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Income Tax Act, 1962 (Act No. 58 of 1962)

Chapter II : The Taxes

Part V : Donations Tax

64. Rate of donations tax

 

(1) The rate of the donations tax chargeable under section 54 in respect of the value of any property disposed of under a donation shall be—

(a)        

(i) 20 per cent of that value if the aggregate of that value and the value of any other property disposed of under a donation until the date of that donation does not exceed R30 million; and
(ii) 25 per cent of that value to the extent that that value is not taxed under subparagraph (i); or

[Section 64(1)(a) substituted by section 5 of Notice No. 18, GG 42171 dated 17 January 2019 (Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2018 (Act No. 21 of 2018)) - effective 1st March 2018]

(b) such percentage of such value as the Minister may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, with effect from a date mentioned in that Announcement.

 

(2) If the Minister makes an announcement contemplated in subsection (1)(b), that rate comes into effect on the date determined by the Minister in that announcement and continues to apply for a period of 12 months from that date subject to Parliament passing legislation giving effect to that announcement within that period of 12 months.

 

[Section 64 substituted by section 59 of the Taxation Laws Amendment Act, 2017 (Act No. 17 of 2017)]