Income Tax Act, 1962 (Act No. 58 of 1962)Chapter III : General ProvisionsPart IA : Advance Pricing Agreements76M. Extension of advance pricing agreement |
| (1) | The applicant that is party to an advance pricing agreement may, not less than 60 days before the end of the last of the years of assessment referred to in section 76K(5), request the Commissioner to extend the agreement. |
| (2) | The request under subsection (1) must be in the prescribed form and manner and must include the following information: |
| (a) | Any changes to the information provided in the advance pricing agreement application subsequent to submitting the application; |
| (b) | confirmation that all terms and conditions of the existing advance pricing agreement have been complied with; and |
| (c) | any changes that must be taken into account in the extended advance pricing agreement, such as economic, technical, product, industry or geographical developments. |
| (3) | The Commissioner may extend the advance pricing agreement, in writing, for a period that does not exceed three consecutive years of assessment, commencing on the day after the end of the last of the years of assessment referred to in section 76K(5). |
| (4) | Sections 76F, 76G, 76H, 76I, 76J and 76K apply with the necessary changes required for the extension of an advance pricing agreement. |
| (5) | The Commissioner may reject a request to extend an advance pricing agreement and may require the requestor to submit a new advance pricing agreement application. |
[Section 76M of Part 1A of Chapter III inserted by section 10 of the Tax Administration Laws Amendment Act, 2023, GG49947, dated 22 December 2023]