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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Fourth Schedule

Amounts to be Deducted or Withheld by Employers and Provisional Payments in respect of Normal Tax

Part III: Provisional Tax

18. Exemptions [REPEALED]

 

 

(1)        There shall be exempt from payment of provisional tax—

(a) [deleted by Revenue Laws Amendment Act No. 31 of 2005].
(b) any person in respect of whose liability for normal tax for the relevant year of assessment payments are required to be made under section 33 of this Act;
(c) any natural person who does not derive any income from the carrying on of any business, if—
(i) the taxable income of that person for the relevant year of assessment will not exceed the tax threshold; or
(ii) the taxable income of that person for the relevant year of assessment which is derived from interest, foreign dividends and rental from the letting of fixed property will not exceed R30 000.

[Item (1)(c) substituted by section 8(a) of the Tax Administration Laws Amendment Act, 2014 (Act No. 44 of 2014) and will commence on 1 March 2015]

(d) [Item (1)(d) deleted by section 8(b) of the Tax Administration Laws Amendment Act, 2014 (Act No. 44 of 2014) and will commence on 1 March 2015]

 

(2) Any taxable capital gain of a company resulting from the application of the deemed disposal rules under section 29B of the Act for years of assessment ending on or after 29 February 2012 but not later than 31 October 2012, is exempt from provisional tax.

[Subparagraph (2) inserted by section 21 of Act No. 21 of 2012]

 

(3)        [Deleted by the Revenue Laws Amendment Act, 74 of 2002].

 

(4)        [Deleted by the Revenue Laws Amendment Act, 74 of 2002].

 

[Paragraph (18) repealed by section 15 of the Tax Administration Laws Amendment Act, 2015 (Act No. 23 of 2015)]