| (1) |
There must be levied and paid for the benefit of the National Revenue Fund a tax, to be known as the securities transfer tax, in respect of— |
| (a) |
every transfer of any security issued by— |
| (ii) |
a company incorporated, established or formed outside the Republic and listed on an exchange; and |
| (b) |
any reallocation of securities from a member's bank restricted stock account or a member's unrestricted and security restricted stock account to a member's general restricted stock account, |
at the rate of 0,25 per cent of the taxable amount of that security determined in terms of this Act.
| (2) |
The Minister of Finance may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999 (Act No. 1 of 1999), that, with effect from the date mentioned in that announcement— |
| (a) |
the rate of securities transfer tax referred to in subsection (1) is altered to the extent mentioned in the announcement; or |
| (b) |
there is a change in the provisions of this Act to the effect that the transfer of any security is no longer subjected to securities transfer tax. |
[Section 2(2) substituted by section 91 of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]
| (3) |
If the Minister makes an announcement referred to in subsection (2), that alteration comes into effect on the date announced and continues to apply for a period of 12 months from that date, subject to Parliament passing legislation giving effect to that announcement within that period of 12 months. |
[Section 2(2) substituted by section 91 of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]
Statistics Act, 1999
