Page 307 - SAIT Compendium 2016 Volume1

s 107 INCOME TAX ACT 58 OF 1962 s 112
107 Regulations
(1) The Minister of Finance may make regulations— (a) prescribing the duties of all persons engaged or
employed in the administration of this Act;
(b) de ning the limits of areas within which such persons
are to act;
(c) prescribing the nature and contents of the accounts to
be rendered by any taxpayer in support of any returns rendered under this Act and the manner in which such accounts shall be authenticated;
[Para. (c) substituted by s. 46 of Act 30 of 1998.]
(d) prescribing the method of valuation of annuities or of duciary, usufructuary or other limited interests in
property referred to in section sixty-two,
(dA) .. .
[Para. (dA) inserted by s. 26 (1) of Act 65 of 1973 and deleted by s. 29 of Act 21 of 1994.]
(e) . . .
[Para. (e) deleted by s. 62 of Act 60 of 2001.]
(f) . . .
[Para. (f) added by s. 34 (a) of Act 5 of 2001 and deleted
by s. 54 of Act 74 of 2002.]
and generally for giving effect to the objects and purposes of this Act.
[Sub-s. (1) amended by s. 46 of Act 97 of 1986.]
(2) The regulations may prescribe penalties for any contravention thereof or failure to comply therewith, not exceeding a ne of R2 000.
[Sub-s. (2) amended by s. 37 of Act 28 of 1997 and substituted by s. 34 (b) of Act 5 of 2001.]
(3) Any regulation made under the Income Tax Act, 1941, and in force at the date of commencement of this Act, shall be deemed to have been made under this Act.
107A . . .
[S. 107A inserted by s. 63 (1) of Act 60 of 2001 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
107B . . .
[S. 107B inserted by s. 63 (1) of Act 60 of 2001, amended by s. 31 (1) of Act 30 of 2002 and repealed by s. 77 of Act 45 of 2003.]
108 Prevention of or relief from, double taxation
(1) The National Executive may enter into an agreement with the government of any other country, whereby arrangements are made with such government with a view to the prevention, mitigation or discontinuance of the levying, under the laws of the Republic and of such other country, of tax in respect of the same income, pro ts or gains, or tax imposed in respect of the same donation, or to the rendering of reciprocal assistance in the administration of and the collection of taxes under the said laws of the Republic and of such other country.
[Sub-s. (1) substituted by s. 15 (1) (a) of Act 101 of 1978 and by s. 38 (1) (a) of Act 28 of 1997.]
(2) As soon as may be after the approval by Parliament of any such agreement, as contemplated in section 231 of
the Constitution, the arrangements thereby made shall be noti ed by publication in the Gazette and the arrangements so noti ed shall thereupon have effect as if enacted in this Act.
[Sub-s. (2) substituted by s. 15 (1) (a) of Act 101 of 1978 and by s. 38 (1) (a) of Act 28 of 1997.]
(3) . . .
[Sub-s. (3) deleted by s. 38 (1) (b) of Act 28 of 1997.]
(4) . . .
[Sub-s. (4) amended by s. 25 of Act 96 of 1981 and deleted by s. 38 (1) (b) of Act 28 of 1997.]
(5) The duty imposed by any law to preserve secrecy with regard to such tax shall not prevent the disclosure to any authorized of cer of the country contemplated in subsection (1), of the facts, knowledge of which is necessary to enable it to be determined whether immunity, exemption or relief ought to be given or which it is necessary to disclose in order to render or receive assistance in accordance with the arrangements noti ed in terms of subsection (2).
[Sub-s. (5) substituted by s. 15 (1) (b) of Act 101 of 1978 and by s. 38 (1) (c) of Act 28 of 1997.]
109 . . .
[S. 109 amended by s. 13 of Act 72 of 1963 and repealed
commencement: 1 October 2012.]
[S. 110bis inserted by s. 18 of Act 6 of 1963, amended by s. 14 of Act 72 of 1963, by s. 29 (1) of Act 88 of 1971, by s. 27 of Act 103 of 1976 and by s. 41 of Act 36 of 1996 and repealed by s. 39 of Act 28 of 1997.]
111 Repeal of laws
(1) Subject to the provisions of subsection (2), the laws speci ed in the Third Schedule are hereby repealed to the extent set out in the third column of that Schedule: Provided that any tax or other amount which but for such repeal would have been capable of being levied, assessed or recovered and which has not been levied, assessed or recovered at the commencement of this Act, may be levied, assessed or recovered as if such repeal had not been effected.
(2) Any notice or proclamation issued or regulation made or anything done under any provision of a law repealed by subsection (1) shall be deemed to have been issued, made or done under the corresponding provision of this Act.
111A . . .
[S. 111A inserted by s. 40 of Act 89 of 1969 and repealed
by s. 41 of Act 94 of 1983.]
112 Short title and commencement
This Act shall be called the Income Tax Act, 1962, and shall come into operation on the rst day of July, 1962.
by s. 31 of Act 141 of 1992.]
[S. 110 repealed by s. 271 of Act 28 of 2011 – date of
110 . . . 110bis . . .
SAIT CompendIum oF TAx LegISLATIon VoLume 1 299
INCOME TAX ACT – SECTIONS