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Diamond Export Levy Act, 2007 (Act No. 15 of 2007)

Part IV : Producer and diamond beneficiator relief measures

11. Gross sales

 

(1) For purposes of this Chapter, during any assessment period—
(a) gross sales to diamond beneficiators in respect of a producer means all amounts received or accrued during that assessment period by that producer in respect of all unpolished diamonds delivered to the premises within the Republic of those diamond beneficiators; and
(b) the total gross sales of the producer described in paragraph (a) during that assessment period means—
(i) all amounts received or accrued during that assessment period by that producer in respect of all unpolished diamonds delivered to premises within the Republic (other than unpolished diamonds described in subparagraph (ii)) to the extent that any amount of the value of those diamonds is not subsequently re-imported into the Republic); and
(ii) the value of all unpolished diamonds under the cover of bills of entry for export delivered during that assessment period; less
(iii) the value of all unpolished diamonds as released for import in terms of section 69B of the Diamonds Act, but not exceeding the aggregate of the amount described in subparagraph (i) and the value described in subparagraph (ii).

 

(2) For purposes of subsections (1) and (2), "gross sales" in respect of a producer described in subsection (1) include—
(a) the face value reduction or discharge of any outstanding obligations;
(b) the market value of any property, financial assistance, service or other benefit; and
(c) any premium received or accrued in respect of an option on an unpolished diamond.

 

(3) For purposes of subsections (1) and (2), "gross sales" in respect of a producer described in subsection (1) do not include—
(a) any tax imposed by the Value-Added Tax Act, 1991 (Act No. 89 of 1991);
(b) any transportation and insurance costs incurred for physically exporting unpolished diamonds from the Republic; and
(c) the value of any unpolished diamond sold to or acquired (directly or indirectly) from the State Diamond Trader in terms of section 59B of the Diamonds Act.

 

(4) To the extent any amount of total gross sales described in subsection (1) is not quantifiable, that amount is deemed received or accrued in the assessment period it becomes quantifiable.