Page 50 - SAIT Compendium 2016 Volume2

Employee INCOME TAX ACT: REGULATIONS ANd NOTICES S 12I regs
DECLARATION OF A PERSON OR CLASS OR CATEGORY OF PERSON AS AN EMPLOYEE IN TERMS OF PARAGRAPH (d) OF THE DEFINITION OF ‘EMPLOYEE’ IN THE FOURTH SCHEDULE TO THE ACT
Promulgated under
GN 412 in GG 32109 of 7 April 2009
By virtue of the powers vested in me by paragraph (d) of the de nition of ‘employee’ in the Fourth Schedule to the
Income Tax Act, 1962 (Act 58 of 1962) I, Trevor Andrew Manuel, Minister of Finance, hereby declare any person whose services has [sic] been procured for or provided to a client by [a] ‘temporary employment services’ as de ned in section 198 of the Labour Relations Act, 1995 (Act 66 of 1995), to be an employee for the purposes of the de nition of ‘employee’ in the Fourth Schedule to the Income Tax Act, 1962, with effect from 1 March 2009.
DETERMINATION OF INTEREST RATE FOR PURPOSES OF PARAGRAPH (a) OF THE DEFINITION OF ‘OFFICIAL RATE OF INTEREST’ IN PARAGRAPH 1 OF THE SEVENTH SCHEDULE TO THE ACT
Promulgated under
GN 866 in GG 33597 of 1 October 2010 [with effect from 1 October 2010]
By virtue of the powers vested in me by paragraph (a) of the de nition of ‘of cial rate of interest’ in paragraph 1 of the Seventh Schedule to the Income Tax Act, 1962 (Act 58 of 1962), I, Pravin Jamnadas Gordhan, Minister of Finance, hereby x the rate of interest contemplated in paragraph (a) of that de nition at 7 per cent* with effect from 1 October 2010.
REGULATIONS MADE UNDER SECTION 12I OF THE ACT
Promulgated under
GN R639 in GG 33385 of 23 July 2010
as amended by
GN R633 in GG 35611 of 20 August 2012
[with effect from 1 January 2012]
By virtue of the power vested in me by section 12I of the Income Tax Act, 1962 (Act 58 of 1962), I, Pravin Jamnadas Gordhan, Minister of Finance, in consultation with the Minister of Trade and Industry, hereby make the regulations as
set out in the Schedule hereto.
1 De nitions
SCHEDULE
In these Regulations, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Income Tax Act, 1962 (Act 58 of 1962), bears the meaning so assigned, and—
‘additional investment allowance bene t period’ means the period during which the additional investment allowance for manufacturing assets is allowable in terms of section 12I(2);
[De nition of ‘additional investment allowance bene t period’ amended by GN R633 of 20 August 2012.]
‘additional training allowance bene t period’ means the period during which the additional training allowance is allowable in terms of section 12I(4);
‘direct employment’ means employment in accordance with the meaning in paragraphs (a) and (b) of the de nition of ‘employee’ in the Fourth Schedule of the Act;
[De nition of ‘direct employment’ amended by GN R633 of 20 August 2012.]
‘energy ef ciency improvement’ bears the meaning assigned to ‘reported savings’ in the South African National Standard 50010 for the measurement and veri cation of energy ef ciency savings that is issued by the South African Bureau of Standards in terms of the Standards Act, 2008 (Act 8 of 2008);
‘section 12r’ means section 12I of the Act;
[De nition of ‘section 12r’ inserted by GN R633 of 20 August 2012.]
*The definition of ‘official rate of interest’ has been substituted by s 90 (1) of Act 7 of 2010. The substituted definition, which came into effect on 1 March 2011, reads as follows:
‘of cial rate of interest’ means—
(a) in the case of a loan which is denominated in the currency of the Republic, a rate of interest equal to the South
African repurchase rate plus 100 basis points; or
(b) in the case of a loan which is denominated in any other currency, a rate of interest that is the equivalent of the South
African repurchase rate applicable in that currency plus 100 basis points:
Provided that where a new repurchase rate or equivalent rate is determined, the new rate of interest applies for the purposes of this de nition from the rst day of the month following the date on which that new repurchase rate or equivalent rate came into operation;
42 SAIT CompendIum oF TAx LegISLATIon VoLume 2