Taxation Laws Amendment Act 30 of 2000

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30 of 2000

The Taxation Laws Amendment Act 30 of 2000 intends:

  • to amend the Marketable Securities Tax Act, 1948 (repealed in 2003), so as:
    • to withdraw an exemption;
    • to further regulate the procedures relating to inquiries;
  • to amend the Transfer Duty Act, 1949, so as:
    • to withdraw certain exemptions;
    • to further regulate an exemption; to provide for a further exemption;
    • to further regulate the procedures relating to inquiries;
    • to effect certain textual amendments;
  • to amend the Estate Duty Act, 1955, so as:
    • to insert a definition;
    • to effect certain textual amendments; to further regulate a deduction;
    • to withdraw certain deductions;
    • to further regulate the procedures relating to inquiries;
    • and to further regulate penalties which may be imposed in respect of offences;
  • to amend the Income Tax Act, 1962, so as:
    • to fix the rates of normal tax payable by persons other than companies in respect of taxable incomes for the years of assessment ending on 28 February 2001 and 30 June 2001, and by companies in respect of taxable incomes for the years of assessment ending during the period of 12 months ending on 31 March 2001;
    • to delete certain obsolete provisions;
    • to further define certain expressions;
    • to further regulate the secrecy provisions;
    • to increase certain tax rebates;
    • to further regulate the rebate in respect of foreign taxes on income;
    • to effect certain consequential amendments;
    • to further regulate the provisions in respect of the recoupment of deductions and allowances;
    • to further regulate the taxation of investment income from foreign sources;
    • to further regulate the taxation of investment income of controlled foreign entities;
    • to provide for the taxation of foreign dividends;
    • to further regulate the tax exemption of public benefit organisations;
    • to withdraw certain exemptions;
    • to further regulate the exemption in respect of dividend income:
    • to provide for a deduction in respect of restraint of trade payments;
    • to further regulate the deductions in respect of assets which have been scrapped;
    • to provide for a deduction in respect of the depreciation of certain pipelines, transmission lines and railway lines;
    • to further regulate the deduction of donations to certain public benefit organisations;
    • to repeal obsolete sections;
    • to further regulate the provisions relating to the set-off of assessed losses;
    • to withdraw the basis of valuation of trading stock consisting of marketable securities whereunder the last item of trading stock acquired is deemed to be the first item disposed ok to further regulate the provisions in respect of deductions not allowed in the determination of taxable income;
    • to further regulate the provisions prohibiting double deductions;
    • to further regulate the deduction relating to the acquisition and disposal of trading stock;
    • to provide for a limitation of certain deductions so as to match expenditure to the income, goods or benefit received relating to such expenditure;
    • to provide for the manner of taxation of public benefit organisations;
    • to further regulate certain exemptions relating to donations tax;
    • to further regulate the levy of Secondary Tax on Companies in consequence of the taxation of foreign dividends;
    • to further define a definition relating to amounts distributed that are deemed to be dividends for the purposes of Secondary Tax on Companies;
    • to further regulate the provisions relating to the furnishing of returns;
    • to further regulate the duty of companies to furnish returns in consequence of the taxation of foreign dividends:
    • to further regulate the procedures relating to inquiries;
    • to further regulate the publication of judgments or decisions of the Special Court for hearing of income tax appeals;
    • to further regulate the power to appoint agents so as to also require the payment of interest and penalties from moneys held by such agents;
    • to provide that employees’ tax be deducted from - remuneration paid to personal service companies and personal service trusts;
    • to further define expressions for the purposes of the Fourth Schedule;
    • to further regulate the issuing of certificates of exemption for employees’ tax purposes;
    • to further define an expression for the purposes of the Seventh Schedule; and
    • to further regulate the determination of the value of any fringe benefit relating to holiday accommodation;
  • to amend the Customs and Excise Act, 1964, so as:
    • to further define an expression in consequence of tbe introduction of an air passenger tax;
    • to provide for the introduction of an air passenger tax;
    • to provide that the Minister of Finance may publish in a notice certain agreements or protocols which shall be enacted into law;
    • to make provision for a rebate of fuel levy on imported goods;
    • to make provision for a refund of duty in respect of imported goods entitled to a preferential rate of duty;
    • to further regulate the payment of interest;
    • to amend Schedule No. 1 to the said Act and the effective date thereof 
    • to provide for the continuation of amendments to the Schedules; and
    • to amend the long title of the aid Act;
  • to amend the Stamp Duties Act, 1968, so as:
    • to withdraw certain exemptions;
    • to further regulate certain exemptions relating to public benefit organisations;
    • to provide for an exemption;
    • to provide that any amount of stamp duty or penalty which does not exceed R400 may be denoted by way of adhesive stamps;
    • to further regulate penalties which may be imposed in respect of offences;
    • to further regulate the procedures relating to inquiries;
    • to amend Schedule 1 to the said Act to withdraw certain exemptions;
    • to delete the reference to obsolete provisions;
    • to effect certain textual amendments;
  • to amend the Eskom Act, 1987 (repealed in 2001), so as to provide for the taxation of the receipts and accruals of Eskom and its subsidiaries;
  • to amend the Value-Added Tax Act, 1991, so as:
    • to further define certain expressions;
    • to include certain services in the zero-rating provisions;
    • to create a new category of vendors for the purposes of accounting for tax;
    • to further regulate the period within which a return has to be submitted;
    • to provide for agreed assessments;
    • to extend the circumstances in which the Commissioner may call for security;
    • to further regulate the procedures relating to inquiries;
    • to provide for a special exemption from value-added tax;
  • to amend the Income Tax Act, 1993, so as to delete a reference to an obsoiete provision;
  • to amend the Tax on Retirement Funds Act, 1996, so as:
    • to effect certain consequential amendments;
    • to amend the formula for determining the income of a fund to make provision for the taxation of foreign dividends;
  • to amend the Uncertificated Securities Tax Act, 1998, so as:
    • to withdraw certain exemptions; and
    • to further regulate the procedures relating to inquiries;
  • to amend the DemutuaIisation Levy Act, 1998, so as to provide for exemption of the Umsobomvu Fund from income tax;
  • to amend the Eskom Amendment Act, 1998, so as to regulate the provisions relating to the income tax exemption of Eskom;
  • to amend the Skills Development Levies Act, 1999, so as:
    • to further regulate the exemption of certain public benefit organisations carrying on a public benefit activity of a religious or charitable nature;
    • to effect certain consequential amendments;
    • to further regulate certain matters relating to representative taxpayers;
  • to provide for matters connected therewith.

Commencement

19 July 2000 and the dates specified in the various sections of the Act

Amendments