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Small Business Tax Amnesty and Amendment of Taxation Laws Act, No. 9 of 2006

Long title


To provide for a Small Business Tax Amnesty in respect of the voluntary disclosure by an applicant of any failure to comply with certain Acts administered by the Commissioner; to amend the Transfer Duty Act, 1949, so as to adjust the rates of duty; to effect a textual amendment and to provide for an exemption from duty in the case of an acquisition by a spouse on death or dissolution of marriage; to amend the Estate Duty Act, 1955, so as to increase the estate duty exemption; 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 income for the years of assessment ending 28 February 2007 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2007; to amend a definition; to increase the primary and secondary rebates; to further regulate the taxation of travelling allowances; to further extend the deeming provision on the disposal of listed shares to individuals; to further regulate the exemption in respect of interest and foreign dividends; to delete obsolete provisions and to provide for certain amounts received by grant to be exempt from normal tax; to further increase the turnover limit for small business corporations; to further regulate provisions relating to learnership agreements; to reinsert certain provisions relating to the determination of gains and losses on foreign exchange transactions; to increase the annual donations tax exemption; to adjust the percentage of a motor vehicle allowance which is subject to employees’ tax; to further adjust the formula for determining the taxable benefit on employer provided residential accommodation; to further regulate the provisions for determining a taxable benefit in respect of free or cheap transport provided to employees; to further regulate the determination of a taxable benefit resulting from employer provided medical treatment; to increase the annual exclusion in respect of capital gains or capital losses; to increase the exclusion for capital gains tax purposes of the amount realised from the disposal of a primary residence; to increase the exclusion for capital gains tax purposes of the amount realised from the disposal of an asset of or interest in a small business; and to further regulate the provisions relating to the disposal of interests in equity share capital of foreign companies; to amend the Customs and Excise Act, 1964, so as to amend Schedule No. 1; and to provide for the continuation of certain amendments to the Schedules; to exempt certain marketable securities which are participatory interests in a collective investment scheme from stamp duty; and to provide for relief in respect of leases; to amend the Value-Added Tax Act, 1991, so as to amend and insert definitions in respect of municipalities and municipal rates; to insert certain deeming provisions; to provide for zero-rating of municipal rates; to align certain provisions with regard to fuel levy items with the Customs and Excise Act, 1964; to regulate certain input tax deductions and adjustments by municipalities; and to provide for certain liabilities and limitation of refunds of municipalities for tax; to amend the Tax on Retirement Funds Act, 1996, so as to adjust the rate of tax; and to amend the Uncertificated Securities Tax Act, 1998, so as to amend a definition; to provide for the taxation of the change in the full beneficial ownership in securities, or any of the rights or entitlements in respect thereof; to exempt certain marketable securities which are participatory interests in a collective investment scheme from uncertificated securities tax; and to withdraw the power of district and metropolitan municipalities to levy and claim regional services levies; and to provide for matters connected therewith.

Table of contents

SECTION TITLE

CHAPTER I. SMALL BUSINESS TAX AMNESTY

Part I. Interpretation
1. Definitions

Part II. Application for tax amnesty
2. Application of Chapter
2A. Certain powers of Commissioner in relation to trust [...inserted by Act 2007_008_089]
3. Application for tax amnesty and period for application
4. Information required in application

Part III. Evaluation and approval of application
5. Evaluation of application and approval

Part IV. Payment of Tax Amnesty Levy
6. Imposition of tax amnesty levy
7. Payment of tax amnesty levy

Part V. Relief in terms of Tax Amnesty
8. Relief from payment of tax, contribution or levies
9. Relief from payment of additional tax, penalties and interest
9A. Additional provisions relating to tax relief [...inserted by Act 2007_008_091]
10. Circumstances where tax amnesty relief does not apply
11. Disallowance of losses and deductions [...was entitled "Disallowance of deductions, allowances and losses]
11A. Reduced assessments and objections [...inserted by Act 2006_009_020]
12. Circumstances where approval is void

Part VI. Regulations
13. Waiver of additional tax, penalty and interest

CHAPTER II. GENERAL AMENDMENTS TO TAXATION LAWS
14. Amendment of section 2 of Act 40 of 1949...
15. Amendment of section 5 of Act 40 of 1949...
16. Amendment of section 9 of Act 40 of 1949...
17. Amendment of section 4A of Act 45 of 1955...
18. Fixing of rates of normal tax in terms of Act 58 of 1962
19. Amendment of section 1 of Act 58 of 1962...
20. Amendment of section 6 of Act 58 of 1962...
21. Amendment of section 8 of Act 58 of 1962...
22. Amendment of section 9B of Act 58 of 1962...
23. Amendment of section 10 of Act 58 of 1962...
24. Amendment of section 12E of Act 58 of 1962...
25. Amendment of section 12H of Act 58 of 1962...
26. Amendment of section 24I of Act 58 of 1962...
27. Amendment of section 56 of Act 58 of 1962...
28. Amendment of paragraph 1 of Fourth Schedule to Act 58 of 1962...
29. Amendment of paragraph 9 of Seventh Schedule to Act 58 of 1962...
30. Amendment of paragraph 10 of Seventh Schedule to Act 58 of 1962...
31. Amendment of paragraph 12B of the Seventh Schedule to Act 58 of 1962...
32. Amendment of paragraph 5 of Eighth Schedule to Act 58 of 1962, as inserted by section 38 of Act 5 of 2001
33. Amendment of paragraph 45 of Eighth Schedule to Act 58 of 1962...
34. Amendment of paragraph 57 of Eighth Schedule to Act 58 of 1962...
35. Amendment of paragraph 64B of Eighth Schedule to Act 58 of 1962...
36. Amendment of Schedule No. 1 of Act 91 of 1964...
37. Continuation of certain amendments of Schedules Nos. 1 to 6 and 10 to Act 91 of 1964
38. Amendment of item 14 of Schedule 1 to Act 77 of 1968...
39. Amendment of item 15 of Schedule 1 to Act 77 of 1968...
40. Amendment of section 1 of Act 89 of 1991...
41. Amendment of section 2 of Act 89 of 1991...
42. Amendment of section 8 of Act 89 of 1991...
43. Amendment of section 10 of Act 89 of 1991...
44. Amendment of section 11 of Act 89 of 1991...
45. Amendment of section 12 of Act 89 of 1991...
46. Amendment to section 15 of Act 89 of 1991...
47. Amendment to section 16 of Act 89 of 1991...
48. Amendment to section 17 of Act 89 of 1991...
49. Amendment to section 18 of Act 89 of 1991...
50. Amendment of section 27 of Act 89 of 1991...
51. Insertion of section 40B of Act 89 of 1991
52. Amendment of paragraph 5 of Schedule 1 to Act 89 of 1991...
53. Amendment of paragraph 7 of Schedule 1 to Act 89 of 1991...
54. Amendment of section 2 of Act 38 of 1996...
55. Amendment of section 1 of Act 31 of 1998...
56. Substitution of section 5 of Act 31 of 1998...
57. Substitution of section 5A of Act 31 of 1998...
58. Amendment of section 6 of Act 31 of 1998...
59. Amendment of section 93 of Act 117 of 1998...
60. Amendment of Schedule 1 to Act 9 of 2005
61. Transitional petroleum provisions [...was entitled "Transitional mineral and petroleum provisions"]
62. Short title, commencement and savings
Sch.1. SCHEDULE 1. RATES OF NORMAL TAX PAYABLE BY PERSONS (OTHER THAN COMPANIES) IN RESPECT OF THE YEARS OF ASSESSMENT ENDING 28 FEBRUARY 2007, AND BY COMPANIES IN RESPECT OF YEARS OF ASSESSMENT ENDING DURING THE PERIOD OF 12 MONTHS ENDING 31 MARCH 2007 (Section 18)
Sch.2. SCHEDULE 2. AMENDMENT OF SCHEDULE NO. 1 TO CUSTOMS AND EXCISE ACT, 1964 (SECTION 36)
Sch.3. [...repealed by Act 2007_035_112 - was entitled "SCHEDULE 3. TRANSITIONAL PETROLEUM PROVISIONS (SECTION 61)"]
 
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