Files
| Attachment | Size |
|---|---|
| a45-03.pdf | 10.45 MB |
45 of 2003
The Revenue Laws Amendment Act 45 of 2003 intends:
- to amend the Transfer Duty Act, 1949, so as:
- to further regulate the provisions relating to duty on conversion of share blocks to sectional titles and duty payable on cancellation of transactions;
- to provide for an exemption for conversion or renewal of certain mineral and mining rights and permits and further regulate other exemptions;
- to provide for additional powers to the Commissioner;
- to further regulate duty on sale of property to agents;
- to provide for additional duty for failure to perform any duties; and
- to provide that payment of duty is not suspended pending appeal;
- to amend the Estate Duty Act, 1955, so as to effect certain consequential amendments;
- to amend the Income Tax Act, 1962, so as:
- to amend, insert and delete certain definitions;
- to further regulate the powers of the Commissioner;
- to further regulate the secrecy provisions;
- to further regulate the provisions relating to foreign tax credits;
- to provide relief where assets disposed of are replaced;
- to further regulate the provisions relating to income from foreign sources and foreign dividends;
- to further regulate the provisions relating to controlled foreign companies;
- to further regulate the exemption provisions;
- to amend the provisions relating to certain deductions and allowances;
- to provide for the ring-fencing of losses from certain trades;
- to further regulate the provisions relating to trading stock;
- to further regulate the provisions relating to the limitation of deductions;
- to further regulate the provisions relating to exchange items;
- to amend the provisions relating to insolvent estates;
- to further regulate the provisions relating to public benefit organisations and deductibility of donations to these organisations and government;
- to make provision for disposals of assets by non-resident persons;
- to further regulate provisions relating to payment of withholding tax on royalties;
- to further regulate the provisions relating to corporate restructuring;
- to grant a further exemption from donations tax;
- to further regulate the provisions relating to secondary tax on companies;
- to further regulate the provisions relating to submission of returns and assessment;
- to specifically provide for the registration of taxpayers;
- to provide for reporting of certain reportable arrangements;
- to further regulate the provisions relating to objections, appeals and dispute resolution;
- to provide that the Commissioner may prescribe a time on a date for payment of tax, penalties and interest;
- to further regulate the deduction of capital expenditure for farming;
- to provide that pensionable service of non-statutory force members purchased after 1 March 1998 in respect of periods of service accounted for before that date be dealt with as is the case with other public servants;
- to further regulate the penalties on failure to pay employees' tax and personal liability in relation thereto;
- to further regulate the deduction of employees' tax from directors' remuneration;
- to further regulate the provisions relating to capital gains tax;
- to delete certain obsolete provisions and to effect certain consequential amendments;
- to amend the Customs and Excise Act, 1964, so as:
- to insert certain definitions;
- to further regulate the powers of the Commissioner;
- to further regulate the provisions relating to secrecy;
- to insert provisions relating to degrouping;
- to make provision for the imposition of environmental levies;
- to make rules to enable the Commissioner to curtail the smuggling of cigarettes;
- to further regulate the provisions relating to internal appeals and alternative dispute resolution;
- to make provision for certain consequential changes arising from the introduction of the duty at source system;
- to make provision in the Act for customs controlled areas within Industrial Development Zones;
- to effect certain consequential amendments;
- to amend the Stamp Duties Act, 1968, so as :
- to further regulate the period for record keeping;
- to further regulate the powers of the Commissioner;
- to further regulate the exemptions from duty;
- to effect certain consequential amendments and to delete references to obsolete provisions;
- to amend the Value-Added Tax Act, 1991, so as:
- to amend and insert certain definitions;
- to provide for certain exemptions and zero-rating;
- to further regulate the circumstances where an input tax may be claimed;
- to prescribe further requirements for VAT invoices;
- to further regulate the provisions relating to assessments;
- to further regulate the provisions relating to objections and appeal and dispute resolution;
- to provide for the amendment of the Schedules in line with the Customs and Excise Act, 1964, to effect certain consequential amendments;
- to amend the Uncertificated Securities Tax Act, 1998, so as:
- to amend and insert certain definitions;
- to further regulate the exemptions from tax;
- to effect consequential changes to the repeal of the Marketable Securities Tax Act, 1948;
- to further regulate the powers of the Commissioner;
- to effect certain consequential amendments;
- to make provision for the retention of records;
- to amend the Skills Development Levies Act, 1999, so as:
- to further regulate the provisions relating to public benefit organisations;
- to provide for penalties for failure to pay levies;
- to amend the Taxation Laws Amendment Act, 2000, so as to further regulate certain exemptions of public benefit organisations and other entities;
- to amend the Second Revenue Laws Amendment Act, 2001, so as:
- to insert provisions relating to Industrial Development Zones;
- to effect certain consequential amendments;
- to amend the Unemployment Insurance Contributions Act, 2002, so as to align it with the Unemployment Insurance Act, 2001;
- to amend the Taxation Laws Amendment Act, 2002, so as to repeal certain obsolete provisions;
- to amend the Revenue Laws Amendment Act, 2002, so as:
- to insert a commencement date; and
- to delete obsolete provisions;
- to amend the Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003, so as:
- to amend certain definitions;
- to make provision for application by beneficiaries;
- to further regulate the tax relief in terms of the amnesty; and
- to extend the date for application;
- to repeal the Marketable Securities Tax Act, 1948, and certain regulations;
- to provide for transitional provisions relating to gold bullion and shares of companies acquired from funds transferred to the Republic;
- to provide for a short title and commencement date; and
- to provide for matters relating thereto.
Commencement
- 22 December 2003, unless otherwise indicated
- 1 June 2004 , Section 139(1)
- 4 June 2007 , Section 147(1) in respect of Parts A and B
- 1 March 2005, Sectopm 69(1)
- 1 April 2005, Section 164 (1) (c) to the extent that it inserts the definition of 'designated entity' in Section 1 of the Value-Added Tax Act 89 of 1991, 164(1)(g), and (o), 166(1)(b), 169(1)(f), (h), (j) and (k) and 166(1)(d) to the extent that it inserts Section 8(23) in the Value-Added Tax Act 89 of 1991
- 1 April 2004, Section 184(1)
- 1 January 2005, Sections 164(1)(i), 164(1)(j), 169(1)(e), 170(1)(b)
