- TaxLawsAmendA9.pdf0.71 MB
To amend the Transfer Duty Act, 1949, so as to adjust the rates of duty; to amend the Income Tax Act, 1962, to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending 28 February 2006 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2006; to increase the primary and secondary, rebates; to further regulate the taxation of travel allowances; to further regulate the exemption in respect of interest and foreign dividends; to further regulate the depreciation of certain assets: to further regulate the provisions relating to small business corporations; to further regulate the provisions relating to the incurral of interest; and to further regulate the provisional tax payments to take foreign tax credits into account; to amend the Customs and Excise Act, 1964, so as to further regulate the underpayment of duty on certain goods: to increase the amount of air passenger departure tax; to amend Schedule No. 1; and to provide for the continuation of certain amendments to the Schedules; to amend the Stamp Duties Act, 1968, so as to repeal the stamp duties in respect of debit entries and instalment credit agreements; and to provide for an exemption from duty in respect of the issue of marketable securities by certain
companies; to amend the Regional Services Councils Act, 1985, so as to provide for a prescription period in respect of assessments: and to amend the KwaZulu and Natal Joint Services Act, 1990, so as to provide for a prescription period in respect of assessments; to amend the Value-Added Tax Act, 1991, so as to amend the provisions relating to zero-rating; to amend the provisions relating to penalties and interest to make provision for failure to pay tax when liability for environmental
levies arises; and to make provision for liability of public authorities and certain public entities for tax and limitation of refunds; to amend the Skills Development Levies Act, 1999, so as to amend an exemption; to amend the Revenue Laws Amendment Act, 2004, so as to amend a commencement date; and to provide for the tax treatment of shares acquired upon conversion of non-proprietary exchanges; and to amend the Taxation Proposals on customs and excise duties Tabled in Parliament by the Minister of Finance on 23 February 2005; and to provide for matters connected therewith.