Page 591 - Juta's Indirect Tax

IN 68 (2) TAX ADMINISTRATION ACT: INTERPRETATION NOTES IN 68 (2)
Juta’s IndIrect tax 2016 583
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Provisions of tax Acts not repealed or amended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
commenced
14. Para. 115(b) to the extent
Substitution of section 16(5)
Section 16 of the Value-Added Tax Act, 1991, is hereby amended—
(b) by the substitution for subsection (5) of the
Substitution should be effected with note that substitution does not apply to the extent related to interest.
Proposed note under provision:
• Section 16(5) is relevant to section 44 which provides for the refund of interest under the VAT Act, and accordingly does not commence to this extent.
related to interest
following subsection:
‘(5) If, in relation to any tax period of
[Sub-s. 16(5) ... substituted by para.
115(b) of Schedule 1 to Act 28 of 2011 and commenced on 1 October 2012 except to the extent related to interest under section 39 in respect of which the wording prior to the amendment applies: Proclamation 51 in Government Gazette 35687.]
any vendor, the aggregate of the amounts that may be deducted under subsection (3) from the sum referred to in that subsection, the amount (if any) refundable to the vendor under section 15(8), [the amount (if any) brought forward from the tax period preceding the rst-mentioned tax period as provided in paragraph (ii) of the proviso to section 44(1) and the amount (if any) credited under section 44(4) to the vendor’s account during the rst-mentioned tax period] and any other amount refundable under Chapter 13 of the Tax Administration Act, exceeds the said sum, the amount of the excess shall, subject to the provisions of this Act, be refundable to the vendor by the Commissioner as provided in [section 44(1)] Chapter 13 of the Tax Administration Act.’