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.