulate the calculation of the incurral and accrual of amounts in respect of option contracts; to further regulate the taxation of long-term insurers; to extend the definition of ‘‘international agreement’’ for the purposes of the determination of taxable income of certain persons in respect of international transactions; to provide that the Commissioner may on his or her own initiative fix a different sum of the annual yield for the purposes of the valuation of property disposed of in terms of a donation; to further regulate the levy of secondary tax on companies in consequence of the further regulation of the taxation of long-term insurers; to extend the provisions relating to amounts distributed that are deemed to be dividends for the purposes of secondary tax on companies; to criminalise a failure to retain certain data in electronic form for a period of four years; to criminalise the conduct of any person who holds himself or herself out as an officer engaged in administering the said Act; to make further provision for the publication of information on tax offenders; to provide that an amount which accrues to the former spouse of a member of a pension fund shall be deemed for tax purposes to have accrued to such member and to provide for a right of recovery; and to provide that the Commissioner may issue estimated assessments for employees’ tax; to amend the Customs and Excise Act, 1964, so as to further define certain expressions; to provide for additional powers of inspection of goods and documents relating to originating products; to provide for control over goods in transit to a territory outside the Republic; to provide for control measures over the beer industry; to provide for a prohibition on the mixing of distillate fuels, for the marking of certain distillate fuels and for certain control measures; to provide for a general limitation on liability in the absence of false statements; to provide for the submission of a certificate of origin for goods subject to anti-dumping or countervailing duties; to provide for the insertion of additional columns of duties in Part 1 of Schedule No. 1; to further regulate the power of the Minister to amend Part 1 of Schedule No. 1; to provide for the implementation of Free Trade Agreements; to provide for the implementation of the protocols of the Agreement on Trade Development and Cooperation between the European Community and the Republic and the Treaty Establishing the Southern African Development Community; to further provide for control over imported beer; to provide for more stringent registration measures for agents; to further regulate the licensing of clearing agents; to further regulate the determinations of value for customs duty purposes; to ensure uniformity of value determinations for excise duty purposes with other determination provisions; to provide for certain currency calculations for the purposes of the European Union Free Trade Agreement; to further provide for offences in terms of the said Act; to provide for the publication of information on customs-related offenders; to provide for the forfeiture of vehicles especially adapted to conceal illicit goods; to provide for representations by persons whose goods have been seized or detained; to extend the liability of clearing agents in respect of foreign principals; to provide for the registration of customs consultants; to provide for the production of computer generated documents and data; to provide for representations by persons whose goods are subject to liens; to provide for the delegation of certain powers of the Minister to the Deputy Minister; and to provide for the validation of certain amendments of the Schedules to the said Act; to amend the Stamp Duties Act, 1968, so as to effect certain textual alterations; and to further provide for the recovery of tax and the appointment of agents; to amend the Companies Act, 1973, so as to withdraw an exemption from stamp duty; to amend the Value-Added Tax Act, 1991, so as to further define certain expressions; to include certain activities in the scope of the exemption for financial services; to make certain concessions to persons who cease to be vendors; to further regulate the application of the zero-rate in respect of goods which are exported; to limit the application of the zero-rate on the supply of going concerns; to limit the application of the zero-rate on the supply of services to non-residents; to extend the application of the zero rate to supplies which are paid for from donated funds obtained in terms of international agreements; to further regulate the time at which goods are deemed to be imported, the value to be placed on those goods and exemption from tax in respect of those goods, and to arrange for the payment of tax in respect of those goods; to provide for the documentation to be retained in support of the deduction of input tax in relation to imported goods; to provide for the deduction of input tax in respect of amounts paid to the National Lottery Distribution Trust Fund; to determine the time at which a vendor who accounts for tax on the payments basis has to account for output tax; to increase the 90 per cent or more use for the purposes of making taxable supplies without having to apportion input tax, to 95 per cent; to provide that tax invoices must also be issued to persons who are not vendors and that the particulars which should be contained on a tax invoice may be furnished in another manner; to increase the compulsory registration threshold from R150 000 to R300 000 and to provide for a minimum registration threshold of R20 000; to authorise the Commissioner to cancel the registration of persons who do not meet the requirements for registration; to further regulate the circumstances in which a vendor must give notice of a change of status; to provide that certain decisions of the Commissioner are subject to objection and appeal; to determine which appeals are to be referred to a specially constituted board; to authorise the Commissioner to require of a member, shareholder or trustee of a vendor to provide surety for tax which may be due by the vendor; to increase the amount of R10 or less which need not be refunded by the Commissioner to R25; to oblige a representative vendor to give notice if he or she no longer acts in that capacity; to extend the obligations of an agent; to criminalise the failure to perform certain duties; to restate the penalty provisions; to further determine the circumstances in which additional tax may be levied; to further regulate the publication of information on tax offenders; to further regulate the exemption from tax on imported goods; and to effect certain textual alterations; to amend the Income Tax Act, 1993, so as to further define certain expressions; to amend the Taxation Laws Amendment Act, 1994, so as to extend the application of the rationalisation provisions; to amend the Uncertificated Securities Tax Act, 1998, so as to provide that the Commissioner must administer the Act; and to regulate the set-off of payments against penalty, interest and tax; to amend the Skills Development Levies Act, 1999, so as to further regulate the application of the levy on municipalities; to provide for a further exemption; and to correct a reference; and to repeal certain laws; and to provide for matters connected therewith.
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