Page 296 - SAIT Compendium 2016 Volume1

s 64M INCOME TAX ACT 58 OF 1962 s 66
[Sub-s. (1A) inserted by s. 16 [(1)] (b) of Act 21 of 2012 – date of commencement: 20 December 2012.]
(2) Any amount that is refundable in terms of subsection (1) or (1A) must be refunded by the regulated intermediary contemplated in subsection (1) (a) or (1A) (a) from any amount of dividends tax withheld by the regulated intermediary after the submission of the declaration as contemplated in subsection (1) (c) or the claim of a rebate contemplated in subsection (1A).
[Sub-s. (2) substituted by s. 16 [(1)] (c) of Act 21 of 2012 – date of commencement: 20 December 2012.]
[S. 64M inserted by s. 53 (1) of Act 17 of 2009 – date of commencement: 1 April 2012.]
64N Rebate in respect of foreign taxes on dividends
(1) A rebate determined in accordance with this section must be deducted from the dividends tax payable in respect of a dividend contemplated in paragraph (b) of the de nition of ‘dividend’ in section 64D.
(2) The amount of the rebate contemplated in subsection (1) is equal to the amount of any tax paid to any sphere of government of any country other than the Republic, without any right of recovery by any person, on a dividend contemplated in subsection (1).
(3) The amount of the rebate contemplated in subsection (2) must not exceed the amount of the dividends tax imposed in respect of the dividend contemplated in subsection (1).
(4) For the purposes of this section, the amount of any tax paid as contemplated in subsection (2) must be translated to the currency of the Republic by applying the exchange rate used to convert the amount of the dividend in respect of which that tax is paid to the currency of the Republic.
(5) A company or regulated intermediary must obtain proof of any tax paid to any sphere of government of any country other than the Republic and deducted from the dividends tax payable in terms of this section, in the form and manner prescribed by the Commissioner.
[Sub-s. (5) added by s. 17 (1) of Act 21 of 2012 and substituted by s. 6 of Act 39 of 2013 – date of commencement: 16 January 2014.]
[S. 64N inserted by s. 53 (1) of Act 17 of 2009 – date of commencement: 1 April 2012.]
[NB: A Part IX of Chapter II of the Income Tax Act 58 of 1962 (ss. 64O to 64R inclusive) was inserted by s. 54 (1) of Act 17 of 2009 and amended by ss. 75 and 76 of Act 7 of 2010, provisions which would have come into operation on the date of commencement of Part VIII of Chapter II of the Income Tax Act (determined to be 1 April 2012 in terms of Notice 1073, published in Government Gazette 34873 of 20 December 2011). However, this Part IX (‘Value Extraction Tax’) was repealed by s. 85 (1) of Act 24 of 2011, a provision that came into operation on 1 April 2012.]
66 Notice by Commissioner requiring returns for assessment of normal tax under this Act
[Heading substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(1) The Commissioner must annually give public notice of the persons who are required by the Commissioner to furnish returns for the assessment of normal tax within the period prescribed in that notice.
[Sub-s. (1) amended by s. 27 of Act 88 of 1971, substituted by s. 22 (a) of Act 91 of 1982, amended by s. 19 of Act 65 of 1986, by s. 23 of Act 85 of 1987, by s. 37 of Act 101 of 1990, by s. 41 of Act 30 of 2000, by s. 19 (a) of Act 5 of 2001, by s. 26 of Act 30 of 2002, by s. 38 (1) of Act 74 of 2002 and by s. 18 of Act 16 of 2004 and substituted by s. 7 of Act 34 of 2004, by s. 9 (1) (a) of Act 32 of 2005 and by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(1A) . . .
[Sub-s. (1A) inserted by s. 9 (1) (b) of Act 32 of 2005 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(2) . . .
[Sub-s. (2) deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(3) . . .
[Sub-s. (3) substituted by s. 4 (1) of Act 61 of 2008 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(4) The Commissioner may, prior to the issue of any such annual notice, require any person by notice in writing to render interim returns for any period he may designate in such notice, and may proceed to make an assessment in respect of that period.
(5) . . .
[Sub-s. (5) amended by s. 22 (b) of Act 91 of 1982 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(5A) Any person who is not in terms of this section required to furnish a return in respect of any year of assessment may for the purpose of having that person’s liability for normal tax determined on assessment furnish such a return within three years after the end of such year of assessment.
[Sub-s. (5A) inserted by s. 22 (c) of Act 91 of 1982 and substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(6) . . .
[Sub-s. (6) substituted by s. 22 (d) of Act 91 of 1982 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(7) . . .
[Sub-s. (7) deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(7A) . . .
[Sub-s. (7A) inserted by s. 19 (b) of Act 5 of 2001, substituted by s. 8 (1) (a) of Act 4 of 2008 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(7B) . . .
[Sub-s. (7B) inserted by s. 19 (b) of Act 5 of 2001 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(7C) to (7E) inclusive . . .
[Sub-ss. (7C) to (7E) inclusive inserted by s. 17 of Act 19 of 2001 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(8) to (11) inclusive . . .
[Sub-ss. (8) to (11) inclusive deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(12) . . .
[Sub-s. (12) deleted by s. 26 of Act 21 of 1994.]
CHAPTER III
GENERAL PROVISIONS (ss. 65–112)
Part I Returns (ss. 65–76A)
65 . . .
[S. 65 substituted by s. 60 of Act 45 of 2003 and by s. 8 of Act 32 of 2005 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
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