https://www.polity.org.za
Deepening Democracy through Access to Information
Home / Legislation / Acts / Years / 2001 RSS ← Back
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Embed Video

Revenue Laws Amendment Act (No. 19 of 2001)

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Sponsored by

To amend  the  Estate  Duty  Act, 1955, so as  to  further  regulate  the  valuation of property  for  purposes of inclusion  and  deduction  purposes;  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 2002 and 30 June 2002, and by companies  in  respect  of  taxable  incomes for  the  years of assessment  ending  during  the  period of 12 months  ending  on 31 March 2002; to  amend  the  definition of “gross  income” so as  to  avoid  a  double inclusion of an  amount  therein;  to  regulate  the  tax  treatment of pension  funds where  employees  are  transferred  from  a  local  authority  to  a  municipal  entity;  to take  capital  gains  into  account  in  the  formula  used  for  determining  the  rate  at which  special  remuneration or lump  sum  payments  must  be  taxed;  to  increase  the primary  rebate  for  individuals;  to  further  regulate  the  recoupment  provisions  in respect of any  distribution of an  asset  to  a  shareholder;  to  amend  the  definition of “foreign  dividend”  to  exclude  certain  amounts;  to  increase  the  amount of dividends  and  interest  which  are  exempt  from  tax;  to  provide  for  the  deduction of pre-production  interest  in  respect of certain  depreciable  assets;  to  provide  for  a scrapping  allowance  in  respect of certain  depreciable  assets;  to  provide  for  the deduction of an  amount  invested  by  a  small  business  corporation  in  certain manufacturing  assets;  to  provide  for  an  allowance  in  respect of investments  in certain  aircraft  hangars.  aprons,  runways  and  taxiways;  to  provide  for  an additional  industrial  investment  allowance  in  respect of qualifying  strategic industrial  prqjects;  to  further  regulate  the  deduction  in  respect of buildings  used  in a  process of manufacturing;  to  regulate  the  treatment of certain  income of non-resident  trusts;  to  further  regulate  the  taxation of long-term  insurers;  to further  regulate  the  limitation  on  trading  activities of a  public  benefit  organisation; to further  regulate  electronic  communication  with  the  Commissioner;  to  provide for  the  payment of employees’  tax by directors of private  companies;  to  increase the  provisional  tax  threshold;  to  further  regulate  the  provisions  relating  to  the taxation of capital  gains;  and  to  provide  for  certain  consequential  and  textual amendments;  to  amend  the  Customs  and  Excise  Act, 1964, so as  to  provide  that requirements  in  respect of any  report  listing  and  describing  cargo  carried  by  or loaded on to  any  ship,  aircraft,  railway  train  or  other  vehicle  and  any  outturn report  to  be  submitted  to  the  Controller  may  be  prescribed by rule:  to  provide  for the  removal of goods  in  bond by a licensed  remover;  to  provide  for  the  removal of goods  for  export  by  a  licensed  remover;  to  reduce  the  period  for  which  goods  may be stored  in  a  customs  and  excise  warehouse  from five years  to  two  years;  to  make provision  that  the  Commissioner  may  determine  by  rule  the  time  when  excisable goods or fuel  levy  goods  manufactured in the  Republic  shall  be  entered  or  deemed to  be  entered  for  home  consumption  and  the  payment of duty  on  such  goods, restrict  the  licensing of customs  and  excise  storage  warehouses,  cancel  the  licence of any  existing  storage  warehouse  and  allow  any  imported  goods  to  be  mixed  with locally  produced  excisable  or  fuel levy goods of the  same  class  or  kind in a  customs and excise  warehouse  on  payment of any  difference of duty;  to  provide  that  goods so used  shall  be  sub,ject  to  the  duties  leviable  and  the  manufacturing,  accounting and  removal  procedures  prescribed  in  terms of excisable or fuel  levy  goods manufactured  in  such  warehouse;  to  provide  further  for  provisions  that  regulate the  removal of goods  from  a  customs  and  excise  warehouse;  to  provide  that  export bills of entry  must be  delivered  before  the  goods  are  exported  or  at  such  times  and in the  circumstances  provided by rule;  to  provide  that  imported  goods  may  be delivered  by  the  master,  pilot  or  other  carrier,  container  operator  or  depot  operator to  certain  persons  licensed  or  registered  on  compliance  with  such  conditions  or procedures  as  may be prescribed by rule  and  when  liability  for  duty  shall  cease  in respect of such  goods;  to  insert  a  new  section  which  provides  for  procedures relating  to  the  registration of persons  participating  in  activities  regulated  by  the Act and  the  refusal of any  application  for  registration  and  the  suspension  or cancellation of a  registration  and  matters  incidental  thereto;  to  further  regulate provisions  relating  to  licensing:  to  provide  for  the  activities  for  which  a  licence is required,  the  persons  who  are  required  to  licence,  the  procedures  and  other requirements  to  be  prescribed  in  the  Notes,  to  the  item  in  Schedule No. 8 in  which such  licence is specified and  in  the  rules,  and  to  specify  the  circumstances  in  which the  Commissioner  may  refuse  an  application  for  a  new  licence  or  renewal of a licence or cancel or  suspend  a  licence;  to  further  provide  for  requirements  in respect of the  licensing of clearing  agents;  to  provide  for  the  licensing of a  remover of goods  in  bond,  the  goods  which  are  to  be  removed  by  such  licensed  remover,  the application  for  such  licence,  the  liability of the  remover of goods  in  bond  and  other persons  in  respect of any  goods  removed  or  carried  by  the  remover  and  matters incidental  thereto;  to  confer  accredited  client  status  on  any  applicant  who is licensed or  registered  under  the  Act;  to  prescribe  the  requirements  in  respect of such  status  and  matters  incidental  thereto;  to  introduce  an  invoice  price  basis of valuation  for  excise  duty  purposes in respect of goods  manufactured  in  the Republic  and  specified  in  certain  items of Section B of Part 2 of Schedule No. 1; to provide  for  a  refund of fuel levy on  distillate  fuel  and  the  levy  leviable  on  diesel  in terms of the  Road  Accident  Fund  Act, 1996, and  to  provide  for  matters  connected therewith;  to  further  regulate  certain  provisions  in  respect of which  deductions  are allowed  from  the  dutiable  quantities  and  to  limit  such  deductions  to  quantities  not exceeding  these  specified  in  each  case;  to  regulate  electronic  communication  for  the purposes of customs  and  excise  procedures  and  to  provide  for  matters  connected therewith;  to  amend  Schedule No. 1 to  the  said  Act  and  the  effective  date  thereof; and  to  provide  for  the  continuation of amendments  to  the  Schedules;  to  amend  the Stamp  Duties  Act, 1968. so as  to  remove  stamp  duties  on  bills of exchange  and promissory  notes, bills of entry,  securities  and  suretyships;  to  further  regulate  the stamp  duties  on  debit  entries:  and to provide  for  certain  consequential  and  textual amendments;  to  amend  the  Value-Added Tax  Act, 1991, so as  to  further  define certain  expressions  and  to  simplify  and  revise  the  provisions  relating  to  the  supply of accommodation;  to  enable  the  Commissioner  to  publish  the  name  and registration  numbers of vendors;  to  regulate  the VAT consequences  on  the  transfer of all  assets  and  liabilities of a  disestablished  local  authority  to  a  new  local authority so as  to  ensure  that it will not  constitute  a  supply  subject  to VAT when  the consolidation of their  accounting  systems  takes  place;  to  regulate  the  exemption  in respect of dwellings in the  case of employers  and  local  authorities  who  supply staff accommodation,  to  make it clear  that  any  officer  under  the  Commissioner's control.  direction  or  supervision  may  be  authorised  to  collect VAT on  importation of goods;  to  make  provision  for  a  flat  rate  scheme in certain  circumstances  for  small scale  farmers; to pre\,ent  claims for refunds of certain  amounts of V.4T after five years:  to  make  it  an  offence  not  to  issue  a  tax  invoice  to  a  recipient  as  required by the  Act;  and  to  make  allowance  for  the  addition of small  quantities of minerals, itamins  and  similar  additives  to  increase  the  nutritional  value of maize  meal  and milk;  to  amend  the  Road  Accident  Funds  Act. 1996, so as  to  provide  for  a  refund by the  Road  Accident  Fund of certain  levies  leviable  in  terms of that  Act;  to  amend  the Uncertificated  Securities  Tax  Act, 1998. so as  to  provide  for  an  exemption  in  respect of a  change in beneficial  ownership in securities  which  are  interest  bearing debentures listed  by  a  financial  exchange;  to  amend  the  Skills  Development  Levies Act, 1999, so as  to  regulate  the  period  during  which  certain  information  must  be submitted by  the  Commissioner to the  Director  General of Labour;  and  to  further regulate  the  court's  jurisdiction in respect of offences; to amend  the  Taxation  Laws Amendment  Act, 2000, so as  to  remove  the  requirement  that  the  Commissioner must  approve  a  benefit  fund;  to  amend  the  Taxation  Laws  Amendment  Act, 2001, so as  to  delete  an  amendment  proposed  in  that  Act;  and  to  provide  for  matters connected  therewith.

Advertisement

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options