Page 590 - Juta's Indirect Tax

IN 68 (2) TAX ADMINISTRATION ACT: INTERPRETATION NOTES IN 68 (2)
582 Juta’s IndIrect tax 2016
No. Schedule 1 provisions not
Provisions of tax Acts not repealed or amended
Wording of relevant Schedule 1 provisions
Final wording in tax Act after application of Schedule 1 to the Act
Explanatory notes
11. Para. 93(b)
Deletion of para. 23A(2) of Fourth Schedule
Paragraph 23A of the Fourth Schedule to the Income Tax Act, 1962, is hereby amended— (b) by the deletion of subparagraph (2).
No changes to current wording of para. 23(2). Proposed note under provision:
[para. 23A(2) ... to be deleted by para. 93(b) of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette.]
• Para. 23A(2) provides that if an additional payment of provisional tax under para. 23A(1) is paid after the effective date determined under section 89quat(1), the payment is regarded for purposes of section 89bis(2) to be an amount of provisional tax which was payable before the effective date.
12. Para. 99(a)
Deletion of para. 11(3), Sixth Schedule
Paragraph 11 of the Sixth Schedule to the Income Tax Act, 1962, is hereby amended— (a) by the deletion of subparagraph (3).
No changes to current wording of para. 11(3). Proposed note under provision:
[Sub-para. 11(3) ... to be deleted by para.99 of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette.]
• Sub- para. (3) provides that interest is payable at the prescribed rate if a micro-business fails to pay the tax payable on its estimated taxable turnover.
• As the amendment under para. 99(a) only relates to interest, there are no changes to the current wording.
commenced
Sixth Schedule to the Income Tax Act 58 of 1962 (Turnover tax)
Value-Added Tax Act 89 of 1991 (VAT Act)
13. Para. 108(c)
Substitution of the de nition of ‘prescribed rate’ in section 1
Section 1 of the Value-Added Tax Act, 1991, is hereby amended—
(c) by the substitution for the de nition of
No changes to current wording of de nition of “prescribed rate” in section 1.
Proposed note under provision:
[De nition of “prescribed rate” ... to be
• The de nition of “prescribed rate” is relevant to the calculation of interest under section 39 (interest on outstanding tax) and section 45 (interest on delayed refunds).
‘prescribed rate’ of the following de nition:
‘‘prescribed rate’ means the rate substituted by para. 107(c) of Schedule 1 to Act
• As the amendment under para. 107(c) only relates to interest, there are no changes to the current wording.
contemplated in section 189(3) of the Tax 28 of 2011 with effect from a date determined by Administration Act;’. the President by proclamation in the Gazette]
• As the amendment under para. 93(b) only relates to interest, there are no changes to the current wording.