Income Tax Act 95 of 1967

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95 of 1967

The Income Tax Act 95 of 1967 intends:

  • to fix the rates of normal tax payable
    • by persons other than companies in respect of taxable incomes for the years of assessment ending the twenty-ninth day of February, 1968, and the thirtieth day of June, 1968, and
    • by companies in respect of taxable incomes derived from mining for natural oil during years of assessment ending on or after the first day of January, 1967, and
    • in respect of certain other taxable incomes for years of assessment ending during the period of three months ending the thirty-first day of March, 1968; 
  • to provide for the payment of a portion of the normal tax payable by certain companies into provincial revenue funds; 
  • to provide for the basis of calculation of any tax levied by a provincial council on the incomes of persons other than companies;
  • to provide for the repayment to the taxpayers concerned of certain portions of the normal tax paid by those taxpayers;
  • to amend the Income Tax Act, 1962, so as:
    • to increase the rate of the non-resident shareholders tax,
    • to impose a non-residents tax on interest and
    • to amend the law relating to income tax;
  • to amend section 2 of the Income Tax Act, 1966, so as:
    • to provide that certain sums shall not be payable into provincial revenue funds and
    • to amend the Schedule to that Act so as to change certain rates of normal tax applicable in respect of years of assessment of companies ending during the period of twelve months ending on the thirty-first day of December, 1967; and
  • to provide for incidental matters.

Commencement

28 June 1967, unless otherwise indicated

Amendments