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| Attachment | Size |
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| a27-97.pdf | 502.68 KB |
27 of 1997
The Taxation Laws Amendment Act 27 of 1997 intends:
- to amend the Marketable Securities Tax Act, 1948 [repealed in 2003], so as
- to reduce the rate of tax payable in respect of the purchase of marketable securities; and
- to withdraw an exemption;
- to amend the Transfer Duty Act, 1949, so as to effect certain textual amendments;
- to amend the Estate Duty Act, 1955, so as
- to adjust a definition; and
- to effect certain consequential amendments;
- to amend the Customs and Excise Act, 1964, so as
- to repeal a section;
- to effect certain textual alterations; and
- to amend Schedule No. 1 to the said Act;
- to amend the Stamp Duties Act, 1968 [repealed in 2009], so as
- to adjust or delete certain obsolete provisions;
- to further regulate the payment of stamp duty; and
- to reduce the stamp duty tariffs in respect of the registration of transfer, the cancellation or redemption and the acquisition of marketable securities;
- to amend the Customs and Excise Amendment Act, 1990, so as to repeal a section;
- to amend the Value-Added Tax Act, 1991, so as
- to further define certain expressions;
- to exclude certain activities from the scope of the exemption for financial services;
- to deem a supply of goods to be made in relation 10 goods imported by a foreign principal;
- to provide for a time of supply rule in respect of such deemed supply;
- to further regulate the valuation of certain deemed supplies;
- to limit the application of the rate of zero per cent in respect of services rendered elsewhere than in the Republic;
- to limit the application of the exemption for passenger transport;
- to further regulate the collection of value-added tax on the importation of goods;
- to limit the application of the payments basis of accounting for the said tax and to further regulate the accounting for the said tax when the accounting basis is changed;
- to further regulate the calculation of input tax in respect of second-hand fixed property;
- to further regulate the tax payable in respect of fixed property supplied to connected persons;
- to provide for a deduction in respect of properties in possession;
- to make further provision in respect of entertainment and adjustments of output tax and input tax;
- to provide that an amount shall not be deducted more than once;
- to further regulate the records to be maintained in the case of the acquisition of second-hand goods;
- to further regulate the circumstances in which a deduction may be made in respect of irrecoverable debts written off;
- to provide for certain deductions to be made in respect of the face value of accounts receivable transferred at face value on a non-recourse basis which is written off as irrecoverable;
- to shorten the period within which a vendor on the invoice basis must make an adjustment where he has not made payment in respect of a supply while he has claimed input tax;
- to further regulate the registration of vendors;
- to further provide for the right of objection;
- to further provide for the payment of additional tax, penalty or interest where an appeal has been lodged;
- to further regulate the payment of interest in respect of refunds made after an appeal has been noted;
- to further regulate the charging of interest and penalties;
- to further provide for the collection of tax after five years;
- to provide that a claim for a refund must be received by the Commissioner within a certain period;
- to further regulate the payment of interest on delayed refunds;
- to deem separate persons carrying on the same enterprise to be a single person under certain circumstances;
- to provide that the tax paid on importation by a foreign principal may be claimed as input tax by the agent;
- to further regulate the levying of additional tax;
- to prohibit the registration of imported motor vehicles where tax on importation has not been paid; and
- to further provide for exemption in respect of the importation of certain goods;
- to provide for a special exemption in respect of goods or services supplied by the International Telecommunication Union;
- to amend the Income Tax Act, 1993, so as to further regulate certain unbundling transactions;
- to amend the Taxation Laws Amendment Act, 1994, so as to further regulate the rationalisation of a group of companies;
- to amend the Tax on Retirement Funds Act, 1996, so as
- to insert a definition; and
- to further regulate the payment of the tax on retirement funds;
- to provide for the continuation of certain amendments of the Schedules to the Customs and Excise Act, 1964; and
- to provide for matters connected therewith.
