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Taxation Laws Amendment Act (No. 3 of 2008)


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To amend the—
• Income Tax Act, 1962, so as to fix the rates of normal tax; to amend and
insert certain definitions; to delete certain obsolete definitions; to delete
certain obsolete provisions; to delete certain obsolete references; to effect
textual and consequential amendments; to exclude certain amounts from
the net income of a controlled foreign company; to add, amend and remove
certain exemptions; to add, amend and remove certain deductions; to
amend provisions relating to: the deemed receipt or accrual of income,
certain limitations in respect of deductions, special corporate rules, the
determination of the net amount of a dividend, the treatment of certain tax
claims and refunds, the determination of S.I.T.E., public benefit activities
and the taxation of fringe benefits, persons commencing or ceasing to be
residents, capital distributions and oil and gas companies;
• Customs and Excise Act, 1964, so as to amend rates of duty in Schedule
No. 1;
•  Value-Added Tax Act, 1991, so as to amend thresholds;
• Collective Investment Schemes Control Act, 2002, so as to effect a textual
• Revenue Laws Amendment Act, 2006, so as to amend provisions with
regard to the 2010 FIFA World Cup;
• Diamond Export Levy Act, 2007, so as to effect textual corrections;
• Securities Transfer Tax Act, 2007, so as to substitute a word; and
• Revenue Laws Amendment Act, 2007, so as to amend effective dates; to
amend provisions relating to the amalgamation of sporting bodies; to effect
textual amendments;
and to provide for matters connected therewith.



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