Section 31 of the income tax act 58, 1962 ita a definition of transfer pricing and thin capitalisation. Income tax act 58 of 1962 south african government. Section 31 was introduced in 1995 to grant the commissioner power to adjust tax calculations. For this reason, a withholding tax was introduced on the disposal of immovable property owned by nonresidents. Income tax act 1961 complete act citation 530 bare. Click to view and download notices related to the income tax act no. The aim of the section was to encourage privatesector investment in scientific or. Relevant tax laws this is a binding class ruling issued in accordance with section 76r of the act. These regulations may have unintended legal, financial and. Regulations issued in terms of paragraph 4o of part i of the ninth schedule to the income tax act, 1962 act no.
Discussion paper on tax avoidance and section 103 of the. Income tax act, 1962 regulations in terms of section 12l of the income tax act, 1962, on the allowance for energy efficiency savings. Section 31 of the ita provides special antiavoidance rules to regulate certain international. This note provideclarity s on theinterpr etation and application of section12h which provides deductions for registered learnership agreements. The act has been amended by the taxation laws amendment. In november 2006, section 1031 of the income tax act was abolished and replaced by a new part iia, containing sections 80a to 80l, which target impermissible tax avoidance arrangements. Tbe rates of normal tax to be levied in terms of section 52 of the income tax act, 1962 act no. The provisions of section 31 of the income tax act no. Notice of the date upon which section 12l of the income tax act, 1962 deduction in respect of energy efficiency savings, as inserted by act 17 of 2009, amended by act 7 of 2010 and. Income tax act, 1962 regulations in terms of section 12t8 of the income tax act, 1962, on the requirements for tax free investment i, nhlanhla musa nene, minister of finance, under section 12t8 of the income tax act. Section 12b of the income tax act and 100% renewables depreciation allowance as from 1 january 2016 section 12b of the income tax act south africa was amended from a three year. Income tax act and regulations 581962 data dynamics.
In this ruling references to sections are to sections of the act, applicable as at 16 march 2012 and unless the context indicates otherwise, any word or expression in this ruling bears the meaning ascribed to it in the act. In its current form, the gaar has proven to be an inconsistent and, at times, ineffective. Amendment of section 1 of act 58 of 1962, as amended by section 3 of act. Click to open these, or rightclick and choose save target as to download and save the pdf file. Determination of interest rate for purposes of the definition of prescribed rate in section 1 of the income tax act, 1962. One of the important proposals relates to the revision of the small business corporation sbc tax regime. The taxability of income in terms of the income tax act 58. All binding private rulings and referred tointerpretation notesin this note are available on the sars website at. The ambit of sections 80a and 80l may 2010 issue 129 it recently came to our attention that the south african revenue service sars had purportedly acted in terms of section. Section 103 and the requirement of a sole or main purpose to obtain a tax benefit june 2005 issue 70 amendment in the pipeline. Complete list of sections of income tax act, 19612019 aubsp. Transfer pricing income tax act 58 of 1962 section 31.
Amends item 15 of schedule 1 to the stamp duties act, no. The relevant acts, rules, forms and notifications are available at the website. Act, 1962, are set out in paragraphs 1, 3, 4, 5, 6 and 7 of. Due to fact that the south african income tax act 58 of 1962 offer very little clarity on the deductibility of such expenses, the dissertation will look to the united states internal revenue code which, a richer. For understanding the overall concept of income tax. In february 2007 section 11d was inserted into the income tax act 58 of 1962 as amended.
The income tax act 1 of 1993 introduced the definition of connected person into section 1. Section 12b of the income tax act and 100% renewables. Taxpayers who earn commission income will have to consult section 11a of the income tax act no 58 of 1962 to determine exactly what expenses can be claimed. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and. Finance in a calabash introduction income tax is a charge levied on income, pro. Section 35a was inserted into the income tax act no.565 1476 516 756 66 951 1063 1581 57 630 30 1083 896 1007 920 656 313 918 1458 580 560 1363 596 1168 614 1469 16 18 1215 1235 1317 286 1419 151 1098 34 319 810 126 1343 650 934