Page 56 - SAIT Compendium 2016 Volume2

Municipalities INCOME TAX ACT: REGULATIONS ANd NOTICES Liquidation
marketing
R1,5 million
Description
NOTICE IN TERMS OF SECTION 10 (1) (y) AND PARAGRAPH 64A OF THE EIGHTH SCHEDULE: TAXI RECAPITALISATION PROGRAMME
Published under
GN 365 in GG 34233 of 29 April 2011 [with effect from 31 October 2006]
I, Pravin Jamnadas Gordhan, Minister of Finance, hereby give notice that any grant received by or accrued to a person by virtue of the taxi recapitalisation programme announced by the Minister of Finance in the 2006 medium term budget policy statement shall be exempt from tax with effect from 31 October 2006 for the purposes of—
(a) section 10 (1) (y) of the Income Tax Act, 1962 (Act 58 of 1962), in respect of normal tax; and
(b) paragraph 64A of the Eighth Schedule to the Income Tax Act, 1962, for the purposes of that schedule.
PRAVIN JAMNADAS GORDHAN Minister of Finance
NOTICE IN TERMS OF SECTION 10 (1) (y): STAPLE FOOD FORTIFICATION PROGRAMME
Published under
GN 366 in GG 34233 of 29 April 2011
[with effect from years of assessment commencing on or after 1 March 2012]
I, Pravin Jamnadas Gordhan, Minister of Finance, by virtue of the power vested in me by section 10 (1) (y) of the Income Tax Act, 1962 (Act 58 of 1962), hereby give notice that any grant received or accrued between October 2004 and September 2008 to any person under the Staple Food Forti cation Program[me] as administered under the regulations published by the Minister of Health in Government Gazette 24715 of 7 April 2003 made in terms of section 15 (1) of the Foodstuffs, Cosmetics and Disinfectants Act (Act 54 of 1972) shall be exempt from normal tax.
(Signed)
PRAVIN JAMNADAS GORDHAN Minister of Finance
REGULATIONS PRESCRIBING THE STEPS TO BE TAKEN TO LIQUIDATE, WIND UP OR DEREGISTER A COMPANY FOR PURPOSES OF SECTION 46 AND SECTION 64B OF THE INCOME TAX ACT 58 OF 1962 Promulgated under
GN R1168 in GG 23820 of 13 September 2002
By virtue of the powers vested in me by section 46(6)(c) and section 64B(5)(c) of the Income Tax Act, 1962 (Act 58 of 1962), I, Trevor Andrew Manuel, Minister of Finance, hereby prescribe in the Schedule hereto, the steps that have to be taken to liquidate, wind up or deregister a company within the period speci ed therein, for purposes of determining whether the provisions of section 46 or section 64B(3)(b) and 64B(5)(c), as the case may be, apply.
T.A. MANUEL
Minister of Finance
SCHEDULE
1. 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, bears the meaning so assigned.
2. For purposes of determining whether the provisions of section 46 or sections 64B(3)(b) and 64B(5)(c) of the Income Tax Act, 1962, apply, a company must be regarded as having taken the necessary steps to liquidate, wind up or deregister where—
(a)
in the case of a liquidation or winding-up—
(i) that company has lodged a resolution authorising the voluntary liquidation or winding-up of that company, for
registration in terms of—
(aa) section 200 of the Companies Act, 1973 (Act 61 of 1973), in the case of a company registered in terms of
that Act;
(bb) section 67(2) of the Close Corporations Act, 1984 (Act 69 of 1984), in the case of a close corporation; or (cc) a similar provision contained in any foreign law relating to the liquidation of companies, in the case
where that company is incorporated in a country other than the Republic; and
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SAIT CompendIum oF TAx LegISLATIon VoLume 2