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Taxation Laws Amendment Act (No. 30 of 2002)


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To amend the Insurance Act,1943, so as to withdraw the amount payable in respect of premiums paid on or after 1 January 2002; to amend the Transfer Duty Act,1949, so as to provide for a new rate structure of duty; to provide for an exemption;and to delete an exemption; to amend the Estate Duty Act, 1955, so as to provide fora further exemption; to increase the deduction in calculating the dutiable amountof an estate; to provide that the Commissioner may reduce an assessment to rectifyany processing error; and to effect certain consequential amendments; to fix therates of normal tax payable in terms of the Income Tax Act, 1962, by persons otherthan companies in respect of taxable incomes for the years or periods of assessmentending on 28 February 2003, and by companies in respect of taxable incomes forthe years of assessment ending during the period of 12 months ending on 31 March2003; to amend the Income Tax Act, 1962, so as to amend a definition; to change theyear-end of certain taxpayers; to increase the primary rebate; to further regulatethe taxation of allowances or advances; to raise the exemption thresholds of certaininterest and dividend income; to increase the thresholds for exemption of certainbursaries andbonafidescholarships; to increase the threshold for the immediatededuction in respectorcertain intellectual property; to introduce an accelerateddepreciation for certain assets used in a process of manufacture or process of asimilar nature; to adjust the provisions relating to the write off of pipelines,transmission lines or cables and railway lines; to increase the turnover thresholdrelating to small business corporations; to introduce a deduction in respect ofLearnershipagreements; to adjust the provisions relating to the deduction ofcertain medical expenses; to further regulate the deduction of donations to publicbenefit organisations which carry on certain public benefit activities; to limit thedeductions by persons who receive remuneration; to further regulate theexemption relating to public benefit organisations; to increase the exempt limits fordonations tax; to further regulate the submission of income tax returns in respectof foreign assets and funds held by residents; to provide that the Commissionermay estimate an amount of deemed foreign taxable income where a person does notreport or account for foreign funds held or assets owned offshore; to allow theCommissioner to reduce an assessment to rectify any processing error; to allow theCommissioner to alter an assessment where an appeal is conceded; to furtherĀ  regulate refunds; to allow the Minister to prescribe the circumstances under whichthe Commissioner may settle a dispute; to adjust certain definitions; to increase thethreshold for provisional taxpayers; to increase the exemption thresholds forbravery and long service awards; to further regulate the provisions regardingfringe benefits; to further regulate the determination of capital gains and losseswhere the price of an asset has been published in the Gazette and to allow theweighted average method to be permitted for the identification and valuation ofunits in unit trusts registered or approved by the Registrar of unit trust companies;and to further regulate the determinationofcapital gains or capital losses derivedfrom foreign currency assets; to introduce the Ninth Schedule to the Income TaxAct; to amend the Customs and Excise Act, 1964, so as to regulate the internalreview of decisions made by the Commissioner; toeffectcertain consequentialamendments to provide that the Commissioner may prescribe by rule variousmatters relating to special customs and excise warehouses; to further regulate thedisposal of goods in certain warehouses; to provide for the enacting into law of acustoms union agreement; to provide generally for the furnishing of security inrespect of licenses; to provide for subcontracting by a licensed remover of goods inbond and for security to be furnished by a person otherthan a licensedremover inrespect of goods removed or carried by such remover; to provide that theCommissioner may prescribe by rule the benefits conferred upon an accreditedclient; to allow the Minister to prescribe the circumstances under which theCommissioner may settle a dispute; and to provide for certain matters concerningcounterfeit goods; and to provide for the rates of duty in respect of alcoholic andtobacco products; to amend the the Stamp Duties Act, 1968, so as to provide for anexemption in respect of certain institutions, boards or bodies established bylaw; toabolish stamp duty on the cession of mortgage bonds; to exempt the issue of listedinterest-bearing debentures from stamp duty; and to abolish stamp duty on certaininsurance policies and contracts and cessions of insurance policies; to amend theValue-AddedTax Act, 1991, so as to effect a textual amendment; to amend theUncertificatedSecurities Tax Act, 1998, so as to exempt repurchases of warrants bythe issuers thereof and the issue of listed interest-bearing debentures; to amend theSkills Development Levies Act, 1999, so as to provide that the deemed remunera-tion of directors of private companies be excluded for purposes of determining theliability of the company for the skills development levy; and to further regulate theexemption relating to religious and charitable institutions; to amend the TaxationLaws Amendment Act, 2000, so as to extend the date before which entities mustre-apply to the Commissioner for tax exempt status, to 31 December 2003; toamend the Revenue Laws Amendment Act, 2001, so as to amend section 101 of theCustoms and Excise Act, 1964; to amend the Second Revenue Laws AmendmentAct, 2001, so as to amend provisions relating to objections and appeals inserted bythat Act in the Marketable Securities Tax Act, 1948, the Transfer Duty Act, 1949,the Estate Duty Act, 1955, the Stamp Duties Act, 1968, the Value-Added Tax Act,1991, and theUncertificatedSecurities Tax Act, 1998; to amend certain provisionsInserted by that Act in the Customs and Excise Act, 1964; to amend theUnemployment Insurance Act, 2001, so as to withdraw an income tax exemptionwhich is already contained in the Income Tax Act, 1962; to amend theUnemployment Insurance Contributions Act, 2002, so as to provide that the set-offprovisions may also apply in respect of any amounts refundable to an employer andto adjusttheprovisions relating to interest; to effect certain consequentialamendments and to provide for matters connected therewith.



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