Page 7 - SAIT Compendium 2016 Volume2

Juta Law Editors’ Note
The eighth edition of the SAIT Compendium of Tax Legislation is building on the 2012 to 2015 editions, which were a complete revision of earlier editions. Every year there is a concerted effort to add further value to this publication, which has thus far been received and hailed as very useful, practitioner-friendly and innovative.
This year the Compendium is produced in two volumes.
The publishers wish to provide practitioners with a unique reference guide incorporating various pieces of scal legislation, interpretation notes, practice notes and advance tax rulings.
Amendments to legislation in terms of the Taxation Laws Amendment Bill 29B of 2015, the Tax Administration Laws Amendment Bill 30 of 2015 and the Rates and Monetary Amounts and Amendment of Revenue Laws Act 13 of 2015 are incorporated in the 2016 edition of the Compendium. As at 10 December 2015, the rst-mentioned two Bills had not yet been assented to and signed by the President and promulgated in the Government Gazette. They were only passed in the National Council of Provinces on Tuesday, 1 December 2015. References in the Compendium are to ‘Taxation Laws Amendment Act, 2015’ and ‘Tax Administration Laws Amendment Act, 2015’ in the annotations and ‘prelex’ and ‘pendlex’ text. There is therefore an assumption that the Bills will be assented to and signed by the President and promulgated in the Gazette as Acts. There are also references to eg ‘the date of promulgation of Tax Administration Laws Amendment Act, 2015’, a date that is not yet known at the time of the signing off of Volumes 1 and 2 of the SAIT Compendium of Tax Legislation.
The Income Tax Act, the Value-Added Tax Act and Tax Administration Act again form the core of Volume 1.
In this volume one again nds the Employment Tax Incentive Act, the Estate Duty Act and the Transfer Duty Act, as well as the Rates of Normal Tax and the Income Tax Monetary Thresholds and Rebates subject to Periodic Legislative Change. The latter was last published by SARS in 2011 and has since been updated by Juta staff on an annual basis to re ect the position as at 1 January 2016. In addition, two other tax Acts, the Securities Transfer Tax Act 25 of 2007 and the Securities Transfer Tax Administration Act 26 of 2007, have, after many requests, been added to Volume 1 in this year’s edition. The Case Digest again forms part of Volume 1 and a number of important tax cases of the past year have been added. Tax case law is becoming more and more important within the South African tax environment, and it is felt that real value has been added to the publication by the tax law report section, which already comprises more than 80 pages.
Other enhancements found in the 2016 edition include:
ƒ Information relating to the commencement date (and additional data supplied in the relevant amending Act or
added by Juta editors for clarification purposes) of each specific provision of the 2015 legislation mentioned above has again been added to existing information in annotations, like the two examples below:
ƒ All amendments to legislation since the 2015 Compendium which have come into operation retrospectively or will be in operation by 1 April 2016 form part of the main body (‘current text’) of the Acts. The wording of the relevant ‘prelex’ (wording in force until the date of commencement of the new wording) appears immediately after the new text, printed with a light grey shaded background. Feedback regarding the innovation to publish the prelex text as an integrated part of the Act is still overwhelming positive. Examples of ‘prelex’ and related value-adding features are given below:
Example (i)
(iv) . . .
[Sub-para. (iv) deleted by s. 22 (1) (c) of Taxation Laws Amendment Act, 2015 – date of commencement deemed to have been 8 January 2009.]
[Para. (a) substituted by s. 29 (1) (b) of Taxation Laws Amendment Act, 2015 – date of commencement deemed to have been 1 March 2015, the date on which s. 12T originally came into operation.]
[De nition of ‘interest’ inserted by s. 70 (1) of Taxation Laws Amendment Act, 2015 – date of commencement: 1 March 2016; the inserted de nition applies iro interest that is paid or that becomes due and payable on or after that date.]
Prelex
Wording of sub-para. (iv) in force until its retrospective deletion, wef 8 January 2009, by s. 22 (1) (c) of Taxation Laws Amendment Act, 2015
(iv) the project will upgrade an industry within the Republic by—
(aa) providing skills development; and
(bb) utilising new technology that results in improved energy ef ciency;
SAIT CompendIum oF TAx LegISLATIon VoLume 2 v