| (1) |
For the purpose of the payment of duty in respect of any murabaha as defined in section 24JA(1) of the Income Tax Act, 1962 (Act No. 58 of 1962)— |
| (a) |
the financier shall be deemed not to have acquired any property under the sharia arrangement; and |
[Section 3A(1)(a) substituted by section 3(1)(a) of Act No. 24 of 2011]
| (b) |
the client shall be deemed to have acquired property from the seller— |
| (i) |
for an amount equal to the consideration paid by the financier to the seller; and |
| (ii) |
at such time as the financier acquired the property from the seller by virtue of the transaction between the seller and the financier. |
[Section 3A(1)(b) substituted by section 3(1)(a) of Act No. 24 of 2011]
| (2) |
For the purpose of the payment of the duty in respect of any diminishing musharaka as defined in section 24JA(1) of the Income Tax Act, 1962 (Act No. 58 of 1962)— |
| (a) |
the bank shall be deemed not to have acquired any property under the sharia arrangement; |
| (i) |
where the bank and the client jointly acquire property, the client shall be deemed to have acquired the bank’s interest in the property— |
| (aa) |
for an amount equal to the amount paid by the bank in respect of the bank’s interest in the property; and |
| (bb) |
at the time that the seller of the asset was divested of any interest in the property by virtue of the transaction between the seller and the bank; and |
| (ii) |
where the bank acquires an interest in property from the client, the bank shall be deemed not to have acquired any interest in property from the client and the client shall be deemed not to have subsequently acquired any interest in that property from the bank. |
| (3) |
For the purpose of the payment of duty in respect of any sukuk as defined in section 24JA(1) of the Income Tax Act, 1962 (Act No. 58 of 1962), the trust shall be deemed not to have acquired the asset from the government of the Republic. |
[Section 3A(3) inserted by section 3(1)(b) of Act No. 24 of 2011]
[Section 3A inserted by section 2 of Act No. 7 of 2010]
Mandating Procedures of Provinces Act, 2008
