Revenue Laws Amendment Act 60 of 2008

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60 of 2008

The Revenue Laws Amendment Act 60 of 2008 aims to:

  • amend the Transfer Duty Act, 1949, so as to provide for exemptions from duty;
  • amend the Estate Duty Act, 1955, so as to exclude certain proceeds from estate duty;
  • amend the Pension Funds Act, 1956, so as to effect a technical correction;
  • amend the Income Tax Act, 1962, so as:
    • to amend and insert certain definitions;
    • to effect technical corrections; to repeal certain provisions;
    • to amend certain provisions;
    • to make new provision for: passive holding companies; deductions in respect of residential units; additional investment and training allowances, venture capital companies, licence fees, intellectual property, environmental conservation and maintenance, micro businesses, dividends tax and education loans; and
    • to lower a rate of tax;
  • amend the Customs and Excise Act, 1964, so as:
    • to amend certain provisions;
    • to make new provision for: removal of dutiable imported goods from a customs and excise storage warehouse; losses in respect of certain liquid bulk goods; liability for underpayments of duty; certain exemptions in respect of environmental levy goods; and dutiability of waste and scrap after the destruction of goods;
    • to prohibit refund of a duty;
    • to provide for the continuation of certain amendments to the Schedules;
    • to deem a date on which an international trade agreement came into operation; and
    • to effect consequential and textual amendments;
  • repeal the Stamp Duties Act, 1968;
  • amend the Value-Added Tax Act, 1991, so as:
    • to amend certain definitions;
    • to repeal a provision;
    • to amend certain provisions;
    • to raise a limit; and
    • to effect consequential and textual amendments;
  • amend the Income Tax Act, 1993, so as to repeal a provision;
  • amend the Income Tax Act, 1994, so as to repeal a provision;
  • amend the Restitution of Land Rights Act, 1994, so as to amend provisions relating to transfer duty and stamp duty;
  • repeal the Company Tax Amendment Decree, 1994, of the former Republic of Ciskei;
  • repeal the Tax Amnesty Act, 1995;
  • repeal the Final Relief on Tax, Interest, Penalty and Additional Tax Act, 1996;
  • amend the Revenue Laws Amendment Act, 2006, so as to amend provisions relating to the 2010 FIFA World Cup;
  • amend the Taxation Laws Amendment Act, 2007, so as to effect a technical correction;
  • amend the Securities Transfer Tax Act, 2007, so as to amend provisions;
  • amend the Revenue Laws Amendment Act, 2007, so as to amend commencement dates;
  • amend the Taxation Laws Amendment Act, 2008, so as to amend commencement dates and to effect a technical correction, and
  • to provide for matters connected therewith.

Commencement

  • 8 January 2009, unless otherwise indicated in the Act or by Proclamation.
  • 31 October 2009, Sections 1(1) and 108(1) (a) [insofar as it amends paragraphs (s) and (t) of Section 11(1) of the Value-Added Tax Act 89 of 1991] (Gazette 32664 of 30 October 2009)
  • 1 October 2009, Sections 97(1) and 98(1) (a) and (c) (Gazette 32605 of 30 September 2009)

Amendments