Page 68 - SAIT Compendium 2016 Volume2

General INCOME TAX ACT: REGULATIONS ANd NOTICES General
Short title and commencement
3. These regulations are called the Regulations in terms of items (a) and (c) of de nition of ‘determined value’ in paragraph 7(1) of Seventh Schedule to Income Tax Act, 1962, on retail market value in respect of right of use of motor vehicle and are deemed to have come into operation on 1 March 2015.
NOTICE IN TERMS OF SECTION 12T OF THE INCOME TAX ACT, 1962, IN RESPECT OF PERSONS OR ENTITIES THAT MAY ADMINISTER FINANCIAL INSTRUMENTS OR POLICIES AS TAX FREE INVESTMENTS Promulgated under
GN 171 in GG 38508 of 25 February 2015
I, Nhlanhla Musa Nene, Minister of Finance, hereby give notice in terms of paragraph (a) of the de nition of ‘tax free investment’ in section 12T(1) of the Income Tax Act, 1962 (Act 58 of 1962), that the following persons or entities may administer nancial instruments or policies as a tax free investment for the purpose of section 12T of that Act:
(1) A bank as de ned in the Banks Act, 1990 (Act 94 of 1990);
(2) A mutual bank as de ned in section 1 of the Mutual Banks Act, 1993 (Act 124 of 1993); or
(3) A co-operative bank as de ned in section 1 of the Co-operative Banks Act, 2007 (Act 40 of 2007);
(4) A long-term insurer as de ned in the Long-term Insurance Act, 1998 (Act 52 of 1998);
(5) A manager as de ned in section 1 of the Collective Investment Schemes Control Act, 2002 (Act 45 of 2002);
(6) The government of the Republic of South Africa in the national sphere;
(7) An authorised user as de ned in section 1 of the Financial Markets Act, 2012 (Act 19 of 2012)
(8) An administrative FSP (Financial Service Provider) as de ned in board notice 79 of 2003 issued in terms of section
15(1) of the Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2002).
Nhlanhla Musa Nene
Minister of Finance
REGULATIONS IN TERMS OF SECTION 12T (8) OF THE INCOME TAX ACT, 1962, ON THE REQUIREMENTS FOR TAX FREE INVESTMENT Promulgated under
GN R172 in GG 38509 of 25 February 2015
I, Nhlanhla Musa Nene, Minister of Finance, under section 12T(8) of the Income Tax Act, 1962 (Act No. 58 of 1962), hereby make the regulations as set out in the Schedule hereto.
Nhlanhla Musa Nene
Minister of Finance
SCHEDULE
PREAMBLE
SINCE government wishes to address the low level of household savings in South Africa.
AND SINCE government is desirous of allowing providers of nancial products to market nancial products in a manner
that creates a partnership between government and those providers of nancial products to encourage household savings. THEREFORE section 12T of the Income Tax Act, 1962, and these regulations are enacted to enable providers of nancial products to provide nancial products that are simple to understand; that are offered in a transparent manner; carry fees and charges that are reasonable; and that are suitable for those persons who are not necessarily expert investors.
BE IT THEREFORE ENACTED by Regulation, as follows—
1. De nitions
ARRANGEMENT OF REGULATIONS
Part I De nitions
Part II
Issue of nancial instrument and policy
2. Issue of nancial instrument or policy
3. Advertising of tax free investment
4. Accepting of amounts by product provider
5. Pre-existing nancial instrument or policy may not be converted
6. Disclosure by product provider
Part III Disclosure
Part IV Withdrawal and transfer
7. Withdrawal by product provider
8. Payment of amount in relation to withdrawal
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SAIT CompendIum oF TAx LegISLATIon VoLume 2