Taxation Laws Amendment Act 8 of 2007

Files: 
AttachmentSize
PDF icon a8-08.pdf3.03 MB
8 of 2007

The Taxation Laws Amendment Act 8 of 2007 intends:

  • to amend the Estate Duty Act, 1955, so as to determine the dutiable amount of an estate;
  • to amend the Income Tax Act, 1962, so as:
    • to fix the rates of normal tax;
    • to amend certain amounts;
    • to amend certain definitions;
    • to insert certain definitions;
    • to delete certain obsolete provisions;
    • to extend certain time periods;
    • to amend certain rates;
    • to further regulate the taxation of lump sum benefits;
    • to provide for and regulate the deduction of certain amounts from income;
    • to provide that certain amounts may be determined by the Commissioner;
    • to further regulate the withholding of employees' tax and to effect certain textual and consequential amendments;
  • to amend the Customs and Excise Act, 1964, so as:
    • to amend Schedule 1;
    • to provide for the continuation of certain amendments to the Schedules and
    • to effect certain textual amendments;
  • to amend the Stamp Duties Act, 1968, so as:
    • to provide for the exemption from duty of certain leases;
    • to further regulate refunds payable;
    • to reduce a limit on stamp duty payable and
    • to effect certain textual and consequential amendments;
  • to amend the Value-Added Tax Act, 1991, so as:
    • to amend certain definitions;
    • to further regulate the circumstances in which input tax may be claimed;
    • to further regulate value-added tax exemption on importation of goods and
    • to effect certain textual and consequential amendments;
  • to amend the Tax on Retirement Funds Act, 1996, so as to amend certain definitions;
  • to amend the Small Business Tax Amnesty and Amendment of Taxation Laws Act, 2006, so as:
    • to treat certain amounts as exempt;
    • to provide that certain amounts may not be deducted; 
    • to provide that certain capital gains and capital losses must be disregarded;
    • to provide that no reduced assessments or objections may be made under certain circumstances and
    • to effect certain textual and consequential amendments;
  • to amend the Revenue Laws Amendment Act, 2006, so as:
    • to insert certain effective dates and
    • to effect certain textual and consequential amendments;
  • to amend the Diamonds Act, 1986, so as to amend the imposition of a levy;
  • to amend the Diamonds Amendment Act, 2005, so as to extend a date and
  • to provide for matters connected therewith.

Amends

Commencement

8 August 2007 and the dates specified in the various sections of the Act or by Proclamation

Amendments