Page 599 - Juta's Indirect Tax

IN 68 (2) TAX ADMINISTRATION ACT: INTERPRETATION NOTES IN 68 (2)
Juta’s IndIrect tax 2016 591
No. Schedule 1 provisions not
Provisions of Wording of relevant Schedule 1 provisions tax Acts not
repealed or
amended
Final wording in tax Act after application of Schedule 1 to the Act
Explanatory notes
commenced
Securities Transfer Tax Administration Act 26 of 2007
27. Para. 175 to the extent related to
Repeal of section 5
Sections 5 ... of the Securities Transfer Tax Administration Act, 2007, are hereby repealed.
No changes to current wording of section 5. Proposed note under provision:
Commenced in part:
• Para. 175 commenced to the extent that
interest
[S. 5... to be repealed by para. 175 of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette]
sections 6 and 7 of the Act are repealed.
28. Para. 176 to the extent related to
Substitution of section 8
The Securities Transfer Tax Administration Act, 2007, is hereby amended by the substitution for section 8 of the following section:
Substitution of section 8 should be effected with note that substitution does not apply to the extent related to the recovery of interest under section 5.
Commenced in part:
• As the amendment under para. 176 relates to
interest
‘8. Interest on overdue payments and penalty on default recoverable from person to whom security is transferred.—
8. Interest on overdue payments and penalty on default recoverable from person to whom security is transferred.—
the recovery penalty and interest, the changes should be effected with an explanatory note that it did not commence to the extent related to interest referred to section 5.
Mineral and Petroleum Resources Royality (Administration) Act 29 of 2008
29. Para. 189
Repeal of section 16
Sections ... 16 of the Mineral and Petroleum Resources Royalty (Administration) Act, 2008, are hereby repealed.
No changes to current wording of section 16. Proposed note under provision:
Commenced in part:
• Para. 189 commenced to the extent that section
(1) In the case of a listed security, a member or participant may recover the amount of [the] interest [referred to in section 5, penalty on default referred to in section 6 or the] or penalty [in the case of evasion referred to in section 7] payable by that member or participant [in terms of this Act] under the Tax Administration Act from the person—
(a) to whom a listed security is transferred; or
(b) who cancels or redeems a listed security,
to the extent that the action or inaction of that person resulted in the interest or penalty.
(2) In the case of an unlisted security, the company which issued that security may recover the amount of [the] interest [referred to in section 5, penalty on default referred to in section 6 or the] or penalty [in the case of evasion referred to in section 7] payable by that company [in terms of this Act] under the Tax Administration Act from the person to whom that security was transferred, to the extent that the action or inaction of that person resulted in the interest or penalty.’.
(1) In the case of a listed security, a member or participant may recover the amount of interest or penalty payable by that member or participant under the Tax Administration Act from the person—
EXPLANATORY MEMORANDUM ON THE TAXATION LAWS AMENDMENT BILL, 2014 DRAFT EXPLANATORY MEMORANDUM ON THE TAXATION LAWS AMENDMENT BILL, 2015
(a) to whom a listed security is transferred; or (b) who cancels or redeems a listed security, to the extent that the action or inaction of that
person resulted in the interest or penalty. (2) In the case of an unlisted security, the
company which issued that security may recover the amount of interest or penalty payable by that company under the Tax Administration Act from the person to whom that security was transferred, to the extent that the action or inaction of that person resulted in the interest or penalty. Proposed note under provision:
[S. 8... substituted by para. 176 of Schedule 1 to Act 28 of 2011 and commenced
on 1 October 2012 except to the extent related to interest in respect of which the wording prior to the amendment applies: Proclamation 51 in Government Gazette 35687.]
[S. 16... to be substituted by para. 189 of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette]
10, 11, 12 and 13 of the Act are repealed.