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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Exchange Control Amnesty and Amendment of Taxation Laws Act, No. 12 of 2003

Long title


To provide for exchange control amnesty with accompanying tax measures in respect of voluntary disclosure by an applicant of any contravention of the Exchange Control Regulations or failure to comply with the provisions of the Estate Duty Act, 1955, or the Income Tax Act, 1962, to the extent that it relates to foreign assets; to amend the Transfer Duty Act, 1949, so as to adjust the rates of duty; to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending on 29 February 2004 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2004; to amend the Income Tax Act, 1962, so as to amend a definition; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the primary and secondary rebates; to further regulate the exemption in respect of interest and foreign dividends; to increase the income threshold of small business corporations; to further regulate the secondary tax on companies where a company ceases to be a resident; to amend the Customs and Excise Act, 1964, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the rate of the air passenger tax; and to amend Schedule No. 1 to the said Act and the effective date thereof; to amend the Stamp Duties Act, 1968, so as to delete a definition and to amend a definition; to abolish stamp duty on certain instruments; and to effect certain consequential amendments; to amend the South African Reserve Bank Act, 1989, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Reserve Bank and the South African Revenue Service; to amend the Value-Added Tax Act, 1991, so as to increase the threshold of rental income in the definition of ‘‘commercial accommodation’’; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to amend the Tax on Retirement Funds Act, 1996, so as to reduce the rate at which the tax on retirement funds is imposed; to provide for the continuation of amendments to the Schedules to the Customs and Excise Act, 1964; to provide for a short title and commencement date of this Act; and to provide for matters connected therewith.

Table of contents

SECTION TITLE

INDEX

CHAPTER I. EXCHANGE CONTROL AMNESTY AND ACCOMPANYING TAX MEASURES

Part A. Definitions, Administration and Application
1. Definitions
2. Administration of Chapter
3. Persons who may apply for exchange control or tax relief in terms of amnesty
4. Special rules for donors to and beneficiaries of discretionary trust

Part B. Application, Evaluation and Approval Process
5. Application for amnesty and period for application
6. Required information for application by applicant
7. Statement of foreign assets and liabilities for tax relief
8. Required information for application by facilitator
9. Evaluation and approval
10. Circumstances where amnesty unit may not grant approval

Part C. Exchange Control Relief in terms of Amnesty
11. Imposition of exchange control amnesty levy
12. Amount of exchange control amnesty levy
13. Payment of exchange control amnesty levy
14. Exchange Control Relief

Part D. Tax Relief in terms of Amnesty
15. Exemption for undeclared foreign income
16. Imposition and payment of domestic tax amnesty levy
17. Exemption for undeclared amounts arising in Republic
18. Circumstances where tax relief does not apply
19. Disallowance of deductions, allowances, losses and rebates

Part E. Invalidity of Approval and Review of Decision
20. Invalidity of approval
21. Objection against decision of amnesty unit

Part F. Establishment and Procedures relating to Amnesty Unit
22. Establishment
23. Constitution
24. Powers, functions and duties
25. Disclosure of interest
26. Records, provision and use of information
27. Termination of existence of amnesty unit

Part G. Miscellaneous
28. Limitation for purposes of Income Tax Act
29. Reporting
30. Regulations

CHAPTER II. GENERAL AMENDMENTS TO TAXATION LAWS
31. Amendment of Act 40 of 1949
32. Fixing of rates of normal tax in terms of Act 58 of 1962
33. Amendment of section 1 of Act 58 of 1962...
34. Amendment of section 4 of Act 58 of 1962...
35. Amendment of section 6 of Act 58 of 1962...
36. Amendment of section 10 of Act 58 of 1962...
37. Amendment of section 12E of Act 58 of 1962...
38. Amendment of section 64C of Act 58 of 1962...
39. Amendment of section 4 of Act 91 of 1964...
40. Amendment of section 47B of Act 91 of 1964...
41. Amendment of section Schedule No. 1 of Act 91 of 1964...
42. Amendment of section 1 of Act 77 of 1968...
43. Amendment of section 7 of Act 77 of 1968...
44. Amendment of section 24 of Act 77 of 1968...
45. Repeal of Item 18 of Schedule 1 to Act 77 of 1968
46. Amendment of section 33 of Act 90 of 1989...
47. Amendment of section 1 of Act 89 of 1991...
48. Amendment of section 6 of Act 89 of 1991...
49. Amendment of section 2 of Act 38 of 1996...
50. Continuation of certain amendments of Schedules Nos. 1 to 6 and 8 to Act 91 of 1964...
51. Short title and commencement
Sch. 1. SCHEDULE 1
Sch. 2. SCHEDULE 2
 
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