Page 36 - SAIT Compendium 2016 Volume2

Reportable arrangements INCOME TAX ACT: REGULATIONS ANd NOTICES Write-off
(c) any transaction undertaken through an exchange regulated in terms of the Securities Services Act, 2004 (Act 36 of 2004);
(d) any transaction in participatory interests in a scheme regulated in terms of the Collective Investment Schemes Control Act, 2002 (Act 45 of 2002).
3 Paragraph 2 applies only to an excluded arrangement referred to in that paragraph which—
(a) is undertaken on a stand-alone basis and is not directly or indirectly connected to, or directly or indirectly dependent
upon, any other arrangement (whether entered into between the same or different parties); or
(b) is an arrangement that would have quali ed as having been undertaken on a stand-alone basis in terms of paragraph 3 (a), were it not for a connected arrangement that is entered into for the sole purpose of providing security and no
tax bene t is obtained or enhanced by entering into such security arrangement,
provided such excluded arrangement is not entered into—
(i) with the main purpose of obtaining or enhancing a tax bene t; or
(ii) in a speci c manner or form with the main purposes of obtaining or enhancing a tax bene t.
SCHEDULE B
1 In this Schedule, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Income Tax Act, 1962, bears the meaning so assigned.
2 The following have been identi ed as arrangements which have certain characteristics which are likely to lead to an undue tax bene t:
(a) any arrangement which would have quali ed as a hybrid equity instrument as de ned in section 8E of the Income
Tax Act, 1962, if the prescribed periods in that section had been ve years; or
(b) any arrangement which would have quali ed as a hybrid debt instrument as de ned in section 8F of the Income Tax
Act, 1962, if the prescribed periods in that section had been ve years.
3 Paragraph 2 does not apply in respect of any instrument listed on an exchange regulated in terms of the Securities
Services Act, 2004 (Act 36 of 2004).
CONDITIONS FOR THE PROVISION OF SCHOLARSHIPS, BURSARIES
AND AWARDS FOR STUDY, RESEARCH AND TEACHING
Promulgated under
GN R333 in GG 27455 of 8 April 2005
By virtue of the power vested in me by paragraph 3 (o) of Part II of the Ninth Schedule to the Income Tax Act, 1982
(Act 58 of 1962), I, Trevor Andrew Manuel, Minister of Finance, hereby determine that the regulations issued in terms of paragraph 4 (o) of Part I of the Ninth Schedule to the Income Tax Act, 1962, and published under Government Notice R302 in Gazette 24941 of 28 February 2003, and any amendments thereto, apply mutatis mutandis for purposes of paragraph 3 (o) of Part II of the Ninth Schedule to that Act.
PUBLIC BENEFIT ACTIVITIES FOR PURPOSES OF DEDUCTIBLE
DONATIONS TO CERTAIN PUBLIC BENEFIT ORGANISATIONS
Promulgated under
GN 403 in GG 28771 of 26 April 2006
By virtue of the power vested in me by section 18A (1) (a) of the Income Tax Act, 1962 (Act 58 of 1962), I, Trevor
Andrew Manuel, Minister of Finance, hereby determine the following activities, as set out in the Schedule hereto, to be approved public bene t activities for purposes of that section.
SCHEDULE
CONSERVATION, ENVIRONMENT AND ANIMAL WELFARE
(a) Engaging in the conservation, rehabilitation or protection of the natural environment, including ora, fauna or the
biosphere.
(b) The care of animals, including the rehabilitation, or prevention of the ill-treatment of animals.
(c) The promotion of, and education and training programmes relating to, environmental awareness, greening, clean-
up or sustainable development projects.
CIRCUMSTANCES UNDER WHICH THE COMMISSIONER MAY WRITE OFF OR COMPROMISE ANY AMOUNT OF TAX, DUTY, LEVY, CHARGE, INTEREST, PENALTY OR OTHER AMOUNT
Promulgated under
GN 316 in GG 29788 of 13 April 2007
By virtue of section 91A of the Income Tax Act, 1962, I, Trevor Andrew Manuel, Minister of Finance, hereby publish
the regulations set out in the Schedule hereto, prescribing the circumstances under which the Commissioner for the South African Revenue Service may write off or compromise, in whole or in part, any amount of tax, duty, levy, charge,
28 SAIT CompendIum oF TAx LegISLATIon VoLume 2