Files
| Attachment | Size |
|---|---|
| act-87-1988.pdf | 10.14 MB |
87 of 1988
The Taxation Laws Amendment Act 87 of 1988 intends:
- to amend the Marketable Securities Tax Act, 1948 [repealed in 2003], so as to effect a textual alteration;
- to amend the Transfer Duty Act, 1949, so as
- to delete references to the Territory of South West Africa;
- to effect certain textual alterations;
- to limit the exemption in respect of transfers of property by administrators of trusts; and
- to provide an exemption in respect of the registration of property in the name of a trustee as required by section 11 (2) of the Trust Property Control Act, 1988;
- to amend the Estate Duty Act, 1955, so as
- to further define the expression "fair market value";
- to exclude certain donations from the property of an' estate;
- to provide for a deduction in respect of bequests to a company, society or association providing residential accommodation to aged or retired persons;
- to withdraw the deductions in respect of the proceeds of certain insurance policies, benefits payable by funds, public stock and bonds and debentures or stock issued by the Land and Agricultural Bank of South Africa;
- to effect textual alterations to section 4 (h) and (m);
- to reduce the qualifying loan period relating to the deduction in respect of the value of books, pictures, statuary or other objects of art;
- to provide for the substitution for the deductions made in determining the dutiable value of an estate of a single deduction; and
- to provide a single rate of estate duty;
- to amend the Stamp Duties Act, 1968, so as
- to delete references to the Territory of South West Africa;
- to increase the maximum penalties imposable in certain circumstances;
- to alter the provisions of section 23 relating to the imposition of the duty imposed under Item 15 (4) of Schedule 1;
- to extend the definition of "debit entry" in Item 6 of the said Schedule;
- to effect certain textual alterations;
- to delete an obsolete exemption from the duty under Item 15 (3);
- to provide an exemption from the last-mentioned duty in respect of the registration of transfer of a marketable security into the name of a trustee as required by section 11 (2) of the Trust Property Control Act, 1988; and
- to provide for an exemption in respect of the registration of transfer of a marketable security in the name of an heir or legatee;
- to amend the Sales Tax Act, 1978 [repealed in 1991], so as
- to further define the word "exported";
- to make new provision for the phasing out of the allowance in respect of outstanding debts where a registered vendor has granted credit to a purchaser;
- to further regulate the use of sales tax registration certificates;
- to make new provision for relief to vendors in a specified country who may be placed at a disadvantage by reason of certain regulations;
- to further regulate the granting of exemptions from sales tax contained in other laws;
- to amend Schedules l, 5 and 7 to the said Act;
- to repeal the amendment to section 14 (2) of the said Act effected by section 4 of the Sales Tax Amendment Act, 1985;
- to provide for the registration of persons carrying on business as suppliers or goods or services as a preliminary step towards the introduction of a value-added tax;
- to enact a provision for a temporary exemption from stamp duty and transfer duty in respect of certain acquisitions of marketable securities or property consequent upon the rationalization of a group of companies and for the assessment of companies in any such group for income tax purposes in certain circumstances; and
- to provide for matters connected therewith.
Commencement
13 July 1988
