Taxation Laws Amendment Act 30 of 2002

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30 of 2002

The Taxation Laws Amendment Act 30 of 2002 intends:

  • to amend the Insurance Act, 1943, so as to withdraw the amount payable in respect of premiums paid on or after 1 January 2002;
  • to amend the Transfer Duty Act, 1949, so as :
    • to provide for a new rate structure of duty;
    • to provide for an exemption; and
    • to delete an exemption;
  • to amend the Estate Duty Act, 1955, so as:
    • to provide for a further exemption;
    • to increase the deduction in calculating the dutiable amount of an estate; 
    • to provide that the Commissioner may reduce an assessment to rectify any processing error; and
    • to effect certain consequential amendments;
    • to fix the rates of normal tax payable in terms of the Income Tax Act, 1962, by persons other than companies in respect of taxable incomes for the years or periods of assessment ending on 28 February 2003, and by companies in respect of taxable incomes for the years of assessment ending during the period of 12 months ending on 31 March 2003;
  • to amend the Income Tax Act, 1962, so as:
    • to amend a definition;
    • to change the year-end of certain taxpayers;
    • to increase the primary rebate;
    • to further regulate the taxation of allowances or advances;
    • to raise the exemption thresholds of certain interest and dividend income;
    • to increase the thresholds for exemption of certain bursaries and bona fide scholarships;
    • to increase the threshold for the immediate deduction in respect of certain intellectual property;
    • to introduce an accelerated depreciation for certain assets used in a process of manufacture or process of a similar nature;
    • to adjust the provisions relating to the write off of pipelines, transmission lines or cables and railway lines;
    • to increase the turnover threshold relating to small business corporations;
    • to introduce a deduction in respect of learnership agreements;
    • to adjust the provisions relating to the deduction of certain medical expenses;
    • to further regulate the deduction of donations to public benefit organisations which carry on certain public benefit activities;
    • to limit the deductions by persons who receive remuneration;
    • to further regulate the exemption relating to public benefit organisations;
    • to increase the exempt limits for donations tax;
    • to further regulate the submission of income tax returns in respect of foreign assets and funds held by residents;
    • to provide that the Commissioner may estimate an amount of deemed foreign taxable income where a person does not report or account for foreign funds held or assets owned offshore;
    • to allow the Commissioner to reduce an assessment to rectify any processing error;
    • to allow the Commissioner to alter an assessment where an appeal is conceded;
    • to further regulate refunds;
    • to allow the Minister to prescribe the circumstances under which the Commissioner may settle a dispute;
    • to adjust certain definitions;
    • to increase the threshold for provisional taxpayers;
    • to increase the exemption thresholds for bravery and long service awards;
    • to further regulate the provisions regarding fringe benefits;
    • to further regulate the determination of capital gains and losses where the price of an asset has been published in the Gazette and to allow the weighted average method to be permitted for the identification and valuation of units in unit trusts registered or approved by the Registrar of unit trust companies; and
    • to further regulate the determination of capital gains or capital losses derived from foreign currency assets;
    • to introduce the Ninth Schedule to the Income Tax Act;
  • to amend the Customs and Excise Act, 1964, so as:
    • to regulate the internal review of decisions made by the Commissioner;
    • to effect certain consequential amendments to provide that the Commissioner may prescribe by rule various matters relating to special customs and excise warehouses;
    • to further regulate the disposal of goods in certain warehouses;
    • to provide for the enacting into law of a customs union agreement;
    • to provide generally for the furnishing of security in respect of licenses;
    • to provide for subcontracting by a licensed remover of goods in bond and for security to be furnished by a person other than a licensed remover in respect of goods removed or carried by such remover;
    • to provide that the Commissioner may prescribe by rule the benefits conferred upon an accredited client;
    • to allow the Minister to prescribe the circumstances under which the Commissioner may settle a dispute; and
    • to provide for certain matters concerning counterfeit goods; and
    • to provide for the rates of duty in respect of alcoholic and tobacco products;
  • to amend the Stamp Duties Act, 1968, so as:
    • to provide for an exemption in respect of certain institutions, boards or bodies established by law;
    • to abolish stamp duty on the cession of mortgage bonds;
    • to exempt the issue of listed interest-bearing debentures from stamp duty; and
    • to abolish stamp duty on certain insurance policies and contracts and cessions of insurance policies;
  • to amend the Value-Added Tax Act, 1991, so as to effect a textual amendment;
  • to amend the Uncertificated Securities Tax Act, 1998, so as to exempt repurchases of warrants by the issuers thereof and the issue of listed interest-bearing debentures;
  • to amend the Skills Development Levies Act, 1999, so as:
    • to provide that the deemed remuneration of directors of private companies be excluded for purposes of determining the liability of the company for the skills development levy; and
    • to further regulate the exemption relating to religious and charitable institutions;
  • to amend the Taxation Laws Amendment Act, 2000, so as to extend the date before which entities must re-apply to the Commissioner for tax exempt status, to 31 December 2003; 
  • to amend the Revenue Laws Amendment Act, 2001, so as to amend section 101 of the Customs and Excise Act, 1964;
  • to amend the Second Revenue Laws Amendment Act, 2001, so as:
    • to amend provisions relating to objections and appeals inserted by that Act in the Marketable Securities Tax Act, 1948, the Transfer Duty Act, 1949, the Estate Duty Act, 1955, the Stamp Duties Act, 1968, the Value-Added Tax Act, 1991, and the Uncertificated Securities Tax Act, 1998;
    • to amend certain provisions inserted by that Act in the Customs and Excise Act, 1964;
  • to amend the Unemployment Insurance Act, 2001, so as to withdraw an income tax exemption which is already contained in the Income Tax Act, 1962;
  • to amend the Unemployment Insurance Contributions Act, 2002, so as:
    • to provide that the set-off provisions may also apply in respect of any amounts refundable to an employer and to adjust the provisions relating to interest;
    • to effect certain consequential amendments and
  • to provide for matters connected therewith.

Commencement

5 August 2002, unless otherwise indicated in the Act or by Proclamation

Amendments

Amended by Revenue Laws Amendment Act 45 of 2003