Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter II : General Amendments to Taxation Laws38. Income Tax Act, 1962 section 64C |
Amendment of section 64C of Act 58 of 1962, as inserted by section 34 of Act 113 of 1993 and amended by section 13 of Act 140 of 1993, section 25 of Act 21 of 1994, section 30 of Act 21 of 1995, section 22 o f Act 36 of 1896, section 40 of Act 30 of 1998, section 36 of Act 53 of 1999, section 40 of Act 30 of 2000, section 43 of Act 59 of 2000 and section 37 of Act 74 of 2002.
1) | Section 64C of the income Tax Act, 1962, is hereby amended - |
a) | by the deletion of the word "or" at the end of paragraph (d) of subsection (3) and the addition of the word "or" at the end of paragraph (e) of that subsection; and |
b) | by the addition to subsection (3) of the following paragraph; |
"(f) the company ceases to be a resident to the extent profits and reserves of that company are available for distribution immediately before so ceasing to be a resident (including any amount deemed in terms of the definition of 'dividend' in section 1 to be a profit available for distribution): Provided that any prohibition or limitation on any distribution contained in the company's memorandum and articles of association or founding statement or any agreement must be disregarded."
2) | Subsection (1) shall be deemed to have come into operation on 26 February 2003 and shall apply in respect of any company that ceases to be a resident on or after that date. |