Category: Section 107 (ITA) – Regulations

Section 107

 

  1. Paragraph (1)(c) substituted by section 46 of Act 30 of 1998.

 

  1. Paragraph (1)(dA) inserted by section 26 of Act 65 of 1973 and deleted by section 29 of Act 21 of 1994.

 

  1. Paragraph (1)(e) deleted by section 62 of Act 60 of 2001.

 

  1. Paragraph (1)(f) added by section 34 of Act 5 of 2001 and deleted by section 54 of Act 74 of 2002.

 

  1. Subsection (1) amended by section 46 of Act 97 of 1986.

 

  1. Subsection (2) amended by section 37 of Act 28 of 1997 and section 34 of Act 5 of 2001.

Section 107 – Regulations

Posted on by admin_kmos

107.     Regulations

   

(1)     The Minister of Finance may make regulations –

(a)     prescribing the duties of all persons engaged or employed in the administration of this Act;

(b)     defining the limits of areas within which such persons are to act;

(c)     prescribing the nature and contents of the accounts to be rendered by any taxpayer in support of any returns rendered under this Act and the manner in which such accounts shall be authenticated;

(d)     prescribing the method of valuation of annuities or of fiduciary, usufructuary or other limited interests in property referred to in section 62;

(e)     ……….

(f)      ……….

(g)     prescribing the information that must be contained in a report that the Commissioner must submit to the Minister, in the form and manner and at the time that the Minister may prescribe, advising the Minister of matters as the Minister may prescribe.

[Paragraph (g) inserted by section 12 of Act 14 of 2017 effective on 1 March 2017]

and generally for giving effect to the objects and purposes of this Act.

(2)     The regulations may prescribe penalties for any contravention thereof or failure to comply therewith, not exceeding a fine of R2000.

(3)     Any regulation made under the Income Tax Act, 1941, and in force at the date of commencement of this Act, shall be deemed to have been made under this Act.