Page 193 - Juta's Indirect Tax

s 8 SECURITIES TRANSFER TAX ACT 25 OF 2007 s 12
(r) if that security was transferred during a month in respect of which—
(i) in the case of an unlisted security, the company which issued that security; or
(ii) in the case of a listed security, the relevant member, relevant participant or the company that issued that security where that security is not held in custody by either a member or a participant,
would have had to pay tax of less than R100 to the
Commissioner;
[Para. (r) added by s. 127 (1) (d) of Act 60 of 2008.]
(s) if that security constitutes a share in a headquarter company as de ned in section 1 of the Income Tax
Act, 1962 (Act 58 of 1962);
[Para. (s) added by s. 155 (1) (d) of Act 22 of 2012 – date of commencement deemed to have been 1 January 2011.]
(t) if that security constitutes a share in a REIT as de ned in section 1 of the Income Tax Act; or
[Para. (t) added by s. 155 (1) (g) of Act 22 of 2012 – date of commencement: 1 April 2013; this new paragraph applies in respect of transfers of securities on or after that date.]
(u) if the transfer is from a transferor to a transferee, or vice versa, in terms of a collateral arrangement and the person to whom that security has been transferred has certi ed to the member or participant that the change is in terms of that collateral arrangement. [Para. (u) added by s. 138 (1) (c) of Taxation Laws Amendment Act, 2015 – date of commencement:
1 January 2016; this new paragraph applies iro any collateral arrangement entered into on or after that date.]
(2) The Commissioner may for the purposes of this section prescribe any declaration to be submitted by any person to the participant in respect of any security referred to in subsection (1).
(3) No exemption referred to in subsection (1) applies in respect of any transfer of the security referred to in that subsection, unless there is lodged with a participant a declaration referred to in subsection (2) in respect of that security.
8A [Sharia compliant nancing arrangements]
(1) [sic] In the case of any murabaha as de ned in section 24JA (1) of the Income Tax Act, 1962 (Act 58 of 1962)—
transaction, operation, scheme or understanding (whether enforceable or not), including all steps by which it is carried into effect—
(a) has been entered into or carried out which has the
effect of any person obtaining a tax bene t;
(b) having regard to the substance of the transaction,
operation, scheme or understanding—
(i) was entered into or carried out in a manner
which would not normally be employed for bona de business purposes other than the obtaining of a tax bene t; or
(ii) has created rights or obligations which would not normally be created between persons dealing at arm’s length; and
(c) was entered into or carried out solely or mainly for the purposes of obtaining a tax bene t,
the Commissioner must determine the liability for tax, penalties and interest imposed by this Act and the Securities Transfer Tax Administration Act, 2007, and the amount thereof, as if the transaction, operation, scheme or understanding had not been entered into or carried out, or in the manner that the Commissioner in the circumstances of the case deems appropriate for the prevention or diminution of that tax bene t.
(2) For the purposes of this section ‘tax bene t’ means—
(a) any reduction in the liability of any person to pay tax; (b) any increase in the entitlement of any person to the
refund of tax; or
(c) any other avoidance or postponement of liability for
the payment of tax.
(3) Any decision of the Commissioner under subsection
(1) is subject to objection and appeal in accordance with Chapter 9 of the Tax Administration Act, 2011 (Act 28 of 2011), and whenever in proceedings relating thereto it is proved that the relevant transaction, operation, scheme or understanding results or would result in a tax bene t, it is presumed, until the contrary is proved, that that scheme was entered into or carried out solely or mainly for the purpose of obtaining a tax bene t.
[Sub-s. (3) substituted by s. 26 of Act 39 of 2013 – date of commencement: 16 January 2014.]
10 Effect of certain exemptions from taxes
No provision contained in any other law providing for an exemption from any tax shall be construed as applying or referring, as the case may be, to the tax payable in terms of this Act.
11 Repeal of Act
(1) The Uncerti cated Securities Tax Act, 1998 (Act 31 of 1998), is hereby repealed.
(2) Notwithstanding subsection (1), the provisions of the Uncerti cated Securities Tax Act, 1998 (Act 31 of 1998), continue to apply in respect of any change in bene cial ownership in any security before the date of the repeal of that Act as if that Act had not been so repealed.
12 Short title and commencement
This Act is called the Securities Transfer Tax Act, 2007, and comes into operation on 1 July 2008.
(a) (b)
the nancier shall be deemed not to have acquired any bene cial ownership of the security under the sharia arrangement; and
the client shall be deemed to have acquired bene cial ownership of the security from the seller—
(i) for an amount equal to the consideration paid by the nancier to the seller; and
(ii) at such time as the nancier acquired the bene cial ownership of the security from the seller by virtue of the transaction between the seller and the nancier.
[S. 8A inserted by s. 128 (1) of Act 7 of 2010 and substituted by s. 149 (1) of Act 24 of 2011 – date of commencement: 1 January 2013.]
9 Schemes for obtaining undue tax bene ts
(1) Notwithstanding any other provision of
Act, whenever the Commissioner is satis ed that any
this
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SECURITIES TRANSFER TAX ACT