In terms of the recently promulgated Income Tax Act, (Act 28 of 1997) the provisions of section 10(1)(cA) of the Income Tax Act have been amended. Any institution, board, body or company whose receipts and accruals were exempt from tax in terms of the provisions of section 10(1)(cA) of the Income Tax Act must, prior to 30 September 1997, re-apply to the Commissioner for Inland Revenue for exemption from income tax. The current exempt status of these institutions, boards or bodies will, however, continue to apply until the date of notification of the Commissioner's decision.
In respect of an institution, board or body established by or under any law, a copy of the relevant legislation together with details of its activities must be submitted together with the application. In respect of a company whose total share capital is held by such an institution, board or body the application must be accompanied by the company's memorandum and articles of association. The reasons why the activities of the company are regarded as ancillary or complementary to the objects of the institution, board or body holding the shares as well as a copy of the most recent financial statements must also be submitted.
Applications must be submitted to:
The Commissioner for Inland Revenue
P O Box 402
Pretoria
0001
For further information please contact Mark Kingon at Tel (012) 315-5325