Supreme Court Act, 1959
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)Chapter III : General ProvisionsPart IA : Advance Pricing Agreements76J. Processing of advance pricing agreement application |
| (1) | Once the Commissioner accepts the advance pricing agreement application, the Commissioner must process the application in accordance with the requirements as prescribed, by public notice, by the Commissioner. |
| (2) | The Commissioner must, in writing, inform the applicant at 90-day intervals, commencing on receipt of the advance pricing agreement application referred to in section 76F(1), of the progress made in processing the advance pricing agreement application, and must issue invoices for purposes of section 76D(2) with the progress reports. |
| (3) | Based on the information provided in the advance pricing agreement application, the Commissioner must prepare a preliminary advance pricing agreement containing such information as may be prescribed, by public notice, by the Commissioner. |
| (4) | In the case of a unilateral advance pricing agreement, the Commissioner must send the preliminary agreement to the applicant to accept or reject the agreement. |
| (5) | In the case of a DTA advance pricing agreement, the Commissioner must send the preliminary agreement to the competent authority of the other country, which will be party to an affected transaction in the agreement, for the competent authority to consider if it is in agreement with the position adopted in the agreement, after taking into account the agreement for the avoidance of double taxation with that country. |
| (6) | The Commissioner must, in writing, notify the applicant once subsection (5) has been complied with. |
| (7) | If the competent authority in subsection (5) agrees, in writing, to the position adopted in the preliminary agreement, the Commissioner must send the preliminary agreement to the applicant to accept or reject the agreement. |
[Section 76J of Part 1A of Chapter III inserted by section 10 of the Tax Administration Laws Amendment Act, 2023, GG49947, dated 22 December 2023]
