Income Tax Act, 1962

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To consolidate the law relating to the taxation of incomes and donations, to provide for the recovery of taxes on persons, to provide for the deduction by employers of amounts from the remuneration of employees in respect of certain tax liabilities of employees, and to provide for the making of provisional tax payments and for the payment into the National Revenue Fund of portions of the normal tax and interest and other charges in respect of such taxes, and to provide for related matters.

 

Last update: January 2014


Copyright: This Act reproduced under Government Printers Copyright Authority 10154 dated 20 March 1996


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Latest Updates:

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been updated by the Tax Administration Laws Amendment Act, 2013 (Act No. 39 of 2013), Government Gazette 37236 dated 16 January 2014.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been amended by the Taxation Laws Amendment Act, 2013 (Act No.31 of 2013) Government Gazette 37158 dates 12 December 2013.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been amended by the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2013 (Act No. 23 of 2013) Government Gazette 37104 dated 2 December 2013.

 

The Income Tax Act, 1962 (Act 58 of 1962) has been amended by the Employment Tax Incentive Act, 2013 (Act No. 26 of 2013), Government Gazette 37185 dated 18 December 2013.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been amended by the Taxation Laws Amendment Act, 2012 (Act No, 22 of 2012) Government Gazette 36122 dated 1 February 2013.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been amended by the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2012 (Act No. 13 of 2012) Government Gazette 35775 dated 9 October 2012.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been amended by Government Gazette 34927, dated 10 January 2012 - Notice 16; Taxation Laws Amendment Act, 2011.

 

The Income Tax Act, 1962 (Act No. 58 of 1962) has been updated by Government Gazette 33977 - Amendment to Act.

 

This Act has been updated with Regulations Notice R. 219 in Government Gazette No. 34113 dated 11 March 2011.

 

The Act called "Voluntary Disclosure Programme and Taxation Laws Second Amendment Act, No. 8 of 2010" published in November 2010, has amended this Act.

 

The Act has been updated by The Taxation Laws Amendment Act, No. 7 of 2010 in Government Gazette No. 33726 dated 2 November 2010.

 

This Act has been updated by Notice No. 1118 in Government Gazette No. 33811 dated 29 November 2010.

 

This Act has been updated by Notice No. 769 – prescribing date for rendering returns – in Government Gazette No. 33513 dated 31 August 2010.

 

The Act has been updated by the Taxation Laws Amendment Act No. 17 of 2009 and the Taxation Laws Second Amendment Act No. 18 of 2009.

 

This Act has been updated by Notice No. 892 published in Government Gazette No. 32546 dated 31 August 2009, regarding Determination of Interest Rate.

 

This Act has been updated by Notice No. 697 regarding Determination of Interest Rate, published in Government Gazette No. 32344 dated 26 June 2009.

 

The Act has been updated by the inclusion of Government Notice No. 412 of 2009, being a Declaration of as person as an Employee, printed in Government Gazette No. 32109 dated 7th April 2009.

 

The Act has been updated by the inclusion of Notice No. 180 of 2009– Determination of Interest Rate, printed in Government Gazette No. 31931 dated 20th February 2009; Notice No. 171 of 2009 – Determination of Daily Amount, printed in Government Gazette No. 31915 dated 27 February 2009; Notice No. 289 of 2009 – Notice in terms of the Second Schedule, printed in Government Gazette No. 32005 dated 11 March 2009 and Notice No. 290 of 2009 – Notice in terms of Section 1 of the Act, printed in Government Gazette No. 32005 dated 11 March 2009.

 

This Act has been updated by the Revenue Laws Amendment Act No. 60 of 2008 published in Government Gazette No.31781 dated 8 January 2009, and the Revenue Laws Second Amendment Act No. 61 of 2008 published in Government Gazette No. 31782 dated 8 January 2009.

 

The Act has been updated by the Taxation Laws Amendment Act, 2008 (Act No. 3 of 2008) published in Government Gazette No. 31267 dated 22 July 2008, and also updated by the Taxation Laws Second Amendment Act, 2008 (Act No. 4 of 2008) published in Government Gazette No. 31208 dated 3 July 2008.

 

The Act has been updated by The Revenue Laws Second Amendment Act, 2007 (Act No. 36 of 2007), as published in Government Gazette No. 30657 dated 8 January 2008;

The Act has been updated by the Revenue Laws Amendment Act, 2007 (Act No. 35 of 2007), as published in Government Gazette No. 30656 dated 8 January 2008;

 

Links to Adobe PDF versions of the Government Gazettes (as published by the relevant Government Departments) are provided. Click to open these, or right-click and choose "Save target as.." to download and save the PDF file.

The Act has been amended by the Taxation Laws Amendment Act No. 8 of 2007 (GG No. 30157 dated 8 August 2007); as well as the Taxation Laws Second Amendment Act No. 9 of 2007 (GG No. 30158 dated 8 August 2007);

Revenue Laws Second Amendment Act No. 21 of 2006 (GG 29604 dated 7th February, 2007)

Revenue Laws Amendment Act No. 20 of 2006 (GG 29603 dated 7th February, 2007)

Second Small Business Tax Amnesty and Amendment of Taxation Laws Act No. 10 of 2006 (GG 29069 dated 25th July, 2006)

Small Business Tax Amnesty and Amendment of Taxation Laws Act No. 9 of 2006 (GG 29068 dated 25th July, 2006)

Revenue Laws Second Amendment Act No. 32 of 2005 (GG 28451 dated 1st February, 2006)

Revenue Laws Amendment Act No. 31 of 2005 (GG 28450 dated 1st February, 2006)

Government Notice No. 170 of 2005 relating to the Fixing of Rate per Kilometre in respect of Motor Vehicles under Section 8(b)(ii) and (iii)

Amended by the Taxation Laws Amendment Act, 2005 (9 of 2005).(GG 27815 dated 19th July, 2005)

 

2004 and earlier

Amended by Second Revenue Laws Amendment Act, 2004 (34 of 2004).

Amended by Revenue Laws Amendment Act,2004 (32 of 2004).

Amended by the Taxation Laws Amendment Act, 2004 (16 of 2004).

The official rate of interest (7th Schedule, para 1) is now 9.0% with effect from 1 March 2004 as gazetted in GG 26104 dated 1 March, 2004.

The period for valuation of assets (8th Schedule s29(4)(a)) has been extended to 30 September 2004 as gazzeted in GG 26026 dated 20 February, 2004.

Amended by the Revenue Laws Amendment Act, 2003 (45 of 2003).

Amended by the Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (13 of 2003).

Amended by the Revenue Laws Amendment Act, 2002 (74 of 2002).

Amended by the Taxation Laws Amendment Act, 2002 (30 of 2002).

Amended by the Second Revenue Laws Amendment Act, 2001 (60 of 2001).

Various amendments have been made by the Revenue Laws Amendment Act, 2001 (Act 19 of 2001).

Note that the various amendment Acts are available in PDF format at sars

Various amendments have been made by the Taxation Laws Amendment Act, Act 5 of 2001, mostly related to the introduction of Capital Gains Tax, including the addition of Schedule 8 to the Act.
Act 5 of 2001 is available in PDF format from the SARS web site at sars

SARS Practice Note 8 of 2001 has been added. This deals with Exemption from Income Tax in terms of Section 10(1)(e).

Various amendments have been made by the Revenue Laws Amendment Act, 2000.

The Minister of Finance has increased the amount of tax in section 83A(1)(a) from R30 000 to R100 000 as published in Gazette 21733 and dated 17 November 2000.

Various amendments have been made by the Taxation Laws Amendment Act, 2000, as published in Gazette 21390 and dated 19 July 2000..

Notice 1727, regarding Notice to Furnish Returns for the 2000 Year of Assessment, has been added, as published in Gazette 21146 and dated 12 May 2000.

The Fixing of Rate per Kilometre i.r.o. motor vehicles has been amended by Notice No. 194, dated 25 February 2000.

The percentage amounts in the definition of 'prescribed rate' and of 'official rate of interest' have been amended by Notice No. 182 and 183, respectively, and take effect as from 1 March 2000.

Extensively Updated by the Revenue Laws Amendment Act, 1999, as published in Gazette 20656 dated 24 November.

Proclamation No. 106 of 1999, dated 12 October 1999, regarding 'The appointment and Re-appointment of members of the Special Court for Hearing Income Tax Appeals', has been added to the Act.

In terms of the provisions of section 6 of the South African Revenue Service Act, 1997, Mr Pravin Jamnadas Gordhan has been designated as Commissioner for the South African Revenue Service for a period of five years with effect from 8 November 1999.