Files
| Attachment | Size |
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| act20of1994.pdf | 21.02 MB |
20 of 1994
The Taxation Laws Amendment Act 20 of 1994 intends:
- to amend the Marketable Securities Tax Act, 1948 [repealed in 2003], so as to delete an obsolete section;
- to amend the Transfer Duty Act, 1949, so as to provide for a reduction of the transfer duty payable under certain circumstances;
- to amend the Estate Duty Act, 1955, so as to provide for certain deductions;
- to amend the Stamp Duties Act, 1968, so as
- to provide for the insertion of a definition of "instalment credit agreement";
- to increase the validating penalty;
- to provide for a credit in respect of stamp duty paid in terms of certain laws to be repealed;
- to provide for the deletion of a reference to a definition in the Value-Added Tax Act, 1991; and
- to provide for an exemption in the case of the original issue of shares in a share block company;
- to amend the Value-Added Tax Act, 1991, so as
- to further define certain expressions;
- to exclude certain activities from "financial services";
- to deem certain supplies of goods or services to be made or not made;
- to make further or other provision in respect of the value of supplies of certain goods or services, the supply of an enterprise as a going concern, the supply of services to non-residents, the supply of services in respect of intellectual property rights, the supply of goods or services necessary for the supply of financial services, the deductions allowable in respect of input tax, the calculation of output tax, the deduction allowable in respect of the redemption of tokens, vouchers or stamps, the input tax denied to a medical scheme, the adjustment in respect of change in use or consumption of goods or services, an adjustment in respect of the reduction in the price of second-hand goods, the adjustment to be made in respect of all enterprise acquired as a going concern but wholly or partially otherwise than for the purposes of making taxable supplies, the cancellation of a vendor's registration, the payment of interest in respect of appeals conceded by the Commissioner for Inland Revenue, additional tax and delayed refunds, tax relief allowable to diplomats, arrangements and directions which may be made or given by the Commissioner for Inland Revenue to overcome difficulties, anomalies or incongruities, amendments to the Act when Parliament is or is not in session;
- to provide for the conclusion of international tax agreements;
- to provide for exemptions in respect of certain importations of goods; and
- to effect certain textual alterations;
- to amend and extend certain special. provisions with regard to unbundling transactions;
- to provide for a once-off exemption from stamp duty in respect of the issue of shares by Rooibos Tea Natural Products Limited, Chicory SA Limited and SA Mohair Brokers Limited, respectively;
- to provide for an exemption from stamp duty and transfer duty in respect of certain acquisitions of marketable securities or property consequent upon the rationalisation of a group of companies and for the assessment of companies in any such group for income tax purposes in certain circumstances;
- to provide for the repeal of certain laws of the former Republics of Trariskei, Bophuthatswana, Venda and Ciskei, and for the extension of the application of certain laws in the territories of the said former Republics; and
- to provide for matters connected therewith.
Amends
- Income Tax Act 113 of 1993
- Revenue Laws Amendment Act 114 of 1977
- Revenue Laws Amendment Act 88 of 1974
- Revenue Laws Amendment Act 66 of 1973
- Revenue Laws Amendment Act 89 of 1972
- Revenue Laws Amendment Act 92 of 1971
- Revenue Laws Amendment Act 77 of 1964
Commencement
25 November 1994
