Taxation Laws Amendment Act 16 of 2004

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16 of 2004

The Taxation Laws Amendment Act 16 of 2004 intends:

  • to amend the Transfer Duty Act, 1949, so as:
    • to adjust the rates of duty; and
    • to further regulate the exemptions from duty;
  • to amend the Income Tax Act, 1962, so as:
    • to further regulate the rate of interest;
    • to provide for the delegation of certain functions of the Commissioner to the executive officer of the Financial Services Board;
    • to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending on 28 February 2005 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2005;
    • to increase the primary and secondary rebates;
    • to amend the provisions relating to foreign dividends so as to effect certain consequential amendments;
    • to further regulate the exemption in respect of interest and foreign dividends;
    • to further regulate the losses incurred on alienation, loss or destruction of certain depreciable assets;
    • to regulate the depreciation of assets used for production of bio-diesel or bio-ethanol;
    • to further regulate the provisions relating to urban development zones;
    • to further regulate the provisions which prohibit certain deductions;
    • to further regulate the provisions relating to the taxation of toll road operators; 
    • to further regulate the provisions relating to the timing of accrual and incurral of amounts in respect of interest rate agreements;
    • to further regulate the provisions relating to long-term insurers;
    • to further regulate the provisions relating to submission of returns;
    • to delete certain provisions relating to record-keeping which have been duplicated in the Act;
    • to further regulate the provisions relating to the deduction or withholding of employees' tax;
    • to further regulate the provisions relating to employees' tax payable by labour brokers;
    • to further regulate the provisions relating to capital gains tax;
    • to delete certain obsolete provisions;
    • to align the Afrikaans text of the Act to the English text; and
    • to effect certain textual and consequential amendments;
  • to amend the Customs and Excise Act, 1964, so as:
    • to effect certain textual amendments; 
    • to further regulate the rate of interest on outstanding duties; and
    • to amend Schedule No. 1 to that Act and the effective date thereof;
  • to amend the Stamp Duties Act, 1968, so as:
    • to delete a definition;
    • to abolish stamp duty on certain instruments; and
    • to effect certain consequential amendments;
  • to amend the Value-Added Tax Act, 1991, so as:
    • to further regulate the rate of interest;
    • to clarify the term 'registration number'; 
    • to delete certain obsolete provisions;
    • to reinstate and regulate interest and penalties on late payment of VAT on goods subject to excise duty;
    • to effect certain textual and consequential amendments; and
    • to align the value of goods in the notes to Schedule 1 to the value of goods under the item in Schedule 1;
  • to amend the Tax on Retirement Funds Act, 1996, so as:
    • to effect certain consequential amendments; and
    • to provide for interest on delayed refunds;
  • to amend the Revenue Laws Amendment Act, 1999, so as to effect a textual amendment;
  • to amend the Second Revenue Laws Amendment Act, 2001, so as to delete an amendment to the Customs and Excise Act, 1964, which has not come into operation and which has become obsolete;
  • to amend the Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003, so as to further regulate the last date for submission of tax returns for purposes of the amnesty;
  • to amend the Revenue Laws Amendment Act, 2003, so as:
    • to clarify certain commencement dates; and
    • to delete a provision in the Afrikaans text which does not appear in the English text;
    • to provide for the continuation of amendments to the Schedules to the Customs and Excise Act, 1964;
    • to provide for transitional mineral and petroleum provisions relating to the continuation of payments to the State for removal and disposal of minerals or petroleum;
    • to provide for a short title and commencement date of this Act; and
  • to provide for matters connected therewith.

Commencement

27 July 2004, unless otherwise indicated

Amendments