Income Tax Amendment Act 99 of 1988

Income Tax Amendment Act, 1988 (No. 99 of 1988)

GENERAL EXPLANATORY NOTE:
[ ]  Words in bold type in square brackets indicate omissions from existing enactments.
__ Words underlined with solid line indicate insertions in existing enactments.

Act

• to amend the Income Tax Act, 1962, so as to make further provision with regard to pension funds;
• to amend the Income Tax Act, 1988, so as to provide for the date of commencement of a certain amendment effected by that Act; and
• to provide for incidental matters.

(Afrikaans text signed by the State President.)
(Assented to 16 September 1988.)

BE IT ENACTED by the State President and the Parliament of the Republic of South Africa, as follows:-

Amendment of section 1 of Act 58 of 1962, as amended by section 3 of Act 90 of 1962, section 1 of Act 6 of 1963, section 4 of Act 72 of 1963, section 4 of Act 90 of 1964, section 5 of Act 88 of 1965, section 5 of Act 55 of 1966, section 5 of Act 95 of 1967, section 5 of Ad 76 of 1968, section 6 of Act 89 of 1969, section 6 of Act 52 of 1970, section 4 of Act 88 of 1971, section 4 of Act 65 of 1973, section 4 of Act 85 of 1974, section 4 of Act 69 of 1975, section 4 of Act 103 of 1976, section 4 of Act 113 of 1977, section 3 of Act 101 of 1978, section 3 of Act 104 of 1979, section 2 of Act 104 of 1980, section 2 of Act 96 of 1981, section 3 of Act 91 of 1982, section 2 of Act 94 of 1983, section 1 of Act 30 of 1984, section 2 of Act 121 of 1984, section 2 of Act 96 of 1985, section 2 of Act 65 of 1986, section 1 of Act 108 of 1986, section 2 of Act 85 of 1987 and section 1 of Act 90 of 1988

1. (1) Section 1 of the Income Tax Act, 1962, is hereby amended by the substitution in paragraph (c) of the definition of "pension fund" for the words preceding the proviso of the following words:

"the Municipal Councillors Pension Fund provisionally registered under the Pension Funds Act, 1956 (Act No. 24 of 1956), on 23 May 1988, or any fund (other than a retirement annuity fund or a fund contemplated in paragraph (a) or (b)) [not so established] which is approved by the ommisstoner m respect of the year of assessment in question and, in the case of any such fund established on or after 1 July 1986, is registered under the provisions of the [Pension Funds Act, 1956 (Act No. 24 of 1956)] said Act;".

(2) Subsection (1) shall be deemed to have taken effect as from the commencement of years of assessment ending on or after 28 February 1989.

Amendment of section 23 of Act 90 of 1988

2. Section 23 of the Income Tax Act, 1988 (Act No. 90 of 1988), is hereby amended by the addition of the following subsection, the existing section becoming subsection (1) thereof:

"(2) Subsection (1) shall be deemed to have taken effect as from the commencement of years of assessment ended or ending on or after 1 April 1988.".

Short title

3. This Act shall be called the Income Tax Amendment Act, 1988.

Commencement

30 September 1988