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Taxation Laws Amendment Act, No. 9 of 2005

Long title


To amend the Transfer Duty Act, 1949, so as to adjust the rates of duty; to amend the Income Tax Act, 1962, to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending 28 February 2006 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2006; to increase the primary and secondary rebates; to further regulate the taxation of travel allowances; to further regulate the exemption in respect of interest and foreign dividends; to further regulate the depreciation of certain assets; to further regulate the provisions relating to small business corporations; to further regulate the provisions relating to the incurral of interest; and to further regulate the provisional tax payments to take foreign tax credits into account; to amend the Customs and Excise Act, 1964, so as to further regulate the underpayment of duty on certain goods; to increase the amount of air passenger departure tax; to amend Schedule No. 1; and to provide for the continuation of certain amendments to the Schedules; to amend the Stamp Duties Act, 1968, so as to repeal the stamp duties in respect of debit entries and instalment credit agreements; and to provide for an exemption from duty in respect of the issue of marketable securities by certain companies; to amend the Regional Services Councils Act, 1985, so as to provide for a prescription period in respect of assessments; and to amend the KwaZulu and Natal Joint Services Act, 1990, so as to provide for a prescription period in respect of assessments; to amend the Value-Added Tax Act, 1991, so as to amend the provisions relating to zero-rating; to amend the provisions relating to penalties and interest to make provision for failure to pay tax when liability for environmental levies arises; and to make provision for liability of public authorities and certain public entities for tax and limitation of refunds; to amend the Skills Development Levies Act, 1999, so as to amend an exemption; to amend the Revenue Laws Amendment Act, 2004, so as to amend a commencement date; and to provide for the tax treatment of shares acquired upon conversion of non-proprietary exchanges; and to amend the Taxation Proposals on customs and excise duties Tabled in Parliament by the Minister of Finance on 23 February 2005; and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1.  Amendment of section 2 of Act No. 40 of 1949
2.  Fixing of rates of normal tax in terms of Act No. 58 of 1962
3.  Amendment of section 6 of Act No. 58 of 1962
4.  Amendment of section 8 of Act No. 58 of 1962
5.  Amendment of section 10 of Act No. 58 of 1962
6.  Amendment of section 11 of Act No. 58 of 1962
7.  Amendment of section 12B of Act No. 58 of 1962
8.  Amendment of section 12C of Act No. 58 of 1962
9.  Amendment of section 12E of Act No. 58 of 1962
10.  [No title – Focus: Amendment of section 245 of Act No. 58 of 1962]
11.  Amendment of paragraph 23 of Fourth Schedule to Act No. 58 of 1962
12.  Amendment of section 44 of Act No. 91 of 1964
13.  Amendment of section 47B of Act No. 91 of 1964
14.  Amendment of Schedule No. 1 of Act No. 91 of 1964
15.  Continuation of certain amendments of Schedules Nos. 1 to 6 and 10 to Act No. 91 of 1964
16.  Repeal of item 6 of Schedule 1 to Act No. 77 of 1968
17.  Repeal of item 13A of Schedule 1 to Act No. 77 of 1968
18.  Amendment of item 15 of Schedule 1 to Act No. 77 of 1968
19.  Amendment of section 12 of Act No. 109 of 1985
20. Amendment of section 16 of Act No. 84 of 1990
21.  Amendment of section 11 of Act No. 89 of 1991
22.  Amendment of section 39 of Act No. 89 of 1991
23.  Insertion of section 40A in Act No. 89 of 1991
24.  Amendment of section 4 of Act No. 9 of 1999
25.  Amendment of section 40 of Act No. 32 of 2004
26.  Tax treatment of share acquired upon conversion of non-proprietary exchange
26A.  [sic - No title] [...inserted by Act 2006_020_097(b)]
27.  Taxation proposals on customs and excise duties
28. Short title and commencement
Sch. 1 RATES OF NORMAL TAX PAYABLE BY PERSONS (OTHER THAN COMPANIES) IN RESPECT OF THE YEARS OF ASSESSMENT ENDING 28 FEBRUARY 2006, AND BY COMPANIES IN RESPECT OF YEARS OF ASSESSMENT ENDING DURING THE PERIOD OF 12 MONTHS ENDING 31 MARCH 2006 (SECTION 2)
Sch. 2 AMENDMENT TO SCHEDULE NO. 1 TO THE CUSTOMS AND EXCISE ACT, 1964 (SECTION 14)
 
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