| (1) |
The cash equivalent of the value of the taxable benefit derived by reason of the payment of any amount by an employer in the circumstances contemplated in paragraph 2 (h) shall be an amount equal to such amount and the cash equivalent of the benefit to an employee by reason of his release from the obligation to pay an amount owing, as contemplated in the said paragraph, shall be an amount equal to the amount that was owing. |
| (2) |
No value shall be placed under this paragraph on the value of any taxable benefit derived by reason of the fact that an employer has paid— |
| (a) |
[Paragraph 13(2)(a) of the Seventh Schedule deleted by Revenue Laws Amendment Act 2005 (Act No. 31 of 2005)]
|
| (b) |
subscriptions due by his or her employee to a professional body, if membership of such body is a condition of the employee's employment; |
| (bA) |
insurance premiums indemnifying an employee solely against claims arising from negligent acts or omissions on the part of the employee in rendering services to the employer; |
| (c) |
any portion of the value of a benefit which is payable by a former member of a non-statutory force or service as defined in the Government Employees Pension Law, 1996 (Proclamation No. 21 of 1996), to the Government Employees’ Pension Fund as contemplated in Rule 10(6)(d) or (e) of the Rules of the Government Employees Pension Fund contained in Schedule 1 to that Proclamation. |
[Paragraph 13(2) of the Seventh Schedule substituted by section 92(1) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]
(3) Where—
| (a) |
in consideration for the grant by any employer (hereinafter referred to as the former employer) to an employee of any bursary, study loan or similar assistance, the employee assumed an obligation to render services to the former employer for an agreed period; |
| (b) |
in consequence of the employee having terminated his services with the former employer before the expiry of the said period and having taken up employment with another employer (hereinafter referred to as the present employer), the employee thereupon became liable to pay an amount to the former employer; |
| (c) |
such amount was paid to the former employer on the employee's behalf by the present employer; and |
| (d) |
the employee has in consideration for such payment by the present employer assumed an obligation to render services to the present employer for a period which is not shorter than the unexpired portion of the period during which he had been obliged to render services to the former employer, |
no value shall be placed under this paragraph on the value of any taxable benefit derived by reason of the payment referred to in item (c).
[Paragraph 13(3) of the Seventh Schedule inserted by section 37(1) of the Income Tax Act, 1992 (Act No. 141 of 1992)]
Statistics Act, 1999
