Page 57 - SAIT Compendium 2016 Volume2

Liquidation INCOME TAX ACT: REGULATIONS ANd NOTICES S. 23K (2) regs
(ii) that company has disposed of all assets and has settled all liabilities (other than assets required to satisfy any reasonably anticipated liabilities to the Commissioner and costs of administration relating to the liquidation or winding-up), unless the Commissioner otherwise allows for a period which the Commissioner deems reasonable to enable that company to take adequate steps to wind down the business of the company; and
(b) in the case of a deregistration of a company, that company has submitted a written statement signed by each of its directors con rming that the company has ceased to carry on business and has no assets or liabilities—
(i) to the Registrar of Companies in terms of section 73(5) of the Companies Act, 1973, in the case of a company registered in terms of that Act;
(ii) to the Registrar of Close Corporations in terms of section 26(2) of the Close Corporations Act, 1984, in the case of a close corporation; or
(iii) In the case where that company is incorporated in a country other than the Republic, to a person who, in terms of any similar provision contained in any foreign law, exercises the powers and performs the duties assigned to a Registrar contemplated in subparagraph (i) or (ii);
(c) that company has submitted a copy of the resolution contemplated in paragraph (a)(i) or the written statement contemplated in paragraph (b) to the Commissioner; and
(d) all the returns or information required to be submitted or furnished to the Commissioner in terms of any Act administered by the Commissioner by the end of the period contemplated in regulation 3, have been submitted or furnished or arrangements have been made with the Commissioner for the submission of any outstanding returns or furnishing of information.
3. The steps contemplated in regulation 2 must betaken by the company within a period of six months after the later of—
(a) the date of publication of these regulations; or
(b) the liquidation distribution contemplated in section 46 or the distribution of the dividend contemplated in section
64B, as the case may be.
TIME OF MAKING OF CERTAIN PAYMENTS OF INCOME TAX AND VALUE- ADDED TAX PRESCRIBED IN TERMS OF SECTION 89sex (2) OF THE INCOME TAX ACT 18 OF 1962 AND PARAGRAPH (iv) OF THE PROVISO TO SECTION 28 (1) OF THE VALUE-ADDED TAX ACT 89 OF 1991 Promulgated under
GN 291 in GG 34177 of 1 April 2011
In terms of section 89sex(2) of the Income Tax Act, 1962 (Act 58 of 1962) (the Income Tax Act), and paragraph (iv) of the proviso to section 28(1) of the Value-Added Tax Act, 1991 (Act 89 of 1991) (the VAT Act), I, George Ngakane Virgil Magashula, Commissioner for the South African Revenue Service, hereby prescribe that as from 1 May 2011, any payment made under the Income Tax Act or the VAT Act using a South African Revenue Service drop box on a business day must be received by no later than 15:00, failing which it will be deemed to have been received on the rst following business day, unless I, having regard to the circumstances, direct otherwise.
(Signed)
G N V MAGASHULA
Commissioner: South African Revenue Service
NOTICE IN TERMS OF SECTION 10 (1) (y): CLOTHING AND TEXTILE COMPETITIVENESS PROGRAMME
Promulgated under
GN R538 in GG 35516 of 13 July 2012
I, Pravin Jamnadas Gordhan, Minister of Finance, hereby give notice that any grant received by or accrued to a person by virtue of the clothing and textile competitiveness program[me] administered by the Department of Trade and Industry shall be exempt from normal tax with effect from 1 April 2009 under section 10(1)(y) of the Income Tax Act, 1962 (Act 58 of 1962).
(Signed)
PRAVIN JAMNADAS GORDHAN
Minister of Finance
REGULATIONS PRESCRIBING THE CIRCUMSTANCES UNDER WHICH SECTION 23K (2) OF THE INCOME TAX ACT, 1962, DOES NOT APPLY Promulgated under
GN R255 in GG 35188 of 28 March 2012
The Minister of Finance under section 23K(9) of the Income Tax Act, 1962 (Act 58 of 1962), hereby makes the regulations set out in the Schedule hereto.
SAIT CompendIum oF TAx LegISLATIon VoLume 2 49