Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Diamond Export Levy Act, 2007 (Act No. 15 of 2007)Part III : General relief measures4. Import credit |
| (1) | Any person registered under section 2 of the Administration Act is entitled to receive a credit in respect of any unpolished diamond imported into the Republic on the date a registering officer releases that diamond for import as described in section 69B of the Diamonds Act. |
| (2) | The credit described in subsection (1) equals – |
| (a) | the levy rate; multiplied by |
| (b) | the value in respect of that diamond as released for import in terms of section 69B of the Diamonds Act. |
| (3) | All credits described in subsection (2) arising during an assessment period apply as an offset against the levy paid or payable in respect of that assessment period. |
| (4) | To the extent credits remain after the offset described in subsection (3), those credits will be deemed to arise in the immediately succeeding assessment period. |
| (5) | A person is not entitled to receive any credits described in this section in respect of any unpolished diamond if that diamond was previously exported under – |
| (a) | the cover of a temporary exemption certificate described in section 5; or |
| (b) | the cover of an election described in section 6. |
| (6) | A person is not entitled to receive credits described in this section in respect of any unpolished diamond imported during any assessment period in which that person qualifies for relief in terms of Part IV. |
