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Revenue Laws Amendment Act 59 of 2000

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59 of 2000

The Revenue Laws Amendment Act 59 of 2000 intends:

  • to amend the Estate Duty Act, 1955, so as to insert a definition;
  • to amend the Income Tax Act, 1962, so as:
    • to delete certain definitions;
    • to amend certain definitions; to insert certain definitions;
    • to make certain decisions of the Commissioner subject to objection and appeal;
    • to further regulate rebates in respect of foreign taxes on income;
    • to further regulate income deemed to have been received or accrued to a person subsequent to any donation, settlement or other disposition;
    • to further regulate the recovery and recoupment of certain deductions and allowances;
    • to further regulate income deemed to be from a source in the Republic;
    • to repeal a section relating to investment income of foreign investment companies;
    • to repeal a section relating to taxation of investment income from foreign sources;
    • to further regulate the taxation of income of controlled foreign entities;
    • to further regulate the taxation of foreign dividends received by or accrued to residents;
    • to regulate income received by or accrued to residents from foreign sources;
    • to make provision for the exemption of amounts received or accrued from the social security system of any other country and foreign pensions;
    • to make provision for further exemptions and to withdraw an exemption;
    • to further regulate an exemption relating to services rendered outside the Republic;
    • to further regulate the exemption of certain amounts received from the State; to further regulate the deduction of expenses and losses;
    • to further regulate the allowances of depreciation of assets used in a taxpayer's trade to take into account the period of use of such assets in a trade which was not previously taxable;
    • to repeal a section relating to the deduction of expenses incurred in appointing agents outside the Republic;
    • to further regulate the deductibility of contributions to any medical scheme to include medical schemes registered under the laws of any other country;
    • to further regulate the set off of assessed losses to provide that foreign losses may not be set off against income from a trade carried on in the Republic;
    • to further regulate the acquisition of trading stock;
    • to further regulate the limitation of certain deductions;
    • to further regulate gains or losses on foreign exchange transactions;
    • to further regulate the taxation of trusts and beneficiaries of trusts;
    • to make provision for the determination of taxable income or losses in foreign currency;
    • to further regulate the determination of taxable income of certain persons in respect of international transactions;
    • to further regulate the taxation of persons who derive income from royalties or similar payments;
    • to further regulate the levy and recovery of secondary tax on companies;
    • to further regulate certain amounts deemed to be dividends;
    • to make provision for the submission of returns relating to the participation rights in a controlled foreign entity;
    • to further regulate appeals to the specially constituted board;
    • to provide that foreign taxes be taken into account in the determination of interest payable on underpayments and overpayments of provisional tax;
    • to provide that restraint of trade payments be included in remuneration for the purposes of the determination of employees' tax to be deducted;
    • to provide that where an employer is not a resident the representative taxpayer of such employer shall be obliged to deduct or withhold employees' tax;
    • to provide that the Commissioner may take into account any rebates of foreign tax when prescribing deduction tables for the purposes of employees' tax;
    • to provide that there shall be included in "net remuneration" any annuity provided by a pension fund, provident fund or benefit fund even if such annuity is not payable by such fund;
    • to provide that the Commissioner may take into account any rebates of foreign tax when prescribing tables for optional use by provisional taxpayers;
    • to make provision in the definition of "official rate of interest" for any loan which is denominated in a foreign currency;
    • to delete certain references to obsolete provisions; and
    • to effect certain consequential and textual amendments;
  • to amend the Customs and Excise Act, 1964, so as:
    • to make provision for non-reciprocal preferential tariff treatment of goods exported from the Republic; and
    • to effect certain consequential amendments;
  • to amend the Stamp Duties Act, 1968, so as to make provision for an exemption;
  • to amend the Value-Added Tax Act, 1991, so as:
    • to amend certain definitions; and
    • to further regulate appeals to the specially constituted board;
  • to amend the Tax on Retirement Funds Act, 1996, so as:
    • to effect certain consequential amendments; and
    • to delete certain references to obsolete provisions;
  • to amend the Skills Development Levies Act, 1999, so as to make provision for the application of certain provisions of the Income Tax Act, 1962; and
  • to amend the Taxation Laws Amendment Act, 2000, so as:
    • to rectify a reference to an incorrect date;
    • to further regulate the deductibility of donations made to public benefit organisations;
    • to further regulate the exemption from income tax of the receipts and accruals of public benefit organisations;
    • to further regulate the payment of air passenger tax; and
    • to amend Schedule 1 to that Act to amend a definition; and
  • to provide for matters in connection therewith.  

Commencement

1 January 2001 and the dates specified in the various sections of the Act