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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Revenue Laws Amendment Act, No. 19 of 2001

Long title


To amend the Estate Duty Act, 1955, so as to further regulate the valuation of property for purposes of inclusion and deduction purposes; to amend the Income Tax Act, 1962, so as to fix the rates of normal tax payable by persons other than companies in respect of taxable incomes for the years of assessment ending on 28 February 2002 and 30 June 2002, and by companies in respect of taxable incomes for the years of assessment ending during the period of 12 months ending on 31 March 2002; to amend the definition of “gross income” so as to avoid a double inclusion of an amount therein; to regulate the tax treatment of pension funds where employees are transferred from a local authority to a municipal entity; to take capital gains into account in the formula used for determining the rate at which special remuneration or lump sum payments must be taxed; to increase the primary rebate for individuals; to further regulate the recoupment provisions in respect of any distribution of an asset to a shareholder; to amend the definition of “foreign dividend” to exclude certain amounts; to increase the amount of dividends and interest which are exempt from tax; to provide for the deduction of pre-production interest in respect of certain depreciable assets; to provide for a scrapping allowance in respect of certain depreciable assets; to provide for the deduction of an amount invested by a small business corporation in certain manufacturing assets; to provide for an allowance in respect of investments in certain aircraft hangars, aprons, runways and taxiways; to provide for an additional industrial investment allowance in respect of qualifying strategic industrial projects; to further regulate the deduction in respect of buildings used in a process of manufacturing; to regulate the treatment of certain income of non-resident trusts; to further regulate the taxation of long-term insurers; to further regulate the limitation on trading activities of a public benefit organisation; to further regulate electronic communication with the Commissioner; to provide for the payment of employees’ tax by directors of private companies; to increase the provisional tax threshold; to further regulate the provisions relating to the taxation of capital gains; and to provide for certain consequential and textual amendments; to amend the Customs and Excise Act, 1964, so as to provide that requirements in respect of any report listing and describing cargo carried by or loaded on to any ship, aircraft, railway train or other vehicle and any outturn report to be submitted to the Controller may be prescribed by rule: to provide for the removal of goods in bond by a licensed remover; to provide for the removal of goods for export by a licensed remover; to reduce the period for which goods may be stored in a customs and excise warehouse from five years to two years; to make provision that the Commissioner may determine by rule the time when excisable goods or fuel levy goods manufactured in the Republic shall be entered or deemed to be entered for home consumption and the payment of duty on such goods, restrict the licensing of customs and excise storage warehouses, cancel the licence of any existing storage warehouse and allow any imported goods to be mixed with locally produced excisable or fuel levy goods of the same class or kind in a customs and excise warehouse on payment of any difference of duty; to provide that goods so used shall be subject to the duties leviable and the manufacturing, accounting and removal procedures prescribed in terms of excisable o r fuel levy goods manufactured in such warehouse; to provide further for provisions that regulate the removal of goods from a customs and excise warehouse; to provide that export bills of entry must be delivered before the goods are exported or at such times and in the circumstances provided by rule; to provide that imported goods may be delivered by the master, pilot or other carrier, container operator or depot operator to certain persons licensed or registered on compliance with such conditions or procedures as may be prescribed by rule and when liability for duty shall cease in respect of such goods; to insert a new section which provides for procedures relating to the registration of persons participating in activities regulated by the Act and the refusal of any application for registration and the suspension or cancellation of a registration and matters incidental thereto; to further regulate provisions relating to licensing: to provide for the activities for which a licence is required, the persons who are required to licence, the procedures and other requirements to be prescribed in the Notes, to the item in Schedule No. 8 in which such licence is specified and in the rules, and to specify the circumstances in which the Commissioner may refuse an application for a new licence or renewal of a licence or cancel or suspend a licence; to further provide for requirements in respect of the licensing of clearing agents; to provide for the licensing of a remover of goods in bond, the goods which are to be removed by such licensed remover, the application for such licence, the liability of the remover of goods in bond and other persons in respect of any goods removed or carried by the remover and matters incidental thereto; to confer accredited client status on any applicant who is licensed or registered under the Act; to prescribe the requirements in respect of such status and matters incidental thereto; to introduce an invoice price basis of valuation for excise duty purposes in respect of goods manufactured in the Republic and specified in certain items of Section B of Part 2 of Schedule No. 1; to provide for a refund of fuel levy on distillate fuel and the levy leviable on diesel in terms of the Road Accident Fund Act, 1996, and to provide for matters connected therewith; to further regulate certain provisions in respect of which deductions are allowed from the dutiable quantities and to limit such deductions to quantities not exceeding these specified in each case; to regulate electronic communication for the purposes of customs and excise procedures and to provide for matters connected therewith; to amend Schedule No. 1 to the said Act and the effective date thereof; and to provide for the continuation of amendments to the Schedules; to amend the Stamp Duties Act, 1968, so as to remove stamp duties on bills of exchange and promissory notes, bills of entry, securities and suretyships; to further regulate the stamp duties on debit entries; and to provide for certain consequential and textual amendments; to amend the Value-Added Tax Act, 1991, so as to further define certain expressions and to simplify and revise the provisions relating to the supply of accommodation; to enable the Commissioner to publish the name and registration numbers of vendors; to regulate the VAT consequences on the transfer of all assets and liabilities of a disestablished local authority to a new local authority so as to ensure that it will not constitute a supply subject to VAT when the consolidation of their accounting systems takes place; to regulate the exemption in respect of dwellings in the case of employers and local authorities who supply staff accommodation, to make it clear that any officer under the Commissioner's control, direction or supervision may be authorised to collect VAT on importation of goods; to make provision for a flat rate scheme in certain circumstances for small scale farmers; to prevent claims f o r refunds of certain amounts of VAT after five years: to make it an offence not to issue a tax invoice to a recipient as required by the Act; and to make allowance for the addition of small quantities of minerals, vitamins and similar additives to increase the nutritional value of maize meal and milk; to amend the Road Accident Funds Act, 1996, so as to provide for a refund by the Road Accident Fund of certain levies leviable in terms of that Act; to amend the Uncertificated Securities Tax Act, 1998, so as to provide for an exemption in respect of a change in beneficial ownership in securities which are interest bearing debentures listed by a financial exchange; to amend the Skills Development Levies Act, 1999, so as to regulate the period during which certain information must be submitted by the Commissioner to the Director General of Labour; and to further regulate the court's jurisdiction in respect of offences; to amend the Taxation Laws Amendment Act, 2000, so as to remove the requirement that the Commissioner must approve a benefit fund; to amend the Taxation Laws Amendment Act, 2001, so as to delete an amendment proposed in that Act; and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1.  Amendment of section 5 of Act 45 of 1955...
2.  Fixing of rates of normal tax in terms of Act 58 of 1962
3.  Amendment of section 1 of Act 58 of 1962...
4.  Amendment of section 3 of Act 58 of 1962,...
5.  Amendment of section 5 of Act 58 of 1962,...
6.  Amendment of section 6 of Act 58 of 1962,...
7.  Amendment of section 8 of Act 58 of 1962...
8.  Amendment of section 9E of Act 58 of 1962,
9.  Amendment of section 10 of Act 58 of 1962,
10.  Amendment of section 11 of Act 58 of 1962,
11.  Amendment of section 12C of Act 58 of 1962
12.  Insertion of sections 12E, 12F and 12G in Act 58 of 1962
13.  Amendment of section 13 of Act 58 of 1962
14.  Amendment of section 25B of Act 58 of 1962...
15.  Amendment of section 29A of Act 58 of 1962...
16.  Amendment of section 30 of Act 58 of 1962...
17.  Amendment of section 66 of Act 58 of 1962,...
18.  Amendment of section 75 of Act 58 of 1962
19.  Amendment of paragraph 1 of Fourth Schedule to Act 58 of 1962...
20. Amendment of paragraph 2 of Fourth Schedule to Act 58 of 1962...
21.  Amendment of Paragraph 9 of Fourth Schedule to Act 58 of 1962...
22.  Insertion of paragraph 11C in Fourth Schedule to Act 58 of 1962
23.  Amendment of paragraph 13 of Fourth Schedule to Act 58 of 1962
24.  Amendment of paragraph 18 of Fourth Schedule to Act 58 of 1962...
25.  Amendment of paragraph 2 of Eighth Schedule to Act 58 of 1962...
26.  Amendment of paragraph 20 of Eighth Schedule to Act 58 of 1962...
27.  Amendment of paragraph 23 of Eighth Schedule to Act 58 of 1962...
28.  Amendment of paragraph 32 of the Eighth Schedule to Act 58 of 1962...
29. Amendment of paragraph 45 of Eighth Schedule to Act 58 of 1962...
30. Amendment of paragraph 16 of Eighth Schedule to Act 58 of 1962...
31. Amendment of paragraph 55 of Eighth Schedule to Act 58 of 1962...
32. Amendment of paragraph 60 of Eighth Schedule to Act 58 of 1962...
33. Amendment of paragraph 66 of Eighth Schedule to Act 58 of 1962...
34. Amendment of paragraph 84 of Eighth Schedule to Act 58 of 1962...
35. Amendment of paragraph 86 of Eighth Schedule to Act 58 of 1962...
36. Insertion of section 8 in Act 91 of 1964
37. Amendment of section 18 of Act 91 of 1964...
38. Amendment of section 18A of Act 91 of 1964...
39. Amendment of section 19 of Act 91 of 1964...
40. Insertion of section 19A in Act 91 of 1964
41. Amendment of section 20 of Act 91 of 1964...
42. [...repealed - was entitled "Amendment of section 38 of Act 91 of 1964..."]
43. Amendment of section 44 of Act 91 of 1964,...
44. Substitution of the heading of Chapter VI11 of Act 91 of 1964
45. Insertion of section 59A in Act 91 of 1964
46. Amendment of section 60 of Act 91 of 1964...
47. Amendment of section 64B of Act 91 of 1964...
48. Insertion of sections 64D and 64E in Act 91 of 1964
49. Amendment of section 69 of Act 91 of 1964,
50. Amendment of section 75 of Act 91 of 1964...
51. Insertion of section 101A in Act 91 of 1964
52. Amendment of Schedule No. 1 to Act 91 of 1964...
53. Continuation of certain amendments of Schedules Nos. 1 to 6 and 10 to Act 91 of 1964
54. Amendment of section 1 of Act 77 of 1968...
55. Amendment of section 7 of Act 77 of 1968...
56. Amendment of section 10 of Act 77 of 1968,...
57. Repeal of section 16 of Act 77 of 1968
58. Repeal of section 17 of Act 77 of 1968...
59. Repeal of section 18 of Act 77 of 1968...
60. Repeal of section 25 of Act 77 of 1968
61. Repeal of Item 5 of Schedule 1 to Act 77 of 1968...
62. Amendment of Item 6 of Schedule 1 to Act 77 of 1968...
63. Repeal of Item 11 of Schedule 1 to Act 77 of 1968...
64. Repeal of Item 20 of Schedule 1 to Act 77 of 1968...
65. Amendment of section 1 of Act 89 of 1991...
66. Amendment of section 6 of Act 89 of 1991...
67. Amendment of section 8 of Act 89 of 1991...
68. Amendment of section 10 of Act 89 of 1991...
69. Amendment of section 12 of Act 89 of 1991...
70. Amendment of section 13 of Act 89 of 1991...
71. Amendment of section 16 of Act 89 of 1991...
72. Amendment of section 58 of Act 89 of 1991...
73. Amendment of Item 2 and Item 15 of Schedule 2 to Act 89 of 1991...
74. Amendment of section 5 of Act 56 of 1996
75. Amendment of section 6 of Act 31 of 1998
76. Amendment of section 6 of Act 9 of 1999
77. Insertion of section 20A in Act 9 of 1999
78. Amendment of section 21 of Act 30 of 2000
79. Amendment of section 7 of Act 5 of 2001
80. Short title and commencement
Sch. 1. SCHEDULE 1. RATES OF NORMAL TAX PAYABLE ...
Sch. 2. SCHEDULE 2. AMENDMENTS TO SCHEDULE NO. 1 TO THE CUSTOMS AND EXCISE ACT, 1964 (SECTION 52)

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