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Revenue Laws Amendment Act 31 of 2005

By Legalish, Oct 14 2014 09:56AM

To amend the Transfer Duty Act, 1949, so as to provide that the Minister of Financemay reduce the rates of duty; to allow for an exemption from duty in companyformation transactions and where property was owned by certain superannuationfunds in formerTBVCterritories; to limit the recovery period of unpaid duty tofive years; and to regulate the refunds of duty, additional duty and interest; toamend the Estate Duty Act, 1955, to further regulate the property to be included inthe estate of a deceased for purposes of determining the duty payable; to furtherregulate the deductions from the property for purposes of determining the dutypayable; to amend the Income Tax Act, 1962; to further regulate the provisionsrelating to rebates and foreign tax credits; to provide for deduction of amountsincurred in respect of income of a non-resident which is attributed to a resident; tofurther regulate the gains made by directors of companies or employees in respectof rights to acquire marketable securities; to further regulate the taxation ofamounts derived from broad-based employee share plans; to further regulate thetaxation of directors and employees onvestingof equity instruments; to furtherregulate the circumstances in which amounts are deemed to have been accruedfrom a source in the Republic; to further regulate the provisions relating tocontrolled foreign companies; to provide for a cutoffdate in respect of the specificprovisions regulating the taxation of foreign equity instruments; to furtherregulate the exemptions from normal tax; to further regulate the provisionsrelating to exemption of the capital element of purchased annuities where the cashconsideration and annuity amount are denominated in a foreign currency; tofurther regulate the deductions from income for purposes of determining taxableincome; to amend the provisions relating to the deduction in respect of machinery,plant, implements, utensils and articles used in farming or production of renewableenergy; to amend the provisions relating to the deduction in respect of assets usedby manufacturers orhotelkeepers,aircraft and ships or assets used for storage andpacking of agricultural products; to further regulate the provisions relating tosmall business corporations; to amend the deduction in respect oflearnershipagreements; to further regulate the deduction in respect of the erection orimprovement of buildings in urban development zones; toeffectcertain conse-quential amendments to the deductions from income derived from miningoperations; to further regulate the deduction of medical and dental expenses; toamend the provisions relating to deductible donations made to public benefitorganisations; to clarify the provisions relating to the ring-fencing of assessedlosses of certain trades; to further regulate thenon-deductibilityof certainamounts in the determination of taxable income; toeffectcertain consequentialamendments to the limitation of allowances granted in respect of certain assets andto the provisions relating to sale and leaseback arrangements; to amend the creditagreements and debtors allowance by deleting certain provisions which havebecome obsolete; to amend the provisions relating to the allowance in respect of films; to further regulate the gains or losses on foreign exchange transactions; tosubstitute the provisions relating to the determination of taxable income fromforeign currency; to further regulate the provisions relating to public benefitorganisations; to further regulate the rules relating to corporate restructuring; tomake provision for a withholding tax on foreign entertainers andsportspersonswho perform in the Republic; to further regulate the provisions relating todonations tax; to further regulate the provisions relating to the imposition ofsecondary tax on companies; to further regulate the amounts to be deducted orwithheld by employers and provisional payments in respect of normal tax; toamend the provisions relating to benefits or advantages derived by reason ofemployment or the holding of any office; to further regulate the provisions relatingto capital gains tax; to amend the list of public benefit activities; and to effectcertain textual and consequential amendments; to amend the Customs and ExciseAct, 1964, so as to amend and insert certain definitions; to further provide for therate of rent in respect of goods in the State warehouse; to further regulateprovisions relating to goods removed in bond; to amend provisions regulatingdeficiencies in a customs and excise warehouse; to provide for a tolerance whencalculating the quantity of spirits in a container; to provide for the levying of RoadAccident Fund levy; to amend certain rebate and refund provisions; to amend theorder in which instalments paid to the Commissioner are utilized; to amendprovisions relating to goods subject to a lien and to effect certain consequentialamendments; to amend the Stamp Duties Act, 1968, so as to provide that theMinister of Finance may reduce the rates of duty; to further delete certainprovisions dealing with the issue of marketable securities; to provide for the reliefof the administrative burden on the transfer of marketable securities; to clarify theposition on the taxation of company share buy-backs and to provide anti-avoidancelegislation; to simplify legislation regarding the cancellation and redemption ofmarketable securities; to regulate the rate and exemption of duty; to amend theValue-Added Tax Act, 1991, so as to amend and insert certain definitions; to insertcertain deeming provisions; to provide for certain zero-rating and exemptions; tofurther provide for the time and value on certain supplies; to align certainprovisions with the Customs and Excise Act, 1964; to allow for input tax deductionon motor cars acquired to be awarded as prizes and in certain instances onentertainment; to limit the period to claim input tax to five years from issue of a taxinvoice; to further regulate adjustments for public authorities and customscontrolled area enterprises; to provide for issues relating to foreign donor funding;to regulate the provisions of bad debts; to amend the Tax on Retirement Funds Act,1996, so as to amend a definition; to amend the Road Accident Fund Act, 1996, soas to effect consequential amendments resulting from the introduction of a RoadAccident Fund levy in the Customs and Excise Act, 1964; to amend theUncertificatedSecurities Tax Act, 1998, so as to amend and insert certaindefinitions; to provide that the Minister of Finance may reduce the rates of duty; tofurther delete certain provisions dealing with the issue of securities; to provide forthe protection ofuncertificatedsecurities tax base against changes in beneficialownership; to amend the Revenue Laws Amendment Act, 2003, so as to substitutea commencement date; and to amend the Second Revenue Laws Amendment Act,2004, so as to substitute a commencement date; and to provide for matters inconnection therewith.


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