Taxation Laws Amendment Act 9 of 2005

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9 of 2005

The Taxation Laws Amendment Act 9 of 2005 intends:

  • to amend the Transfer Duty Act, 1949, so as to adjust the rates of duty;
  • to amend the Income Tax Act, 1962,
    • to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending 28 February 2006 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2006;
    • to increase the primary and secondary rebates;
    • to further regulate the taxation of travel allowances;
    • to further regulate the exemption in respect of interest and foreign dividends;
    • to further regulate the depreciation of certain assets;
    • to further regulate the provisions relating to small business corporations; 
    • to further regulate the provisions relating to the incurral of interest; and
    • to further regulate the provisional tax payments to take foreign tax credits into account;
  • to amend the Customs and Excise Act, 1964, so as:
    • to further regulate the underpayment of duty on certain goods;
    • to increase the amount of air passenger departure tax; to amend Schedule No. 1; and
    •  to provide for the continuation of certain amendments to the Schedules; 
  • to amend the Stamp Duties Act, 1968, so as:
    • to repeal the stamp duties in respect of debit entries and instalment credit agreements; and
    • to provide for an exemption from duty in respect of the issue of marketable securities by certain companies;
  • to amend the Regional Services Councils Act, 1985, so as to provide for a prescription period in respect of assessments; and
  • to amend the KwaZulu and Natal Joint Services Act, 1990, so as to provide for a prescription period in respect of assessments;
  • to amend the Value-Added Tax Act, 1991, so as:
    • to amend the provisions relating to zero-rating;
    • to amend the provisions relating to penalties and interest to make provision for failure to pay tax when liability for environmental levies arises; and
    • to make provision for liability of public authorities and certain public entities for tax and limitation of refunds;
  • to amend the Skills Development Levies Act, 1999, so as to amend an exemption;
  • to amend the Revenue Laws Amendment Act, 2004, so as:
    • to amend a commencement date; and
    • to provide for the tax treatment of shares acquired upon conversion of non-proprietary exchanges; and
    • to amend the Taxation Proposals on customs and excise duties Tabled in Parliament by the Minister of Finance on 23 February 2005; and
  • to provide for matters connected therewith.

Commencement

19 July 2005

Amendments