Postal Services Act, 1998
R 385
Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008)7. Small business exemption |
| (a) | gross sales of that extractor in respect of all mineral resources transferred does not exceed R10 million during that year; |
| (b) | the royalty in respect of all mineral resources transferred that would be imposed on the extractor for that year does not exceed R100 000; and |
| (c) | the extractor is a resident as defined in section 1 of the Income Tax Act throughout that year. |
| (d) | [Subsection (1)(d) deleted by the Taxation Laws Amendment Act, 2013 (Act No.31 of 2013)] |
| (2) | An extractor is not exempt from the royalty as mentioned in subsection (1) if- |
| (a) | the extractor at any time during that year holds the right to participate (directly or indirectly) in more than 50 per cent of the share capital, share premium, current or accumulated profits or reserves of, or is entitled to exercise more than 50 per cent of the voting rights in, any other extractor; |
| (b) | any other extractor at any time during that year holds the right to participate (directly or indirectly) in more than 50 per cent of the current or accumulated profits of the extractor; |
| (c) | any other person at any time during that year holds the right to participate (directly or indirectly) in more than 50 per cent of the profits of the extractor and more than 50 per cent of the current or accumulated profits of any other extractor; or |
| (d) | the extractor is a registered person mentioned in section 4 of the Administration Act. |
