Page 251 - Juta's Indirect Tax

s 1 MINERAL AND PETROLEUM RESOURCES ROYALTY ACT 28 OF 2008 s 1 MINERAL AND PETROLEUM RESOURCES ROYALTY ACT 28 OF 2008
[ASSENTED TO 17 NOVEMBER 2008] [DATE OF COMMENCEMENT: 1 MARCH 2010*] (Unless otherwise indicated)
(English text signed by the President)
as amended by
Taxation Laws Amendment Act 17 of 2009 Taxation Laws Amendment Act 7 of 2010 Taxation Laws Amendment Act 24 of 2011 Taxation Laws Amendment Act 31 of 2013
Tax Administration Laws Amendment Act 39 of 2013
ACT
To impose a royalty on the transfer of mineral resources and to provide for matters connected therewith.
BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:– ARRANGEMENT OF SECTIONS
Section
1 De nitions
2 Imposition of royalty
3 Determination of royalty
4 Royalty formulae
5 Earnings before interest and taxes
6 Gross sales
6A Application of Schedule 2
[S. 6A inserted by s. 134 (1) of Act 7 of 2010.]
7 Small business exemption
8 Exemption for sampling
8A Rollover relief for transfers between extractors
[Heading substituted by s. 150 (1) of Act 24 of 2011.] [S. 8A inserted by s. 135 (1) of Act 7 of 2010.]
9 Rollover relief for disposals involving going concerns
10 Transfer involving body of unincorporated persons
11 Arm’s length transactions
12 General anti-avoidance rule
13 Conclusion of scal stability agreements
14 Terms and conditions of scal stability agreements
15 Foreign currency
16 Transitional credits
17 Act binding on State and application of other laws
18 Short title and commencement
1 De nitions
(1) In this Act, unless the context indicates other- wise—
‘Administration Act’ means the Mineral and Petroleum Resources Royalty (Administration) Act, 2008;
‘earnings before interest and taxes’ means earnings before interest and taxes mentioned in section 5;
‘extractor’ means a person mentioned in section 2; ‘gross sales’ means gross sales mentioned in section 6; ‘Income Tax Act’ means the Income Tax Act, 1962
(Act 58 of 1962);
‘Mineral and Petroleum Resources Development Act’ means the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002);
‘mineral resource’ means a mineral or petroleum as de ned in section 1 of the Mineral and Petroleum
Resources Development Act, regardless of whether that mineral or petroleum undergoes processing (as de ned in section 1 of that Act) or manufacturing;
‘person’ includes an insolvent estate, the estate of a deceased person and a trust;
‘re ned mineral resource’ means a mineral re- source—
(a) listed solely in Schedule 1; or
(b) listed in Schedule 1 and Schedule 2 that has been
re ned to or beyond the condition speci ed in
Schedule 1 for that mineral resource;
‘Republic’ means the Republic of South Africa and
includes the sea as de ned in section 1 of the Mineral and Petroleum Resources Development Act;
‘royalty’ means the royalty imposed by this Act;
‘transfer’ means—
(a) the disposal of a mineral resource; or
Schedule 1
REFINED CONDITION OF MINERAL RESOURCES Schedule 2
REFINED CONDITION OF MINERAL RESOURCES
* After amendment by s. 102 (1) of the Taxation Laws Amendment Act 17 of 2009 — originally 1 May 2009.
Juta’s IndIrect tax 2016 243
MINERAL AND PETROLEUM RESOURCES ROYALTY ACT