Page 245 - Juta's Indirect Tax

s 1 DIAMOND EXPORT LEVY ACT 15 OF 2007 s 1 DIAMOND EXPORT LEVY ACT 15 OF 2007
[ASSENTED TO 2 DECEMBER 2007] [DATE OF COMMENCEMENT: 1 NOVEMBER 2008]
(English text signed by the President)
as amended by
Taxation Laws Amendment Act 3 of 2008 Taxation Laws Amendment Act 17 of 2009
ACT
To provide for the imposition of an export levy on unpolished diamonds (but not including synthetic diamonds) and allow for offsets with respect to that levy.
BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:— ARRANGEMENT OF SECTIONS
Sections
1 De nitions
2 Charging provision
3 Rates
4 Import credit
5 Relief for temporary exports
6 Relief for election purchases
Part 1 INTERPRETATION
Part II
BASIC LEVY REGIME
Part III
GENERAL RELIEF MEASURES
Part IV
PRODUCER AND DIAMOND BENEFICIATOR RELIEF MEASURES
7 Exemption for large producers
8 Exemption for medium producers
9 Exemption for small producers
10 Exemption for diamond bene ciators
11 Gross sales
12 Ministerial reduction
13 Acquisitions from State Diamond Trader
14 Transitional arrangements
15 Short title and commencement
Part I INTERPRETATION (s 1)
1 De nitions
Part V CLOSING ITEMS
(1) In this Act, unless the context indicates otherwise—
‘Administration Act’ means the Diamond Export Levy (Administration) Act, 2007;
‘bill of entry for export’ means a bill of entry delivered in terms of section 38 (3) (a) of the Customs and Excise Act, 1964 (Act 91 of 1964);
‘Diamonds Act’ means the Diamonds Act, 1986 (Act 56 of 1986);
‘levy’ means any levy payable as described in section 2 (1);
‘person’ includes an insolvent estate, the estate of a deceased person and any trust;
‘producer’ means—
(i) a producer as de ned in the Diamonds Act; or
(ii) any company (other than a producer described in paragraph (i)) that—
(a) is incorporated in or outside of the Republic and forms part of the same group for nancial reporting purposes pursuant to International Financial Reporting Standards or Generally Accepted Accounting Practice as that producer; and
(b) sells unpolished diamonds purchased from (or on behalf of) that producer;
‘unpolished diamond’ means an unpolished diamond as de ned in section 1 of the Diamonds Act, but does not include a synthetic diamond as de ned in section 1 of that Act; and
‘value’, in relation to goods exported, means the value determined under section 72 of the Customs and Excise Act, 1964 (Act 91 of 1964).
[De nition of ‘value’ added by s. 96 of Act 17 of 2009.]
(2) Unless the context indicates otherwise, any word or expression to which a meaning has been assigned in the Diamonds Act or the Administration Act bears the meaning so assigned for purposes of this Act.
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DIAMOND EXPORT LEVY ACT