Page 54 - SAIT Compendium 2016 Volume2

Micro business INCOME TAX ACT: REGULATIONS ANd NOTICES Municipalities
DETERMINATION OF A DATE BY WHICH A PERSON MAY ELECT TO BE REGISTERED AS A MICRO BUSINESS IN TERMS OF THE SIXTH SCHEDULE
Promulgated under
GN 289 in GG 35228 of 4 April 2012
[with effect from the year of assessment commencing 1 March 2012]
In terms of paragraph 8(1)(a) of the Sixth Schedule to the Income Tax Act, 1962 (Act 58 of 1962), I, George Ngakane Virgil Magashula, Commissioner for the South African Revenue Service, hereby determine 29 June 2012 as the date by which a person may elect to be registered as a micro business for the year of assessment commencing on 1 March 2012. (Signed)
G. N. V. MAGASHULA
Commissioner for the South African Revenue Service
REGULATIONS ON REPORTING BY MUNICIPALITIES IN TERMS OF SECTION 13quat (9) OF THE INCOME TAX ACT 58 OF 1962
Promulgated under
GN 219 in GG 34113 of 11 March 2011
The Minister of Finance has, under s 13quat (9) of the Income Tax Act 58 of 1962, made the regulations set out in the
Schedule hereto.
SCHEDULE
REGULATIONS ON REPORTING BY MUNICIPALITIES IN TERMS OF SECTION 13quat (9) OF THE INCOME TAX ACT 58 OF 1962 GN 219/ 11 MARCH 2011
1 In these Regulations, unless the context indicates otherwise, any word or expression to which a meaning has been assigned in the Income Tax Act 58 of 1962, bears the meaning so assigned.
2 A municipality must, in respect of each nancial year of that municipality supply the Commissioner and the Minister with the following information:
(a)
(b)
(c)
in respect of certi cates con rming that a building is located within an urban development zone within that municipality for the purposes of section 13quat (4) (a):
(i) The name of every person to which the municipality issued such a certi cate; (ii) the total number of such certi cates issued to taxpayers by that municipality;
(iii) the extent to which a building in respect of which such a certi cate was issued is used for— (aa) commercial purposes;
(bb) residential purposes;
(cc) low-cost residential units contemplated in section 13quat (3A); or
(dd) industrial purposes;
in respect of building plans to erect, extend, add to or improve a building or part of a building in each urban development zone within that municipality:
(i) the number of building plans approved; and
(ii) the estimated total cost of the erections, extensions, additions or improvements in respect of
which such building plans were approved; and
(i) the total number of building plans approved by the municipality; and
(ii) the estimated total cost of the erections, extensions, additions or improvements in respect of which such building plans were approved.
3 A municipality must, in respect of each nancial year of that municipality supply the Commissioner and the Minister with the following information regarding—
(a) the signi cant scal measures that have been implemented by that municipality as contemplated in section 13quat
(6)(e) to support the regeneration of each urban development zone within that municipality, including—
(i) the appropriation of signi cant funds for developing the area in the annual budget of the municipality; and
(ii) other scal measures for such development; and
(b) any non-monetary measures implemented to stimulate the regeneration of each urban development zone within that
municipality.
4 A municipality must, in respect of each nancial year of that municipality supply the Commissioner and the Minister
with the information as required by these Regulations in a format that corresponds with Form A annexed to these Regulations.
5 The reports contemplated in regulations 2 and 3 must be submitted to the Commissioner and the Minister within 3 months after the end of each nancial year of that municipality.
6 These Regulations are called the Regulations on reporting by municipalities in terms of section 13quat (9) of the Income Tax Act, 1962.
PRAVIN J GORDHAN Minister of Finance Date: 28- 2-2011
46 SAIT CompendIum oF TAx LegISLATIon VoLume 2