Page 1158 - SAIT Compendium 2016 Volume2

EXPLANATORY MEMORANDUM ON THE TAXATION LAWS AMENDMENT BILL, 2015
CLAUSE 140
Rates and Monetary Amounts and Amendments of Revenue Laws Act 23 of 2013: Amendment to section 7
The amendment corrects the effective date is deemed to have come into operation on 1 April 2013 and applies in
respect of years of assessment ending on 31 March 2014 and years of assessment ending after 31 March 2014.
CLAUSE 141
Employment Tax Incentive Act 26 of 2013 as amended by section 113 of Act 43 of 2014: Amendment to section 4 Amendment clari es this provision of the section regarding hours worked for Employment Tax Incentive purposes by excluding unpaid leave and parts of the month for which the employee is not employed and comes into operation on
1 January 2016.
CLAUSE 142
Employment Tax Incentive Act 26 of 2013 as amended by section 118 of Act 43 of 2014: Amendment to section 10 Amendment corrects referencing by making reference to section 8(a) or section 8(b) instead of section 8(1)(a) or
section 8(1)(b) and is deemed to have come into operation on 1 January 2014.
CLAUSE 143
Taxation Laws Amendment Act 31 of 2013 as amended by section 119 of Act 43 of 2013: Amendment to section 4 Amendment corrects the effective date for retirement reforms to 1 March 2016 and is deemed to have come into
operation on 20 January 2015.
CLAUSE 144
Taxation Laws Amendment Act 31 of 2013: Amendment to section 13
Amendment postpones the effective date for sections 8F(3)(b)(ii) and 8F(3)(c)(ii) from 1 January 2016 to 1 January
2017.
CLAUSE 145
Taxation Laws Amendment Act 31 of 2013: Amendment to section 15
Amendment postpones the effective date for sections 8FA(3)(b)(ii) and 8FA(3)(c)(ii) from 1 January 2016 to 1 January
2017.
CLAUSE 146
Taxation Laws Amendment Act 31 of 2013: Amendment to section 16
Amendment corrects error by changing the words ‘dividends or foreign dividends’ to ‘interest’ and is deemed to have
come into operation on 1 January 2013.
CLAUSE 147
Taxation Laws Amendment Act 31 of 2013: Amendment to section 21
See notes on RELAXING CAPITAL GAINS TAX RULES APPLICABLE TO CROSS ISSUE OF SHARES
AND INTRODUCING COUNTER MEASURES FOR TAX FREE CORPORATE MIGRATIONS
CLAUSE 148
Taxation Laws Amendment Act 31 of 2013: Amendment to section 62
Amendment amends the provisions of section 23M and comes into operation on 1 January 2017 and applies in respect
of interest received or incurred after that date.
CLAUSE 149
Taxation Laws Amendment Act 31 of 2013: Amendment to section 99
Amendment postpones the effective date in respect of withholding tax on services in Part IVC in section 51A to 51H
from 1 January 2016 to 1 January 2017.
CLAUSE 150
Taxation Laws Amendment Act 43 of 2014: Amendment to section 16 Amendment defers effective date to 01 March 2018.
CLAUSE 151
Taxation Laws Amendment Act 43 of 2014: Amendment to section 22
The amendment to the de nition of ‘industrial project’ in section 12I corrects the alignment of the words following
paragraph (b) by aligning those words with the margins and is deemed to have come into operation on 20 January 2015.
CLAUSE 152
Taxation Laws Amendment Act 43 of 2014: Amendment to section 47
Amendment updates referencing in section 29A and comes into operation on 1 January 2016 and applies in respect of
years of assessment commencing on or after that date.
CLAUSE 153
Taxation Laws Amendment Act 43 of 2014: Amendment to section 64
Amendment to add the word ‘branch’ in paragraph (a) of the de nition of ‘bank’ in section 50A is deemed to have
come into operation on 1 March 2016 and applies in respect of interest that is paid or that becomes due and payable on or after that date.
1150 SAIT CompendIum oF TAx LegISLATIon VoLume 2