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Revenue Laws Second Amendment Act 32 of 2005

By Legalish, Oct 14 2014 09:58AM

To amend the Estate Duty Act, 1955, so as to amend a definition; to effect certainconsequential amendments; to amend the Income Tax Act, 1962, so as to amendcertain definitions and to insert further definitions; so as to amend the provisionsrelating to the taxation of royalties or similar payments paid to non-residents todelete provisions which have become obsolete; to further regulate the provisionsrelating to the withholding tax on foreign sellers of property in the Republic tomake provision for the right of objection and appeal; to amend a definition forpurposes of donations tax; to amend the provisions relating to submission ofreturns and payment; to amend the provisions relating to the registration of taxpractitioners; to further regulate the returns relating to controlled foreigncompanies; to amend the provisions relating to offences; to amend the provisionsrelating to reportable arrangements to include the regulations issued in the Act; tofurther regulate amounts to be refunded; to make provision that the Minister ofFinance may issue regulations prescribing the circumstances under which theCommissioner may waive, write off or compromise any amount of tax, duty, levy,charge or other amounts; to amend the Customs and Excise Act, 1964, so as todelete a provision for a right of appeal to the Minister where the Commissionerdetermines certain matters in respect of imported goods; to amend the definition of"circumvention"in provisions relating to the export of certain goods; to prescriberequirements in respect of the removal in bond of cigarettes for transit through theRepublic; to amend the heading in respect of the provisions for limitation onrefund claims; to further regulate internal administrative appeal; to amend theheading in respect of the provisions for administrative penalties; to amendprovisions relating to notice of action and the period for bringing action; to deletecertain restrictions in respect of the manufacture of excisable goods by naturalpersons for own use; to amend the long title to include Road Accident Fund levyand to effect certain consequential amendments; to amend the Stamp Duties Act,1968, so as to amend and delete certain definitions; to provide for the phasing outof adhesive revenue stamps and impressed stamps; to amend the Value-Added TaxAct, 1991, so as to allow the Commissioner to prescribe the form and manner inwhich payment and returns must be submitted; to amend theUncertificatedSecurities Tax Act, 1998, so as toeffectcertain consequential amendments resultingfrom the deletion ofuncertificatedsecurities tax on the issue of securities; and toprovide for matters in connection therewith.


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