Income Tax Act, 1962 (Act No. 58 of 1962)Chapter II : The TaxesPart V : Donations Tax64. Rate of donations tax |
| (1) | The rate of the donations tax chargeable under section 54 in respect of the value of any property disposed of under a donation shall be— |
(a)
| (i) | 20 per cent of that value if the aggregate of that value and the value of any other property disposed of under a taxable donation on or after 1 March 2018 until the date of that donation does not exceed R30 million; and |
[Section 64(1)(a)(i) substituted by section 35(1) of the Taxation Laws Amendment Act, 2020 (Act No. 23 of 2020), GG44083, dated 20 January 2021 - deemed to have come into operation on 1 March 2018 (section 35(2)]
| (ii) | 25 per cent of that value to the extent that that value is not taxed under subparagraph (i); or |
[Section 64(1)(a) substituted by section 5 of Notice No. 18, GG 42171 dated 17 January 2019 (Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2018 (Act No. 21 of 2018)) - effective 1st March 2018]
| (b) | such percentage of such value as the Minister may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, with effect from a date mentioned in that Announcement. |
| (2) | If the Minister makes an announcement contemplated in subsection (1)(b), that rate comes into effect on the date determined by the Minister in that announcement 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 64 substituted by section 59 of the Taxation Laws Amendment Act, 2017 (Act No. 17 of 2017)]