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Revenue Laws Amendment Act 46 of 1996

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46 of 1996

The Revenue Laws Amendment Act 46 of 1996 intends:

  • to amend the Marketable Securities Tax Act, 1948, so as
    • to further define a certain expression; and
    • to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of the said Act;
  • to amend the Transfer Duty Act, 1949, so as to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of the said Act;
  •  to amend the Estate Duty Act, 1955, so as to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of  the said Act;
  • to amend the Income Tax Act, 1962, so as
    • to withdraw certain exemptions; 
    • to further regulate the granting of depreciation allowances in respect of certain machinery, plant and buildings;
    • to provide for a tax holiday scheme in respect of certain companies;
    • to provide for certain exemptions from secondary tax on companies; and
    • to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of the said Act;
  • to amend the Stamp Duties Act, 1968 [repealed in 2009], so as
    • to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of the said Act; and 
    • to repeal certain provisions;
  • to amend the Value-Added Tax Act, 1991, so as
    • to deem certain vendors to have supplied a service in certain circumstances;
    • to further regulate the time and value of such deemed supplied services;
    • to repeal certain obsolete provisions; and
    • to further regulate the furnishing and production of, the search for and the seizure of any information, documents or things, as well as the making of inquiries for the purposes of the administration of the said Act;
  • to amend the Regional Industrial Development Act, 1993, so as to further regulate the composition, powers and functions of the Regional Industrial Development Board; 
  • to amend the Taxation Laws Amendment Act, 1994, so as to insert certain expressions and to further define certain others;
  • to amend the Income Tax Act, 1996, so as to further regulate the date of commencement of certain provisions of that Act; and
  • to amend the Tax on Retirement Funds Act, 1996 [repealed in 2015], so as
    • to further define certain expressions; and
    • to further regulate the determination of the taxable amount of an untaxed policyholder fund; and
  • to provide for matters connected therewith.

Commencement

30 September 1996, unless otherwise stated