Income Tax Act, 1962 (Act No. 58 of 1962)RegulationsRegulations in terms of section 12T(8) of the Income Tax Act, 1962, on the requirements for Tax Free InvestmentPart IX : Compliance with regulations20. Powers of Registrar if tax free investment fails to comply with regulations or legislation |
If a tax free investment does not comply with these Regulations or any legislation applicable to that tax free investment, the Registrar, as contemplated in section 12T(9) of the Income Tax Act, may, notwithstanding paragraph (b) not having been applied by the Registrar, require any product provider to—
| (a) | cease advertising the tax free investment; or |
| (b) | cease inviting members of the general public to invest in the tax free investment; and |
| (c) |
| (i) | within 90-days of a date determined by the Registrar transfer any existing tax free investments; or |
| (ii) | by a date determined by the Registrar, amend any of the benefits, terms and conditions and marketing material of the tax free investment in accordance with the requirements of the Registrar. |
[Regulation 20 inserted by regulation 12 of Notice No. R. 309, GG 40758, dated 31 March 2017]