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Taxation Laws Amendment Act, No. 30 of 2002

Long title


To amend the Insurance Act, 1943, so as to withdraw the amount payable in respect of premiums paid on or after 1 January 2002; to amend the Transfer Duty Act, 1949, so as to provide for a new rate structure of duty; to provide for an exemption; and to delete an exemption; to amend the Estate Duty Act, 1955, so as to provide for a further exemption; to increase the deduction in calculating the dutiable amount of an estate; to provide that the Commissioner may reduce an assessment to rectify any processing error; and to effect certain consequential amendments; to fix the rates of normal tax payable in terms of the Income Tax Act, 1962, by persons other than companies in respect of taxable incomes for the years or periods of assessment ending on 28 February 2003, and by companies in respect of taxable incomes for the years of assessment ending during the period of 12 months ending on 31 March 2003; to amend the Income Tax Act, 1962, so as to amend a definition; to change the year-end of certain taxpayers; to increase the primary rebate; to further regulate the taxation of allowances or advances; to raise the exemption thresholds of certain interest and dividend income; to increase the thresholds for exemption of certain bursaries and bona fide scholarships; to increase the threshold for the immediate deduction in respect or certain intellectual property; to introduce an accelerated depreciation for certain assets used in a process of manufacture or process of a similar nature; to adjust the provisions relating to the write off of pipelines, transmission lines or cables and railway lines; to increase the turnover threshold relating to small business corporations; to introduce a deduction in respect of Learnership agreements; to adjust the provisions relating to the deduction of certain medical expenses; to further regulate the deduction of donations to public benefit organisations which carry on certain public benefit activities; to limit the deductions by persons who receive remuneration; to further regulate the exemption relating to public benefit organisations; to increase the exempt limits for donations tax; to further regulate the submission of income tax returns in respect of foreign assets and funds held by residents; to provide that the Commissioner may estimate an amount of deemed foreign taxable income where a person does not report or account for foreign funds held or assets owned offshore; to allow the Commissioner to reduce an assessment to rectify any processing error; to allow the Commissioner to alter an assessment where an appeal is conceded; to further regulate refunds; to allow the Minister to prescribe the circumstances under which the Commissioner may settle a dispute; to adjust certain definitions; to increase the threshold for provisional taxpayers; to increase the exemption thresholds for bravery and long service awards; to further regulate the provisions regarding fringe benefits; to further regulate the determination of capital gains and losses where the price of an asset has been published in the Gazette and to allow the weighted average method to be permitted for the identification and valuation of units in unit trusts registered or approved by the Registrar of unit trust companies; and to further regulate the determination of capital gains or capital losses derived from foreign currency assets; to introduce the Ninth Schedule to the Income Tax Act; to amend the Customs and Excise Act, 1964, so as to regulate the internal review of decisions made by the Commissioner; to effect certain consequential amendments to provide that the Commissioner may prescribe by rule various matters relating to special customs and excise warehouses; to further regulate the disposal of goods in certain warehouses; to provide for the enacting into law of a customs union agreement; to provide generally for the furnishing of security in respect of licenses; to provide for subcontracting by a licensed remover of goods in bond and for security to be furnished by a person other than a licensed remover in respect of goods removed or carried by such remover; to provide that the Commissioner may prescribe by rule the benefits conferred upon an accredited client; to allow the Minister to prescribe the circumstances under which the Commissioner may settle a dispute; and to provide for certain matters concerning counterfeit goods; and to provide for the rates of duty in respect of alcoholic and tobacco products; to amend the Stamp Duties Act, 1968, so as to provide for an exemption in respect of certain institutions, boards or bodies established bylaw; to abolish stamp duty on the cession of mortgage bonds; to exempt the issue of listed interest -bearing debentures from stamp duty; and to abolish stamp duty on certain insurance policies and contracts and cessions of insurance policies; to amend the Value -Added Tax Act, 1991, so as to effect a textual amendment; to amend the Uncertificated Securities Tax Act, 1998, so as to exempt repurchases of warrants by the issuers thereof and the issue of listed interest -bearing debentures; to amend the Skills Development Levies Act, 1999, so as to provide that the deemed remuneration of directors of private companies be excluded for purposes of determining the liability of the company for the skills development levy; and to further regulate the exemption relating to religious and charitable institutions; to amend the Taxation Laws Amendment Act, 2000, so as to extend the date before which entities must re-apply to the Commissioner for tax exempt status, to 31 December 2003; to amend the Revenue Laws Amendment Act, 2001, so as to amend section 101 of the Customs and Excise Act, 1964; to amend the Second Revenue Laws Amendment Act, 2001, so as to amend provisions relating to objections and appeals inserted by that Act in the Marketable Securities Tax Act, 1948, the Transfer Duty Act, 1949, the Estate Duty Act, 1955, the Stamp Duties Act, 1968, the Value -Added Tax Act, 1991, and the Uncertificated Securities Tax Act, 1998; to amend certain provisions Inserted by that Act in the Customs and Excise Act, 1964; to amend the Unemployment Insurance Act, 2001, so as to withdraw an income tax exemption which is already contained in the Income Tax Act, 1962; to amend the Unemployment Insurance Contributions Act, 2002, so as to provide that the set -off provisions may also apply in respect of any amounts refundable to an employer and to adjust the provisions relating to interest; to effect certain consequential amendments and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1. Repeal of section 60 of Act 27 of 1943
2. Amendment of section 2 of Act 40 of 1949...
3. Amendment of section 9 of Act 40 of 1949...
4. Amendment of section 4 of Act 45 of 1955...
5. Amendment of section 4A of Act 45 of 1955...
6. Insertion of section 911 in Act 45 of 1955
7. Amendment of section 25A of Act 45 of 1955...
8. Fixing of rates of normal tax in terms of Act 58 of 1962
9. Amendment of section 1 of Act 58 of 1962...
10. Amendment of section 5 of Act 58 of 1962...
11. Amendment of section 6 of Act 58 of 1962...
12. Amendment of section 8 of Act 58 of 1962...
13. Amendment of section 10 of Act 58 of 1962...
14. Amendment of section 11 of Act 58 of 1962...
15. Amendment of section 12C of Act 58 of 1962...
16. Amendment of section 12D of Act 58 of 1962...
17. Amendment of section 12E of Act 58 of 1962...
18. Insertion of section 12H in Act 58 of 1962
19. Amendment of section 18 of Act 58 of 1962..
20. Amendment of section 18A of Act 58 of 1962...
21. Amendment of section 23 of Act 58 of 1962...
22. Amendment of section 30 of Act 58 of 1962...
23. Amendment of section 46 of Act 8 of 1962...
24. Amendment of section 56 of Act 58 of 1962...
25. Amendment of section 64B of Act 58 of 1962...
26. Amendment of section 66 of Act 58 of 1962...
27. Amendment of section 78 of Act 58 of 1962...
28. Insertion of section 79A in Act 58 of 1962
29. Amendment of section 83 of Act 58 of 1962...
30. Substitution of section 102 of Act 58 of 1962...
31. Amendment of section 107B of Act 58 of 1962...
32. Amendment of paragraph 1 of the Fourth Schedule to Act 58 of 1962...
33. Amendment of paragraph 11B of Fourth Schedule to Act 58 of 1962...
34. Amendment of paragraph 18 of Fourth Schedule to Act 58 of 1962...
35. Amendment of paragraph 5 of Seventh Schedule to Act 58 of 1962...
36. Amendment of paragraph 10 of Seventh Schedule to Act 58 of 1962
37. Amendment of paragraph 13 of Seventh Schedule to Act 58 of 1962...
38. Amendment of paragraph 29 of Eighth Schedule to Act 58 of 1962...
39.. Amendment of paragraph 32 of Eighth Schedule to Act 58 of 1962...
40. Amendment of paragraph 84 of Eighth Schedule to Act 58 of 1962...
41. Insertion of Ninth Schedule in Act 58 of 1962
42. Amendment of section 3 of Act 91 of 1964...
43. Amendment of section 4 of Act 91 of 1964...
44. Amendment of section 21 of Act 91 of 1964...
45. Amendment of section 43 of Act 91 of 1964...
46. Amendment of section 49 of Act 91 of 1964...
47. Amendment of section 59A of Act 91 of 1964...
48. Amendment of section 60 of Act 91 of 1964...
49. Amendment of section 64D of Act 91 of 1964...
50. Amendment of section 64E of Act 91 of 1964...
51. Amendment of section 93A of Act 91 of 1964...
52 Insertion of section 113A in Act 91 of 1964
53. Amendment of Schedule No. 1 to Act 91 of 1964...
54. Amendment of section 4 of Act 77 of 1968...
55. Amendment of Item 7 of Schedule 1 to Act 77 of 1968...
56. Amendment of Item 15 of Schedule 1 to Act 77 of 1968...
57. Amendment of Item 18 of Schedule ito Act 77 of 1968...
58. Amendment of Schedule ito Act 89 of 1991...
59. Amendment of section 3 of Act 31 of 1998
60. Amendment of section 6 of Act 31 of 1998...
61. Amendment of section 3 of Act 9 of 1999...
62. Amendment of section 4 of Act 9 of 1999...
63. Amendment of section 21 of Act 30 of 2000...
64. Amendment of section 40 of Act 19 of 2001
65. Amendment of section 51 of Act 19 of 2001
66. Amendment of section 5 of Act 60 of 2001
67. Amendment of section 10 of Act 60 of 2001
68. Amendment of section 15 of Act 60 of 2001
69. Amendment of section 53 of Act 60 of 2001
70. Amendment of section 54 of Act 60 of 2001
71. Amendment of section 63 of Act 60 of 2001
72. Amendment of section 68 of Act 60 of 2001
73. [...repealed - was entitled “Amendment of section 113 of Act 60 of 2001”]
74. Amendment of section 116 of Act 60 of 2001
75. Amendment of section 130 of Act 60 of 2001
76. [...repealed - was entitled “Amendment of section 137 of Act 60 of 2001”
77. Amendment of section 145 of Act 60 of 2001
78. Amendment of section 160 of Act 60 of 2001
79. Amendment of section 182 of Act 60 of 2001
80. Repeal of section 34 of Act 63 of 2001
81. Amendment of section 8 of Act 4 of 2002
82. Substitution of section 12 of Act 4 of 2002
83. Amendment of section 13 of Act 4 of 2002
84. Continuation of certain amendments of Schedules Nos. 1 to 6 and 10 to Act 91 of 1964
85. Short title and commencement
Sch. 1. SCHEDULE 1. RATES OF NORMAL TAX PAYABLE BY PERSONS (OTHER THAN COMPANIES) IN RESPECT OF THE YEARS OF ASSESSMENT ENDING 28 FEBRUARY 2903, AND BY COMPANIES IN RESPECT OF YEARS OF ASSESSMENT ENDING DURING THE PERIOD OF 12 MONTHS ENDING 31 MARCH 2003 (SECTION 8)
Sch. 2. SCHEDULE 2. AMENDMENTS TO SCHEDULE NO. 1 TO THE CUSTOMS AND EXCISE ACT, 1964

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