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Uncertificated Securities Tax Act, 1998 (Act No. 31 of 1998)

2. Imposition of tax


(1) There shall be levied and paid for the benefit of the National Revenue Fund a tax, to be known as the uncertificated securities tax, in respect of every change in beneficial ownership in, any securities, at the rate of 0,25 per cent of the taxable amount of such securities determined in terms of this Act.


(2) The Minister of Finance may announce that, with effect from a date mentioned in that announcement—
(a) the rate of uncertificated securities tax contemplated in subsection (1) will be reduced to the extent mentioned in the announcement; or
(b) there will be a change in the provisions of this Act that will have the effect that the transfer of beneficial ownership in any security will no longer be subject to uncertificated securities tax.


(3) If the Minister makes an announcement contemplated in subsection (2), such reduction or change comes into effect on the date announced and continues to apply for a period of six months from that date unless Parliament passes legislation giving effect to such announcement within that period of six months.