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Income Tax Act, 1962 (Act 58 of 1962)

Chapter III: General Provisions

Part IIB: Reportable Arrangements

80O. Disclosure obligation (Repealed)

 

 

[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].

 

1) The promoter must disclose such information in respect of a reportable arrangement as is contemplated in section 80P.

 

2) If there is no promoter in relation to an arrangement or if the promoter is not a resident, all other participants must disclose the information contemplated in section 80P in respect of the reportable arrangement.

 

3) A participant need not disclose the information in respect of a reportable arrangement if that participant obtains a written statement from—
a) the promoter that the promoter has disclosed that reportable arrangement as required by this Part; or
b) any other participant, if subsection (2) applies, that the other participant has disclosed that reportable arrangement as required by this Part.

 

4) The reportable arrangement must be disclosed within 60 days after any amount is first received by or accrued to any participant or is first paid or actually incurred by any participant in terms of the arrangement.

 

5) The Commissioner may grant extension for disclosure for a further 60 days, if reasonable grounds exist for that extension.