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Contents  

Long Title

Part I PRELIMINARY

Part II ADMINISTRATION

Part III IMPOSITION OF INCOME TAX

Part IV EXEMPTION FROM INCOME TAX

Part V DEDUCTIONS AGAINST INCOME

Part VI CAPITAL ALLOWANCES

Part VII ASCERTAINMENT OF CERTAIN INCOME

Part VIII ASCERTAINMENT OF STATUTORY INCOME

Part IX ASCERTAINMENT OF ASSESSABLE INCOME

Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS

Part XI RATES OF TAX

Part XII DEDUCTION OF TAX AT SOURCE

Part XIII ALLOWANCES FOR TAX CHARGED

Part XIV RELIEF AGAINST DOUBLE TAXATION

Part XV PERSONS CHARGEABLE

Husband and wife

Trustees, agents and curators

Part XVI RETURNS

Part XVII ASSESSMENTS AND OBJECTIONS

Part XVIII APPEALS

Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX

Part XX OFFENCES AND PENALTIES

Part XXA EXCHANGE OF INFORMATION UNDER AVOIDANCE OF DOUBLE TAXATION ARRANGEMENTS AND EXCHANGE OF INFORMATION ARRANGEMENTS

Part XXB INTERNATIONAL AGREEMENTS TO IMPROVE TAX COMPLIANCE

Part XXI MISCELLANEOUS

FIRST SCHEDULE Institution, authority, person or fund exempted

SECOND SCHEDULE Rates of tax

THIRD SCHEDULE Repealed

FOURTH SCHEDULE Name of bond, securities, stock or fund

FIFTH SCHEDULE Child relief

SIXTH SCHEDULE Number of years of working life of asset

SEVENTH SCHEDULE Advance rulings

EIGHTH SCHEDULE Information to be included in a request for information under Part XXA

Legislative History

Comparative Table

Comparative Table

 
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On 24/09/2017, you requested the version in force on 24/09/2017 incorporating all amendments published on or before 24/09/2017. The closest version currently available is that of 02/07/2017.
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PART XIII
ALLOWANCES FOR TAX CHARGED
Tax deducted from interests, etc.
46.
—(1)  Any tax —
(a)
which a person has deducted from any interest or other payment under section 45, 45A, 45C, 45D, 45E(1)(a), 45GA or 45H or has deducted from any remuneration under section 45B;
(b)
applicable to the share to which any person is entitled in the income of —
(i)
a body of persons (other than trustees); or
(ii)
[Deleted by Act 19 of 2013]
(c)
which a person has deducted from any payment under section 45F in respect of income accrued to or derived by any person who has made an option under section 43(5); or
(d)
which a trustee of a real estate investment trust has deducted from any distribution to any person referred to in section 45G(1)(b),
shall, when the income from which the tax has been deducted or when the share referred to in paragraph (b) is included in the chargeable income of any person, be set-off for the purpose of collection against the tax charged on that chargeable income.
[7/79; 23/90; 23/96; 24/2001; 37/2002; 34/2005; 10/2006; 7/2007; 53/2007; 19/2013]
(1A)  [Deleted by Act 19 of 2013]
(2)  Any tax which has been collected under section 45EA must, when the income in respect of which the tax has been collected is included in the chargeable income of the SRS member in question, be set off for the purpose of collection against the tax charged on that chargeable income.
[Act 2 of 2016 wef 01/07/2015]
(3)  The reference in subsection (2) to income in respect of which tax has been collected is a reference to —
(a)
the amount deemed as income of the SRS member under section 10L(3) or (3G) (as the case may be) wholly or partly because of the deduction of any investment from the balance in the SRS account for which the tax has been collected; or
[Act 2 of 2016 wef 11/04/2016]
(b)
the amount deemed as income of the SRS member under section 10L(6), (7) or (9) (as the case may be), if the deduction of any investment from the balance in the SRS account for which the tax has been collected is made after —
(i)
the balance (excluding any life annuity) remaining in the SRS account is deemed withdrawn under section 10L(6) or (7); or
(ii)
the sum standing in the SRS account is deemed withdrawn under section 10L(9),
as the case may be.
[Act 2 of 2016 wef 01/07/2015]
(4)  [Deleted by Act 19 of 2013]
(5)  [Deleted by Act 19 of 2013]
(6)  [Deleted by Act 19 of 2013]
Special allowance for interest received as trading receipts
47.
—(1)  A person who receives as trading receipts interest on any bond, securities, stock or fund specified in the Fourth Schedule shall be entitled to a credit of one-half of the tax chargeable on the gross amount of such interest.
(2)  The credit under subsection (1) shall not exceed the total amount of tax payable by him for that year of assessment on the gross amount of such interest which has been brought to charge.