64.    Rate of donations tax

 

(1)     The rate of the donations tax chargeable under section 54 in respect of the value of any property disposed of under a donation shall be-

 

(a)

 

(i)      20 per cent of that value if the aggregate of that value and the value of any other property disposed of under a taxable donation on or after 1 March 2018 until the date of that donation does not exceed R30 million; and

[Subparagraph (i) substituted by section 35(1) of Act 23 of 2020 deemed effective on 1 March, 2018]

 

(ii)     25 per cent of that value to the extent that that value is not taxed under subparagraph (i); or

[Paragraph (a) substituted by section 5 of Act 21 of 2018 effective on 1 March 2018]

 

(b)     such percentage of such value as the Minister may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, with effect from a date mentioned in that Announcement.

 

(2)     If the Minister makes an announcement contemplated in subsection (1)(b), that rate comes into effect on the date determined by the Minister in that announcement and continues to apply for a period of 12 months from that date subject to Parliament passing legislation giving effect to that announcement within that period of 12 months.

[Section 64 substituted by section 30 of Act 90 of 1988, amended by section 19 of Act 36 of 1996 and substituted by section 59 of Act 17 of 2017 effective on 18 December 2017]