2 Notification requirement
Any person to whom an unlisted security is transferred must inform the company which issued that security of the transfer within a period of 30 days as from the date of that transfer.
Section 13 (STTA) – Records
CHAPTER 3
GENERAL PROVISIONS
12 . . . . . .
[Section 12 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
13 Records
(1) Any member, participant or person to whom a listed security is transferred must keep, for a period of five years, such record of every transfer which has been effected by the member, participant or person to whom the security has been transferred as may be required to enable the member, participant or person to whom the security has been transferred, as the case may be, to observe the requirements of this Act and to enable the Commissioner to be satisfied that those requirements have been observed.
(2) The company referred to in section 3(1)(c) must keep, for a period of five years, such records of every transfer of an unlisted security issued by it as may be required to enable the company to observe the requirements of this Act and to enable the Commissioner to be satisfied that those requirements have been observed.
14 . . . . . .
[Section 14 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
15 . . . . . .
[Section 15 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
16 . . . . . .
[Section 16 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
17 . . . . . .
[Section 17 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
18 . . . . . .
[Section 18 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
19 . . . . . .
[Section 19 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
Section 8 (STTA) – Interest on overdue payments and penalty on default recoverable from person to whom security is transferred
8 Interest on overdue payments and penalty on default recoverable from person to whom security is transferred
(1) In the case of a listed security, a member or participant may recover the amount of interest or penalty payable by that member or participant under the Tax Administration Act from the person-
(a) to whom a listed security is transferred; or
(b) who cancels or redeems a listed security,
to the extent that the action or inaction of that person resulted in the interest or penalty.
(2) In the case of an unlisted security, the company which issued that security may recover the amount of interest or penalty payable by that company under the Tax Administration Act from the person to whom that security was transferred, to the extent that the action or inaction of that person resulted in the interest or penalty.
[Section 8 substituted by section 271 read with paragraph 178 of Schedule 1 of Act 28 of 2011 effective on 1 October, 2012 except to the extent related to interest in respect of which the wording prior to the amendment applies: Proclamation 51 in Government Gazette 35687]
CHAPTER 2
RECOVERY OF TAX
9 . . . . . .
[Section 9 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
10 . . . . . .
[Section 10 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
11 . . . . . .
[Section 11 repealed by section 271 read with paragraph 177 of Schedule 1 of Act 28 of 2011]
Section 6A (STTA) – Penalty on default
6A Penalty on default
If any tax remains unpaid after the relevant date for payment referred to in section 3 the Commissioner must, under Chapter 15 of the Tax Administration Act, 2011, impose a penalty of 10 per cent of the unpaid tax but the Commissioner may remit the penalty or any portion thereof in accordance with the provisions of Chapter 15 of the Tax Administration Act, 2011.
[Section 6A inserted by section 36 of Act 44 of 2014]
7 . . . . . .
[Section 7 repealed by section 271 read with paragraph 175 of Schedule 1 of Act 28 of 2011]
Section 4 (STTA) – Refunds
4 Refunds
(1) The Commissioner must refund the amount of any overpayment of tax or of any interest or penalty properly chargeable in respect of the transfer of any security, in accordance with SECTIONS 190 and 191 of the Tax Administration Act, 2011.
[Subsection (1) substituted by section 271 read with paragraph 174(a) of Schedule 1 of Act 28 of 2011]
(2) . . . . . .
[Subsection (2) deleted by section 271 read with paragraph 174(b) of Schedule 1 of Act 28 of 2011]
(3) The Commissioner must refund the amount of tax if the Commissioner is satisfied that the transfer in respect of which that tax became payable has been cancelled, or has been set aside or declared void by any court of law.
Section 1 (STTA) – Administration and interpretation of Act
CHAPTER 1
ADMINISTRATION AND INTERPRETATION
1 Administration and interpretation of Act
(1) The Commissioner must administer this Act and the Securities Transfer Tax Act, 2007, in accordance with the provisions of the Tax Administration Act, 2011.
[Subsection (1) substituted by section 271 read with paragraph 172(a) of Schedule 1 of Act 28 of 2011]
(1A) Administrative requirements and procedures for purposes of the performance of any duty, power or obligation or the exercise of any right in terms of this Act are, to the extent not regulated in this Act, regulated by the Tax Administration Act, 2011.
[Subsection (1A) inserted by section 271 read with paragraph 172(b) of Schedule 1 of Act 28 of 2011]
(2) Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Tax Administration Act, 2011, and any word or expression to which a meaning has been assigned in the Securities Transfer Tax Act, 2007, bears the meaning so assigned for the purposes of this Act.
[Subsection (2) substituted by section 271 read with paragraph 172(c) of Schedule 1 of Act 28 of 2011]
ARRANGEMENT OF SECTIONS (STTA)
ARRANGEMENT OF SECTIONS
CHAPTER 1
ADMINISTRATION AND INTERPRETATION
Section 1 – Administration and interpretation of Act
Section 2 – Notification requirement
Section 5 – Interest on overdue payments
Section 6 – Repealed
Section 6A – Penalty on default
Section 7 – Repealed
CHAPTER 2
RECOVERY OF TAX
Section 9 – Repealed
Section 10 – Repealed
Section 11 – Repealed
CHAPTER 3
GENERAL PROVISIONS
Section 12 – Repealed
Section 14 – Repealed
Section 15 – Repealed
Section 16 – Repealed
Section 17 – Repealed
Section 18 – Repealed
Section 19 – Repealed
Section 21 – Repealed
Section 22 – Short title and commencement
BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:
ARRANGEMENT OF SECTIONS (UIF)
ARRANGEMENT OF SECTIONS
CHAPTER 1
INTRODUCTORY PROVISIONS
Section 3 – Administration of Act
Section 4 – Application of Act
CHAPTER 2
DUTY TO CONTRIBUTE, AND RECOVERY OF CONTRIBUTIONS
Section 5 – Duty to contribute to Fund
Section 6 – Determination of contribution
Section 7 – Employer must deduct employee’s contribution
Section 8 – Payment of contribution to Commissioner and refund
Section 9 – Payment of contribution to Unemployment Insurance Commissioner and refund
Section 9A – Estimated assessments
Section 10 – Duty to register as employer and duty to provide particulars
Section 11 – Payment of amounts collected by Commissioner into National Revenue Fund
Section 12 – Interest on late payments
Section 13 – Penalties on default
Section 14 – Repealed
Section 15 – Labour inspectors
CHAPTER 3
GENERAL
Section 17 – Repealed
Section 19 – Short title and commencement
BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:
Section 1 (UIF) – Definitions
CHAPTER 1
INTRODUCTORY PROVISIONS
1 Definitions
(1) In this Act, unless the context indicates otherwise-
[Subsection (1), previously section 1, renumbered by section 271 read with paragraph 157(c) of Schedule 1 of Act 28 of 2011]
Section 2 (UIF) – Purpose of Act
2 Purpose of Act
The purpose of this Act is to provide for—
(a) the payment of contributions for the benefit of the Unemployment Insurance Fund; and
(b) procedures for the collection of such contributions.