Revenue Laws Amendment Act 45 of 2003

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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)

Amendments