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

Regulations

Regulations in terms of section 12T(8) of the Income Tax Act, 1962, on the requirements for Tax Free Investment

Part II : Issue of financial instrument and policy

2. Issue of financial instrument or policy

 

A financial instrument or policy in respect of a tax free investment may only be issued by—

(a) a bank as defined in section 1 of the Banks Act, 1990 (Act No. 94 of 1990);
(b) a long-term insurer as defined in section 1 of the Long-term Insurance Act,1998 (Act No. 52 of 1998);
(c) a manager as defined in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), other than a manager of a collective investment scheme in participation bonds (subject to paragraph (d));
(d) a manager as defined in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002) of a collective investment scheme in participation bonds that complies with the requirements of the relevant Notice that the registrar is empowered to issue in terms of section 114(4)(b) of the Collective Schemes Control Act, 2002 (Act No. 45 of 2002) and only at such time as the requirements have been determined by the Registrar;
(e) the government of the Republic of South Africa in the national sphere;
(f) a mutual bank as defined in section 1 of the Mutual Banks Act, 1993 (Act No. 124 of 1993);

[Paragraph (f) substituted by regulation (2)(a) of Notice No. R. 309 of 2017]

(g) a co-operative bank as defined in section 1 of the Co-operative Banks Act, 2007 (Act No. 40 of 2007); or

[Paragraph (f) substituted by regulation (2)(b) of Notice No. R. 309 of 2017]

(h) the South African Postbank Limited as contemplated in the South African Postbank Limited Act, 2010 (Act No. 9 of 2010).

[Paragraph (h) inserted by regulation (2)(c) of Notice No. R. 309 of 2017]