- Government
Gazette 15167
-
STATE
PRESIDENT'S
OFFICE No.
1859.
-
13
October
1993
-
- It
is hereby
notified that
the
State
President has
assented
to the
following Act
which is
hereby
published for
general
information:-
-
No.
140
of 1993:
Revenue
Laws
Amendment
Act,
1993
-
- GENERAL
EXPLANATORY
NOTE:
-
- Words
in bold
type
indicate omissions
from
existing
enactments.
Words in
italics
indicate
insertions
in existing
enactments.
-
- ACT
-
- To
amend
the
Insurance
Act,
1943,
so as
to
rectify
the Afrikaans
text of certain
definitions; to
amend
the
Estate
Duty
Act, 1955,
so as
to insert
a definition;
to amend
the
Income
Tax Act,
1962, so
as to
make
further provision
regarding exemptions
from taxation;
to make
certain
textual
alterations;
to amend
or substitute
certain definitions;
to make
further
-
provision
regarding secondary
tax on
companies;
and to
amend
provisions
-
regarding
the
payment
of tax
pending
an appeal;
to amend
the
Stamp
Duties
Act,
1968,
so as
to provide
for an
exemption;
to amend
the Value-Added
Tax Act,
1991,
so as
to alter
the provisions
regarding the
payment
of tax
-
pending
an appeal
and the
provisions regarding
the
payment
of
interest
on delayed
refunds;
to amend
the Income
Tax
Act, 1993,
so as
to make
further
provision
with
regard
to unbundling
transactions; and
to provide
for
-
matters
connected
therewith.
-
- (Afrikaans
text
signed by
the State
President.)
(Assented
to 1
October
1993.)
-
- BE
IT ENACTED
by the
State
President
and the
Parliament
of the
Republic
of South
Africa, as
follows:-
-
- Amendment
of section
1 of
Act 27
of 1943,
as amended
by section
2 of
Act 73
of 1951,
section
39 of
Act 24
of 1956,
section 50
of Act
25 of
1956,
-
section
1 of
Act 79
of 1959,
section
1 of
Act 10
of 1965,
section
1 of
Act
-
41
of 1966,
section
1 of
Act 65
of 1968,
section 1
of Act
39 of
1969, section
1 of
Act 91
of 1972,
section
1 of
Act 101
of 1976,
section 1
of Act
-
94
of 1977,
section
1 of
Act 80
of 1978,
section 1
of Act
103
of 1979,
-
- section
1 of
Act 99
of 1980,
section
1 of
Act 36
of 1981,
section
1 of
Act
-
86
of 1984,
section
1 of
Act 106
of 1985,
section
1 of
Act
54 of
1989, section
29 of
Act 97
of 1990,
section
1 of
Act 83
of 1992,
section 1
of Act
-
104
of 1993
and section
63 of
Act 113
of 1993
-
- 1.
(1) The
Afrikaans
text of
section
1 of
the Insurance
Act, 1943,
is hereby
amended-
-
- (a)
by the
substitution
in subsection
(1) for
the definition
of
-
"amortisasiebesigheid"
of the
following
definition:
-
- "`amortisasiebesigheid'
beteken
'n
polis,
uitgesonderd
'n
lewenspolis
of 'n
tuisdienspolis,
waarkragtens
in
versekeraar
in ruil
vir
die betaling
of belofte
van betaling
van 'n
som
of somme
-
geld
'n
verpligting
aanvaar om
aan
'n persoon
'n som
of somme
geld
-
to
betaal
op 'n
bepaalde of
bepaalbare
toekomstige
datum
die
besigheid
om
verpligtinge
kragtens
amortisasiepolisse
to aanvaar;";
and
-
- (b)
by the
substitution
in subsection
(1) for
the
definition
of
-
"amortisasiepolis"
of the
following
definition:
-
- "'amortisasiepolis'
beteken
'n polis,
uitgesonderd
'n lewenspolis
of
-
'n
tuisdienspolis,
waarkragtens
'n versekeraar
in ruil
vir die
betaling
of
belofte
van betaling
van 'n
som
of somme
geld
'n verpligting
aanvaar
om aan
'n persoon
'n som
of somme
geld
to betaal
op 'n
bepaalde
of bepaalbare
toekomstige
datum
of na
die
-
verloop
van die
tydperk
soos
bepaal
by
of
kragtens
artikel
59B(1)
vanaf
die
datum
waarop
die
enigste of
eerste som
geld
aan die
versekeraar
betaalbaar
geword
bet
kragtens
die
polis;".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 20
-
July
1993.
-
- Amendment
of section
1 of
Act 45
of 1955,
as amended
by section
1 of
Act 59
of 1957,
section
1 of
Act 65
of 1960,
section 7
of Act
77 of
1964, section
-
3
of Act
92 of
1971, section
9 of
Act
106 of
1980, section
5 of
Act 86
of
-
1987,
section
7 of
Act
87 of
1988 and
section
6 of
Act 97
of 1993
-
- 2.
(1)
Section
1 of
the
Estate Duty
Act, 1955,
is hereby
amended
by the
insertion after
the
definition
of "fair
market
value"
of the
following definition:
-
- "'family
company',
in relation
to a
deceased
person,
means
an
-
company
(other
than a
company whose
shares are
quoted on
a recognized
stock
exchange)
which at
any relevant
time
was
controlled
or capable
of being
controlled
directly
or
indirectly,
whether
through
a majority
of
-
the
shares
thereof or
any
other
interest
therein
or in
any other
manner
-
- whatsoever,
by the
deceased
or by
the deceased
and
one or
more
of his
relatives;".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 9 -
July
1993.
-
- Amendment
of section
9 of
Act 58
of 1962,
as amended
by section
7 of
Act 90
of 1962,
section
6 of
Act 72
of 1963,
section 7
of Act
90 of
1964, section
-
9
of Act
95 of
1967, section
12 of
Act
89 of
1969,
section
6 of
Act 65
of
-
1973,
section
9 of
Act
85 of
1974, section
8 of
Act
103 of
1976, section
9 of Act
121 of
1984, section
5 of
Act 96
of 1985,
section
6 of
Act 65
of
-
1986,
section
2 of
Act
108
of 1986,
section
7 of
Act
85 of
1987,
section
10 of
Act
129 of
1991, section
7 of
Act 141
of 1992
and section
5 of
Act 113
of 1993
-
- 3.
(1)
Section
9 of
the
Income
Tax
Act,
1962,
is hereby
amended
by the
deletion in
subsection (1)
of the
proviso to
paragraph
(f).
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
as from
the commencement
of the
years
of assessment
ending
on or
after 1
January
-
1994.
-
- Amendment
of section
10 of
Act 58
of 1962,
as
amended
by section
8 of
Act
-
90
of 1962,
section
7 of
Act 72
of 1963,
section 8
of Act
90 of
1964, section
10 of
Act 88
of 1965,
section
11 of
Act 55
of 1966,
section 10
of Act
95 of
1967, section
8 of
Act 76
of 1968,
section
13 of
Act
89 of
1969, section
9 of
Act 52
of 1970,
section
9 of
Act 88
of 1971,
section
7 of
Act
-
90
of 1972,
section
7 of
Act 65
of 1973,
section 10
of Act
85 of
1974, section
8 of
Act 69
of 1975,
section
9 of
Act 103
of 1976,
section 8
of Act
-
113
of 1977,
section
4 of
Act 101
of 1978,
section
7 of
Act 104
of 1979,
section
7 of
Act 104
of 1980,
section
8 of
Act 96
of 1981,
section 6
of Act
-
91
of 1982,
section
9 of
Act 94
of 1983,
section 10
of Act
121 of
1984,
-
section
6 of
Act 96
of 1985,
section
7 of
Act 65
of 1986,
section
3 of
Act
-
108
of 1986,
section
9 of
Act 85
of 1987,
section
7 of
Act
90 of
1988, section
36 of
Act 9
of 1989,
section
7 of
Act 70
of 1989,
section
10 of
Act
-
101
of 1990,
section
12 of
Act 129
of 1991,
section
10 of
Act 141
of 1992
and section
7 of
Act 113
of 1993
-
- 4.
(1)
Section
10 of
the
Income
Tax Act,
1962, is
hereby
amended
by the
insertion in
subsection
(1)
after
paragraph
(nH)
of the
following
-
paragraph:
-
- "(o)
an
remuneration
derived b
an person
as an
officer
or
crew member
of a
ship
engaged
in
the
international
transportation
for reward
of passengers
or goods
if such
person was
outside
the
Republic
for
a period
or periods
exceeding
183
days
in aggregate
during the
year
of assessment;".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
as from
the commencement
of the
years
of assessment
ending
on or
after 1
January
-
1994.
-
- Amendment
of section
11 of
Act 58
of 1962,
as
amended
by section
9 of
Act
-
90
of 1962,
section
8 of
Act 72
of 1963,
section 9
of Act
90 of
1964, section
11 of
Act 88
of 1965,
section
12 of
Act 55
of 1966,
section 11
of Act
95 of
1967, section
9 of
Act 76
of 1968,
section
14 of
Act
89 of
1969, section
10 of
Act 52
of 1970,
section
10 of
Act 88
of 1971,
section 8
of Act
90 of
1972, section
9 of
Act 65
of 1973,
section
12 of
Act
85 of
1974, section
9 of
Act 69
of 1975,
section
9 of
Act 113
of 1977,
section 5
of Act
-
101
of 1978,
section
8 of
Act 104
of 1979,
section
8 of
Act 104
of 1980,
section
9 of
Act 96
of 1981,
section
7 of
Act 91
of 1982,
section
10 of
Act
-
94
of 1983,
section
11 of
Act 121
of 1984,
section
46 of
Act 97
of 1986,
-
section
10 of
Act 85
of 1987,
section
8 of
Act 90
of 1988,
section 8
of Act
-
70
of 1989,
section
11 of
Act 101
of 1990,
section
13 of
Act 129
of 1991,
section
11 of
Act 141
of 1992
and section
9 of
Act 113
of 1993
-
5.
(1)
Section
11 of
the
Income
Tax Act,
1962, is
hereby
amended -
(a)
by the
substitution
in the
proviso
to paragraph
(e) for
paragraph
-
(viii)
of the
following
paragraph:
-
- "(viii)
where
in respect
of any
machinery,
implement,
utensil
or article
acquired
by the
taxpayer
on or
after
21 June
1993,
a
-
deduction
or allowance
was
previously
granted
to a
connected
person
in relation
to the
taxpayer
under this
paragraph
or section
12B(1)
-
or
12C(1), or
under
section 27(2)(d)
prior
to the
deletion
thereof
-
by
section
28(b)
of the
Income
Tax
Act, 1991
(Act No.
129 of
1991), the
allowance
under this
paragraph
shall be
calculated
on an
-
amount
not exceeding
the
lesser
of the
cost of
such
machinery,
implement,
utensil
or
article
to such
connected
person
or the
market
value
thereof
as determined
on the
date
upon which
it was
acquired
by the
taxpayer;";
and
-
(b)
by the
substitution
for paragraph
(dd) of
the
proviso
to paragraph
-
(gA)
of the
following
paragraph:
-
- "(dd)
where
any such
invention,
patent,
design,
trade
mark,
-
copyright
or other
property
or
knowledge
was
so acquired
or obtained
by the
taxpayer
on or
after
1 July
1993 from
any other
person who
is
-
a
resident of
the Republic
or a
neighbouring
country (or,
in the
-
case
of a
company,
a domestic
company
or a
company
incorporated,
managed
or controlled
in a
neighbouring
country),
and who
is a
connected
person
in relation
to the
taxpayer,
the
allowance
under
-
this
paragraph
shall
be calculated
on an
amount
not exceeding
-
the
lesser of
the cost
of such
invention,
patent,
design, trade
-
mark,
copyright
or other
property
or
knowledge
to such
connected
-
- person
or the
market
value
thereof
as determined
on the
date upon
which
such invention,
patent,
design,
trade
mark,
copyright
or other
property
or knowledge
was acquired
or obtained
by the
taxpayer;".
-
- (2)
(a)
Subsection
(1)(a) shall
be deemed
to have
come
into
operation
on 21
June 1993.
-
(b)
Subsection
(1)(b) shall
be deemed
to have
come
into operation
on 1 -
July
1993.
-
- Amendment
of section
12B of
Act 58
of 1962,
as
inserted
by
section
11 of
Act
90 of
1988 and
amended
by section
13 of
Act
101 of
1990 and
section
10 of
Act
113 of
1993
-
6.
(1)
Section
12B
of the
Income
Tax
Act,
1962,
is hereby
amended
by the
substitution
in
subsection
(4A) for
the words
following paragraph
(c) of
the following
words: -
- "the
deduction
in terms
of this
section shall
be calculated
on an
amount
not exceeding
the lesser
of the
cost of
such
asset
to such
connected
person or
the market
value
thereof
as determined
on the
date
upon
which the
asset was
brought
into use
by such
person.".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 21 -
June
1993 l
and
shall apply
to any
asset
acquired
on or
after
that date.
-
- Amendment
of section
12C of
Act 58
of 1962,
as
inserted
by
section
14 of
-
Act
101 of
1990 and
amended
by section
11 of
Act
113
of 1993
-
7.
(1)
Section
12C
of the
Income
Tax
Act,
1962,
is hereby
amended
by the
substitution
in subsection
(4) for
the words
following
paragraph
(c) of
the following
words: -
- "the
deduction
in terms
of this
section shall
be calculated
on an
amount
not exceeding
the lesser
of the
cost of
such
asset
to such
connected
person or
the market
value
thereof
as determined
on the
date
upon
which the
asset was
brought
into use
by such
person.".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 21 -
June
1993 and
shall apply
to any
asset
acquired
on or
after
that date.
-
Amendment
of section
14 of
Act 58
of 1962, as
substituted
by
section
19 of
Act
55 of
1966 and
amended
by section
17 of
Act
85 of
1974, section
12 of
Act
103 of
1976, section
11 of
Act 104
of 1979,
section
10 of
Act 65
of -
1986
and
section
14 of
Act
113 of
1993
-
- 8.
(1)
Section
14 of
the
Income
Tax Act,
1962, is
hereby
amended
by the
substitution
for subsection
(4) of
the
following subsection:
-
- "(4)
Where any
person
is entitled
to an
allowance
under
this section
in respect
of any
ship acquired
by him
on or
after
21 June
1993 from
a connected
person, and
a deduction
under this
section
was previously
granted to
such connected
person
in respect
of the
ship
concerned,
whether
in the
current
or any
previous year
of assessment,
the deduction
under this
section shall
be calculated
on an
amount
not exceeding
the lesser
of the
adjustable
cost
of the
ship
concerned
-
to
such
connected
person
or the
market
value
thereof
as determined
on
-
the
date
upon
which the
ship was
acquired by
such person.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 21
-
June
1993.
-
- Amendment
of section
14bis
of Act
58 of
1962,
as inserted
by
section
16 of
Act
88 of
1965 and
amended
by section
15 of
Act
141 of
1992 and
section
15 of
Act
113 of
1993
-
- 9.
(1)
Section
14bis
of the
Income
Tax Act,
1962,
is hereby
amended
by the
substitution
for subsection
(5) of
the following
subsection:
-
"(5)
Where any
person
is entitled
to an
allowance
under
this section
in respect
of any
aircraft
acquired
by him
from
a connected
person, and -
a
deduction
under this
section was
previously
granted to
such
connected
-
person
in respect
of such
aircraft,
whether
in the
current or
any
previous year
of assessment,
the
deduction
under
this section
shall be
calculated
on an
amount not
exceeding the
lesser
of the
cost
of
-
the
aircraft
concerned
to such
connected
person
or the
market
value thereof
as determined
on the
date
upon which
the aircraft
was brought
into use
by such
person.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 21
-
June
1993 and
shall apply
to any
aircraft acquired
on or
after
that date.
-
- Amendment
of section
23D of
Act
58 of
1962, as
inserted by
section
19 of
-
Act
113 of
1993
-
- 10.
(1) Section
23D of
the Income
Tax Act,
1962,
is hereby
amended
by the
substitution
for subsection
(2) of
the following
subsection:
-
"(2)
Where any
asset which
has
been
let by
a taxpayer
to a
lessee -
was
acquired
by the
taxpayer
on or
after 21
June 1993,
whether
directly
or indirectly
from
such lessee
or a
person who
is a
connected
person
in relation
to such
lessee, and
a deduction
was
previously
granted
to such
lessee
or such
connected
person
under section
11(e),
12B, 12C,
13, 14
or 14bis
or section
12 prior
to the
repeal
thereof
by
section 16
of the
Income
Tax
Act,
1991
(Act No.
129 of
1991), or
section
27(2)(d)
prior to
the
deletion
thereof
by section
28(b) of
that
Act, whether
in the
-
- current
or any
previous
year of
assessment,
any
deduction
or allowance
claimed
by such
lessor
in respect
of such
asset in
terms
of
section
-
11(e)
or (o),
12C,
13, 14
or 14bis
shall be
calculated on
an amount
not exceeding
the lesser
of the
cost or
adjustable
cost,
as
-
the
case
may be,
of such
asset
to such
lessee
or such
connected
person
or the
market
value
thereof
as determined
on the
date
upon
which the
asset was
acquired
by the
taxpayer.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 21
-
June
1993.
-
Amendment
of section
241 of
Act 58
of 1962,
as
inserted
by section
21 of -
Act
113 of
1993
-
11.
(1) Section
241 of
the Income
Tax Act,
1962,
is hereby
amended-
(a) by
the substitution
in subsection
(1) for
paragraph (c)
of the
-
definition
of
"realised"
of
the
following
paragraph:
-
- "(c)
a foreign
currency option
contract,
when payment
is received
or made
in respect
of the
right in
terms
of such
foreign currency
-
option
contract
having
been exercised,
or when
such foreign
currency
-
option
contract
expires
without
such right
having
been
exercised,
-
or
when such
foreign
currency
option
contract is
disposed
of;";
-
- (b)
by the
addition
in
subsection
(1) to
subparagraph (iii)
of paragraph
(c) of
the definition
of
"ruling exchange
rate" of
the following
proviso:
-
- "Provided
that
where
such foreign
currency
option
contract
is realised
by
the
disposal
thereof,
the rate
shall
be
obtained
by dividing
the
amount
received or
accrued as
a result
of the
disposal
of
such
foreign
currency
option
contract,
by
the foreign
currency
amount
as specified
in
such foreign
currency
option
contract;";
-
- (c)
by the
deletion in
subsection
(1)
of subparagraph
(iv)
of paragraph
-
(c)
of the
definition
of "ruling
exchange
rate";
-
- (d)
by the
substitution
in subsection
(7) for
the
words
preceding
paragraph
(a) of
the following
words:
-
- "Notwithstanding
the
provisions
of subsections
(2) and
(4), but
subject
to the
provisions of
section
sections
36 and
-
37E-";
and
-
- (e)
by the
substitution
for paragraphs
(b) and
(c) of
subsection (7)
of the
following paragraphs,
respectively:
-
- "(b)
any exchange
difference
arising
from
a forward
exchange contract
or a
foreign
currency option
contract
which has
been entered
into
by a
person contemplated
in paragraph
(a), to
the
-
extent
to which
such forward
exchange
contract
or foreign
currency
option
contract
is entered
into
to
serve as
a hedge
in respect
-
of
a loan
or advance
obtained
or
to be
obtained
or a
debt
incurred
or to
be incurred
for the
utilization
thereof as
contemplated
in paragraph
(a) to
the extent
to
which
the
amount of
such
exchange
difference
does not
exceed
the amount
of the
exchange
difference
contemplated
in paragraph
(a);
and
-
- (c)
any premium
or other
consideration
paid
or payable
in respect
of or
in terms
of a
foreign
currency option
contract
entered
into
or acquired by
a person
contemplated
in
paragraph
(a), to
the
extent
-
to
which
such
foreign
currency
option
contract is
entered
into or
obtained
in order
to serve
as a
hedge
in respect
of a
loan
-
or
advance obtained
or to
be obtained
or a
debt incurred
or to
be incurred
for the
utilization
thereof
as contemplated
in paragraph
(a),".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
as from
the commencement
of the
years
of assessment
ending
on or
after 1
January
-
1994.
-
- Amendment
of section
64B of
Act 58
of 1962,
as
inserted
by
section
34 of
-
Act
113 of
1993
-
12.
(1) Section
64B of
the Income
Tax Act,
1962,
is hereby
amended-
(a) by
the addition
in subsection
(5)
to paragraph
(a) of
the following
-
proviso:
-
- "Provided
that
the
provisions
of this
paragraph
shall not
apply
to
a company
(other
than a
company
referred to
in
section
10(1)(s)) which
is exempt
from
tax
under
the
said
provisions
solely
because
it derives
gross income
of a
particular
nature;";
and
-
- (b)
by the
substitution
for paragraph
(c) of
subsection
(5)
of the
following
paragraph:
-
- "(c)
so much
of any
dividend
distributed
in the
course of
the liquidation
or winding
up of
a company,
or in
anticipation
of the
deregistration
of
a company
under
a scheme
for
the
rationalization
of
a group
of companies
in
terms
of section
48
of the
Taxation
Laws
Amendment
Act, 1988
(Act
No. 87
of 1988),
as is
shown
by the
company
to be
a distribution
of profits
derived
during any
year of
-
- assessment
which ended
not later
than
31 March
1993, other
than
any such
profits derived
by way
of the
revaluation
of trading
stock
held
-
by
such company;
and".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 17 -
March
1993.
-
Amendment
of section
64C of
Act 58
of 1962,
as
inserted
by
section
34 of -
Act
113 of
1993
-
13.
(1) Section
64C of
the Income
Tax Act,
1962,
is hereby
amended-
(a) by
the substitution
for paragraph
(a) of
subsection
(4) of
the
-
following
paragraph:
-
- "(a)
where
the
distribution
of such
amount
constitutes
a dividend
or would
have
constituted
a dividend
but for
the provisions
of paragraphs
(e)
to h
(i),
inclusive,
of the
definition
-
of
`dividend'
in section
1;";
-
- (b)
by the
substitution
for paragraph
(e) of
subsection
(4)
of the
following
paragraph:
-
- "(e)
to any
loan granted
to the
recipient
if the
recipient
is an
employee
of the
company
or an
associated
institution
contemplated
in paragraph
1 of
the
Seventh
Schedule
in relation
to the
-
company
and such
loan is
granted
under,
and
in
compliance
with
-
the
normal
terms
and conditions
of, a
loan
scheme
generally
available
to employees
of the
company
or
of the
associated
institution
who are
not shareholders;";
and
-
- (c)
by the
substitution
for paragraph
(h) of
subsection
(4)
of the
following
paragraph:
-
- "(h)
to so
much
of any
amount
distributed
as constitutes
a profit
of a
capital
nature,
if the
liquidation
or winding
up of
the
-
distributing
company
has commenced
or is
commenced
within
-
six
months
after
the date
on which
such
amount is
so
distributed
or
such further
reasonable
period
as the
Commissioner
may
allow.".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 17 -
March
1993.
-
- Amendment
of section
88 of
Act 58
of 1962,
as
substituted
by
section
40 of
-
Act
113 of
1993
-
14.
(1) Section
88 of
the
Income
Tax
Act,
1962,
is hereby
amended
by -
- the
addition
of the
following
subsection,
the existing
section
becoming
subsection
(1):
-
- "(2)
The payment
by the
Commissioner
of any
interest
under
the
provisions
of this
section shall
be
deemed to
be
a drawback
from revenue
charged
to the
State
Revenue
Fund.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 1
-
April
1993.
-
Amendment
of section
89quat
of Act
58 of
1962, as inserted
by
section 34
of Act
121 of
1984, substituted
by section
22 of
Act 65
of 1986
and
amended
by section
18 of
Act 70
of 1989
and section
42 of
Act 113
of 1993 -
- 15.
(1) Section
89quat
of the
Income
Tax Act,
1962,
is
hereby
amended
by the
addition
of the
following subsection:
-
- "(6)
The payment
by
the
Commissioner
of any
interest
under
the
provisions
of this
section shall
be deemed
to be
a drawback
from revenue
charged
to the
State
Revenue
Fund.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 1
-
April
1993.
-
- Amendment
of paragraph
1 of
4th Schedule
to Act
58 of
1962, as
added
by section
19 of
Act 6
of 1963
and amended
by section
22 of
Act
72 of
1963, section
44 of
Act 89
of 1969,
section
24 of
Act 52
of 1970,
section 37
of Act
88 of
1971, section
47 of
Act 85
of 1974,
section
6 of
Act 30
of 1984,
section
38 of
Act 121
of 1984,
section
20 of
Act 70
of 1989,
section
44 of
Act
101 of
1990, section
44 of
Act 129
of 1991,
section
33 of
Act 141
of
-
1992
and
section
48 of
Act
113 of
1993
-
- 16.
Paragraph
1 of
the
Fourth Schedule
to the
Income
Tax Act,
1962,
is hereby
amended
by the
substitution
for paragraph
(c) of
the definition
of "remuneration"
of the
following paragraph:
-
- "(c)
35 per
cent of
the
amount
of any
allowance
or advance
in respect
of transport
expenses
referred
to in
section 8(1)(b),
other
-
than
any such
allowance
or advance
contemplated
in section
8(1)(b)(iii) which
is based
on the
actual
distance
travelled
by the
recipient,
and
which
is calculated
at a
rate
per
kilometre
which
does not
exceed
the
appropriate
rate per
kilometre
fixed
by the
Minister of
Finance
under
-
the
said item
section
8(1)(b)(iii)
,".
-
- Amendment
of Item
15 of
Schedule 1
to Act
77 of
1968, as
substituted
by section
13 of
Act 89
of 1972
and amended
by section
16 of
Act
66 of
1973, section
21 of
Act 88
of 1974,
section
3 of
Act 104
of 1976,
section 20
of Act
114 of
1977, section
8 of
Act 95
of 1978,
section
8 of
Act 102
of 1979,
-
- section
21 of
Act 106
of 1980,
section
9 of
Act 99
of 1981,
section
7 of
-
Act
87 of
1982, section
14 of
Act 92
of 1983,
section
11 of
Act 118
of
-
1984,
section
11 of
Act
82 of
1985, section
5 of
Act
71 of
1986,
section
13 of
Act
108 of
1986, section
11 of
Act
86 of
1987,
section
33 of
Act 87
of
-
1988,
section
14 of
Act
69 of
1989, section
9 of
Act
136 of
1991, section
8 of Act
136 of
1992 and
section
17 of
Act 97
of 1993
-
- 17.
(1) Item
15 of
Schedule 1
to the
Stamp
Duties
Act, 1968,
is hereby
amended-
-
- (a)
by the
addition
of the
word
"and" at
the end
of paragraph
(xv); and
-
- (b)
by the
addition
after
paragraph
(xv) of
the following
paragraph:
-
- "(xvi)
the South
African
Housing
Trust
Limited,
a company
-
registered
under
the
Companies
Act, 1973
(Act
No. 61
of 1973),
on 27
-
November
1986.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 29
-
June
1993.
-
- Amendment
of section
36 of
Act 89
of 1991,
as
substituted
by
section
2 of
-
Act
61 of
1993
-
- 18.
(1) Section
36 of
the
Value-Added
Tax Act,
1991,
is hereby
amended
by the
addition
of the
following subsection,
the
existing
section becoming
subsection
(1):
-
- "(2)
The payment
by
the
Commissioner
of any
interest
under
the
provisions
of this
section shall
be deemed
to be
a drawback
from revenue
charged
to the
State
Revenue
Fund.".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 1 -
April
1993.
-
- Amendment
of section
45 of
Act 89
of 1991,
as
amended
by section
33 of
Act
-
136
of 1992
and section
4 of
Act 61
of 1993
-
- 19.
(1) Section
45 of
the
Value-Added
Tax Act,
1991,
is hereby
amended
by the
addition
of the
following subsection:
-
- "(3)
The payment
by
the
Commissioner
of any
interest
under
the
provisions
of this
section shall
be deemed
to be
a drawback
from revenue
charged
to the
State
Revenue
Fund.".
-
(2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 1 -
April
1993.
-
- Amendment
of section
60 of
Act 113
of 1993
-
- 20.
(1) Section
60 of
the
Income
Tax
Act,
1993,
is hereby
amended
by the
addition
to subsection
(5) of
the following
paragraph
and
proviso:
-
- "(c)
where
an person
who held
shares
(hereinafter
referred
to
as
-
old
shares) in
an unbundling
company
or an
intermediate
company
as a
result of
a right
contemplated
in
section
8A(1)
of the
principal
Act
-
which
has been
exercised by
him
and
distributable
shares
(hereinafter
-
referred
to as
new shares)
are
distributed
to such
person
in accordance
with an
unbundling
transaction,
any
portion of
any gain
made by
such person
in the
exercise
of such
right to
acquire
such old
shares, shall
-
be
included
in
such
person's
income-
-
- (i)
in
the year
of assessment
during
which
he becomes
entitled
to dispose
of
such new
shares,
which portion
shall be
an
amount
which
bears to
such
gain the
same
ratio
as
the market
value of
such
new
shares on
the date
on
which such
person became
entitled
to such
new
shares by
way of
a
distribution
in
specie bears
to the
market
value
of
such old
shares
on -
that
date;
and
-
- (ii)
in the
year of
assessment
during
which he
becomes
entitled to
dispose
of
such old
shares, which
portion
shall be
-
calculated
by reducing
such
gain by
the
amount
which
has been
determined or
is to
be determined
in terms
of
subparagraph
-
(i):
-
- Provided
that for
the
purposes of
paragraphs (b)
and (c)
the market
value
of
such old
shares
on the
date on
which the
qualifying
shareholders
became
entitled
to acquire
such
new shares
by way
of a
distribution
in specie,
shall be
determined
without
having
regard to
the fact
that such
new
shares
are to
be issued
to such
-
shareholders.".
-
- (2)
Subsection
(1) shall
be
deemed
to have
come
into
operation
on 20
-
July
1993.
-
- Short
title
-
- 21.
This Act
shall be
called the
Revenue
Laws
Amendment
Act,
1993.
|
