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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Revenue Laws Amendment Act, No. 31 of 2005

Long title


To amend the Transfer Duty Act, 1949, so as to provide that the Minister of Finance may reduce the rates of duty; to allow for an exemption from duty in company formation transactions and where property was owned by certain superannuation funds in former TBVC territories; to limit the recovery period of unpaid duty to five years; and to regulate the refunds of duty, additional duty and interest; to amend the Estate Duty Act, 1955, to further regulate the property to be included in the estate of a deceased for purposes of determining the duty payable; to further regulate the deductions from the property for purposes of determining the duty payable; to amend the Income Tax Act, 1962; to further regulate the provisions relating to rebates and foreign tax credits; to provide for deduction of amounts incurred in respect of income of a non-resident which is attributed to a resident; to further regulate the gains made by directors of companies or employees in respect of rights to acquire marketable securities; to further regulate the taxation of amounts derived from broad-based employee share plans; to further regulate the taxation of directors and employees on vesting of equity instruments; to further regulate the circumstances in which amounts are deemed to have been accrued from a source in the Republic; to further regulate the provisions relating to controlled foreign companies; to provide for a cut off date in respect of the specific provisions regulating the taxation of foreign equity instruments; to further regulate the exemptions from normal tax; to further regulate the provisions relating to exemption of the capital element of purchased annuities where the cash consideration and annuity amount are denominated in a foreign currency; to further regulate the deductions from income for purposes of determining taxable income; to amend the provisions relating to the deduction in respect of machinery, plant, implements, utensils and articles used in farming or production of renewable energy; to amend the provisions relating to the deduction in respect of assets used by manufacturers or hotelkeepers, aircraft and ships or assets used for storage and packing of agricultural products; to further regulate the provisions relating to small business corporations; to amend the deduction in respect of learnership agreements; to further regulate the deduction in respect of the erection or improvement of buildings in urban development zones; to effect certain consequential amendments to the deductions from income derived from mining operations; to further regulate the deduction of medical and dental expenses; to amend the provisions relating to deductible donations made to public benefit organisations; to clarify the provisions relating to the ring-fencing of assessed losses of certain trades; to further regulate the non-deductibility of certain amounts in the determination of taxable income; to effect certain consequential amendments to the limitation of allowances granted in respect of certain assets and to the provisions relating to sale and leaseback arrangements; to amend the credit agreements and debtors allowance by deleting certain provisions which have become obsolete; to amend the provisions relating to the allowance in respect of films; to further regulate the gains or losses on foreign exchange transactions; to substitute the provisions relating to the determination of taxable income from foreign currency; to further regulate the provisions relating to public benefit organisations; to further regulate the rules relating to corporate restructuring; to make provision for a withholding tax on foreign entertainers and sportspersons who perform in the Republic; to further regulate the provisions relating to donations tax; to further regulate the provisions relating to the imposition of secondary tax on companies; to further regulate the amounts to be deducted or withheld by employers and provisional payments in respect of normal tax; to amend the provisions relating to benefits or advantages derived by reason of employment or the holding of any office; to further regulate the provisions relating to capital gains tax; to amend the list of public benefit activities; and to effect certain textual and consequential amendments; to amend the Customs and Excise Act, 1964, so as to amend and insert certain definitions; to further provide for the rate of rent in respect of goods in the State warehouse; to further regulate provisions relating to goods removed in bond; to amend provisions regulating deficiencies in a customs and excise warehouse; to provide for a tolerance when calculating the quantity of spirits in a container; to provide for the levying of Road Accident Fund levy; to amend certain rebate and refund provisions; to amend the order in which instalments paid to the Commissioner are utilized; to amend provisions relating to goods subject to a lien and to effect certain consequential amendments; to amend the Stamp Duties Act, 1968, so as to provide that the Minister of Finance may reduce the rates of duty; to further delete certain provisions dealing with the issue of marketable securities; to provide for the relief of the administrative burden on the transfer of marketable securities; to clarify the position on the taxation of company share buy-backs and to provide anti-avoidance legislation; to simplify legislation regarding the cancellation and redemption of marketable securities; to regulate the rate and exemption of duty; to amend the Value-Added Tax Act, 1991, so as to amend and insert certain definitions; to insert certain deeming provisions; to provide for certain zero-rating and exemptions; to further provide for the time and value on certain supplies; to align certain provisions with the Customs and Excise Act, 1964; to allow for input tax deduction on motor cars acquired to be awarded as prizes and in certain instances on entertainment; to limit the period to claim input tax to five years from issue of a tax invoice; to further regulate adjustments for public authorities and customs controlled area enterprises; to provide for issues relating to foreign donor funding; to regulate the provisions of bad debts; to amend the Tax on Retirement Funds Act, 1996, so as to amend a definition; to amend the Road Accident Fund Act, 1996, so as to effect consequential amendments resulting from the introduction of a Road Accident Fund levy in the Customs and Excise Act, 1964; to amend the Uncertificated Securities Tax Act, 1998, so as to amend and insert certain definitions; to provide that the Minister of Finance may reduce the rates of duty; to further delete certain provisions dealing with the issue of securities; to provide for the protection of uncertificated securities tax base against changes in beneficial ownership; to amend the Revenue Laws Amendment Act, 2003, so as to substitute a commencement date; and to amend the Second Revenue Laws Amendment Act, 2004, so as to substitute a commencement date; and to provide for matters in connection therewith.

Table of contents

SECTION TITLE
1.  Amendment of section 2 of Act No. 40 of 1949...
2.  Amendment of section 9 of Act No. 40 of 1949...
3.  Amendment of section 13 of Act No. 40 of 1949...
4.  Amendment of section 20 of Act No. 40 of 1949...
5.  Amendment of section 3 of Act No. 45 of 1955...
6.  Amendment of section 4 of Act No. 45 of 1955...
7.  Amendment of section 6 of Act No. 45 of 1955...
8.  Amendment of section 6quat of Act No. 58 of 1962...
9.  Amendment of section 7 of Act No. 58 of 1962...
10.  Amendment of section 8A of Act No. 58 of 1962...
11.  Amendment of section 8B of Act No. 58 of 1962...
12.  Amendment of section 8C of Act No. 58 of 1962...
13.  Amendment of section 9 of Act No. 58 of 1962...
14.  Amendment of section 9D of Act No. 58 of 1962...
15.  Amendment of section 9G of Act No. 58 of 1962...
16.  Amendment of section 10 of Act No. 58 of 1962...
17.  Amendment of section 10A of Act No. 58 of 1962...
18.  Amendment of section 11 of Act No. 58 of 1962...
19.  Amendment of section 12B of Act No. 58 of 1962...
20. Amendment of section 12C of Act No. 58 of 1962...
21.  Amendment of section 12E of Act No. 58 of 1962...
22.  Amendment of section 12H of Act No. 58 of 1962...
23.  Amendment of section 13quat of Act No. 58 of 1962...
24.  Amendment of section 15 of Act No. 58 of 1962...
25.  Amendment of section 18 of Act No. 58 of 1962...
26.  Amendment of section 18A of Act No. 58 of 1962...
27.  Amendment of section 20A of Act No. 58 of 1962...
28.  Amendment of section 23 of Act No. 58 of 1962...
29. Amendment of section 23D of Act No. 58 of 1962...
30. Amendment of section 23G of Act No. 58 of 1962...
31. Amendment of section 24 of Act No. 58 of 1962...
32. Amendment of section 24F of Act No. 58 of 1962...
33. Amendment of section 24I of Act No. 58 of 1962...
34. Amendment of section 24M of Act No. 58 of 1962...
35. Amendment of section 25D of Act No. 58 of 1962...
36. Amendment of section 30 of Act No. 58 of 1962...
37. Amendment of section 41 of Act No. 58 of 1962...
38. Amendment of section 42 of Act No. 58 of 1962...
39. Amendment of section 43 of Act No. 58 of 1962...
40. Amendment of section 44 of Act No. 58 of 1962...
41. Amendment of section 45 of Act No. 58 of 1962...
42. Amendment of section 46 of Act No. 58 of 1962...
43. Amendment of section 47 of Act No. 58 of 1962...
44. Insertion of Part IIIA in Chapter II of Act No. 58 of 1962...
45. Amendment of section 56 of Act No. 58 of 1962...
46. Amendment of section 58 of Act No. 58 of 1962...
47. Amendment of section 64B of Act No. 58 of 1962...
48. Amendment of section 64C of Act No. 58 of 1962...
49. Amendment of paragraph 1 of the Fourth Schedule to Act No. 58 of 1962...
50. Amendment of paragraph 2 of the Fourth Schedule to Act No. 58 of 1962...
51. Amendment of paragraph 11A of the Fourth Schedule to Act No. 58 of 1962...
52. Amendment of paragraph 16 of the Fourth Schedule to Act No. 58 of 1962...
53. Amendment of paragraph 18 of the Fourth Schedule to Act No. 58 of 1962...
54. Amendment of paragraph 19 of the Fourth Schedule to Act No. 58 of 1962...
55. Amendment of paragraph 2 of the Seventh Schedule to Act No. 58 of 1962...
56. Amendment of paragraph 7 of the Seventh Schedule to Act No. 58 of 1962...
57. Amendment of paragraph 9 of the Seventh Schedule to Act No. 58 of 1962...
58. Amendment of paragraph 10 of the Seventh Schedule to Act No. 58 of 1962...
59. Amendment of paragraph 12A of the Seventh Schedule to Act No. 58 of 1962...
60. Insertion of paragraph 12B in the Seventh Schedule to Act No. 58 of 1962...
61. Amendment of paragraph 13 of the Seventh Schedule to Act No. 58 of 1962...
62. Amendment of paragraph 16 of the Seventh Schedule to Act No. 58 of 1962...
63. Amendment of paragraph 1 of the Eighth Schedule to Act No. 58 of 1962...
64. Amendment of paragraph 2 of the Eighth Schedule to Act No. 58 of 1962...
65. Amendment of paragraph 8 of the Eighth Schedule to Act No. 58 of 1962...
66. Amendment of paragraph 11 of the Eighth Schedule to Act No. 58 of 1962...
67. Amendment of paragraph 12 of the Eighth Schedule to Act No. 58 of 1962...
68. Amendment of paragraph 20 of the Eighth Schedule to Act No. 58 of 1962...
69. Amendment of paragraph 24 of the Eighth Schedule to Act No. 58 of 1962...
70. Amendment of paragraph 30 of the Eighth Schedule to Act No. 58 of 1962...
71. Amendment of paragraph 33 of the Eighth Schedule to Act No. 58 of 1962...
72. Amendment of paragraph 38 of the Eighth Schedule to Act No. 58 of 1962...
73. Amendment of paragraph 39 of the Eighth Schedule to Act No. 58 of 1962...
74. Amendment of paragraph 42 of the Eighth Schedule to Act No. 58 of 1962...
75. Amendment of paragraph 43 of the Eighth Schedule to Act No. 58 of 1962...
76. Amendment of paragraph 55 of the Eighth Schedule to Act No. 58 of 1962...
77. Amendment of paragraph 56 of the Eighth Schedule to Act No. 58 of 1962...
78. Amendment of paragraph 64 of the Eighth Schedule to Act No. 58 of 1962...
79. Amendment of paragraph 64B of the Eighth Schedule to Act No. 58 of 1962...
80. Amendment of paragraph 72 of the Eighth Schedule to Act No. 58 of 1962...
81. Amendment of paragraph 76 of the Eighth Schedule to Act No. 58 of 1962...
82. Amendment of paragraph 4 of Part I of the Ninth Schedule to Act No. 58 of 1962...
83. Amendment of paragraph 10 of Part I of the Ninth Schedule to Act No. 58 of 1962...
84. Amendment of paragraph 3 of Part II of the Ninth Schedule to Act No. 58 of 1962...
85. Amendment of section 1 of Act No. 91 of 1964...
86. Amendment of section 17 of Act No. 91 of 1964...
87. [...repealed by Act 2009_018_052 - was entitled "Amendment of section 18 of Act No. 91 of 1964... "]
88. Amendment of section 20 of Act No. 91 of 1964...
89. Amendment of section 28 of Act No. 91 of 1964...
90. Amendment of section 47 of Act No. 91 of 1964...
91. Amendment of section 48 of Act No. 91 of 1964...
92. Amendment of section 75 of Act No. 91 of 1964...
93. Amendment of section 105 of Act No. 91 of 1964...
94. Amendment of section 114 of Act No. 91 of 1964...
95. Amendment of section 3 of Act No. 77 of 1968...
96. Amendment of section 7 of Act No. 77 of 1968...
97. Amendment of section 22 of Act No. 77 of 1968...
98. Amendment of section 23 of Act No. 77 of 1968...
99. Amendment of item 14 of Schedule 1 to Act No. 77 of 1968...
100. Amendment of item 15 of Act No. 77 of 1968...
101. Amendment of section 1 of Act No. 89 of 1991...
102. Amendment of section 8 of Act No. 89 of 1991...
103. Amendment of section 9 of Act No. 89 of 1991...
104. Amendment of section 10 of Act No. 89 of 1991...
105. Amendment of section 11 of Act No. 89 of 1991...
106. Amendment of section 13 of Act No. 89 of 1991...
107. Amendment of section 16 of Act No. 89 of 1991...
108. Amendment of section 17 of Act No. 89 of 1991...
109. Amendment of section 18 of Act No. 89 of 1991...
110. Amendment of section 22 of Act No. 89 of 1991...
111. Amendment of paragraph 1 of Schedule 1 to Act No. 89 of 1991...
112. Amendment of paragraph 4 of Schedule 1 to Act No. 89 of 1991...
113. Amendment of paragraph 5 of Schedule 1 to Act No. 89 of 1991...
114. Amendment of paragraph 6 of Schedule 1 to Act No. 89 of 1991...
115. Amendment of paragraph 7 of Schedule 1 to Act No. 89 of 1991...
116. Amendment of paragraph 8 of Schedule 1 to Act No. 89 of 1991...
117. Amendment of item 406.00 of Schedule 1 to Act No. 89 of 1991...
118. Amendment of item 407.00 of Schedule 1 to Act No. 89 of 1991...
119. Amendment of item 409.00 of Schedule 1 to Act No. 89 of 1991...
120. Amendment of item 412.00 of Schedule 1 to Act No. 89 of 1991...
121. Amendment of item 470.00 of Schedule 1 to Act No. 89 of 1991...
122. Amendment of item 480.00 of Schedule 1 to Act No. 89 of 1991...
123. Amendment of item 490.00 of Schedule 1 to Act No. 89 of 1991...
124. Amendment of section 1 of Act No. 38 of 1996...
125. Amendment of section 1 of Act No. 56 of 1996...
126. Amendment of section 5 of Act No. 56 of 1996...
127. Amendment of section 1 of Act No. 31 of 1998...
128. Substitution of section 2 of Act No. 31 of 1998...
129. Repeal of section 3 of Act No. 31 of 1998...
130. Amendment of section 5 of Act No. 31 of 1998...
131. Insertion of section 5A of Act No. 31 of 1998...
132. Amendment of section 6 of Act No. 31 of 1998...
133. Amendment of section 7 of Act No. 31 of 1998...
134. Amendment of section 54 of Act No. 45 of 2003...
135. Amendment of section 30 of Act No. 34 of 2004...
136. Short title and commencement
 
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