Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003

 

To provide for exchange control amnesty with accompanying tax measures in respect of voluntary disclosure by an applicant of any contravention of the Exchange Control Regulations or failure to comply with the provisions of the Estate Duty Act, 1955, or the Income Tax Act, 1962, to the extent that it relates to foreign assets: to amend the Transfer Duty Act, 1949, so as to adjust the rates of duty: to fix the rates of normal tax payable by persons other than companies in respect of taxable income for the years of assessment ending on 29 February 2004 and by companies in respect of taxable income for the years of assessment ending during the 12 months ending on 31 March 2004; to amend the Income Tax Act, 1963, so as to amend a definition; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the primary and secondary rebates; to further regulate the exemption in respect of interest and foreign dividends: to increase the income threshold of small business corporations; to further regulate the secondary tax on companies where a company ceases to be a resident; to amend the Customs and Excise Act, 1964, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to increase the rate of the air passenger tax; and to amend Schedule No. 1 to the said Act and the effective date thereof : to amend the Stamp Duties Act, 1968, so as to delete a definition and to amend a definition : to abolish stamp duty on certain instruments : and to effect certain consequential amendments: to amend the South African Reserve Bank Act, 1989, so as to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Reserve Bank and the South African Revenue Service; to amend the Value-Added Tax Act, 1991, so as to increase the threshold of rental income in the definition of "commercial accommodation"; to further regulate the provisions relating to secrecy to provide for exchange of information between the South African Revenue Service and the South African Reserve Bank; to amend the Tax on Retirement Funds Act, 1996, so as to reduce the rate at which the tax on retirement funds is imposed; to provide for the continuation of amendments to the Schedules to the Customs and Excise Act, 1964: to provide for a short title and commencement date of this Act: and to provide for matters connected therewith.

 

 

Latest Developments:

 

The Act has been updated with an amendment to the Regulations printed in Government Gazette No. G 31153 dated June 2008.

 

Amended by the Taxation Laws Second Amendment Act, 2005 (10 of 2005).

Amended by the Taxation Laws Amendment Act, 2004 (16 of 2004).

More regulations in terms of section 30 have been added as gazetted in GG 26460 dated 9 June 2004.

Amended by the Revenue Laws Amendment Act, 2003 (45 of 2003).

The Exchange Control Amnesty and Amendment of Taxation Laws Regulations, 2003 have been added to the Act as gazetted in GG 25511 dated 29 September 2003.

The Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act 13 of 2003) has been added to the site. Note that the Act makes several amendments to the Income Tax Act, Stamp Duties Act, Taxation on Retirement Funds Act and Value-added Tax Act. It also amends the Customs and Excise Act, Transfer Duty Act and South African Reserve Bank Act (these Acts are not on Acts Online at present).