SOUTH AFRICAN REVENUE SERVICE
PRESS STATEMENT

18 SEPTEMBER 2003

CLARIFICATION ON CGT

The South African Revenue Service would like to clarify the position regarding Capital Gains Tax (CGT) as some confusion exists in media circles after yesterday's announcement by the Minister of Finance Trevor Manuel.

• The imposition of CGT has NOT been delayed or extended. The date remains 1 October 2001.
• Minister Manuel yesterday announced an extension of the period for valuation of assets for the purpose of paragraph 29(4)(a) of the Eighth Schedule of the Income Tax Act, 1962, by one year to 30 September 2004.
• The extension referred to above is in respect of all assets and not just residential properties as reported in a number of newspapers.

We trust the above to be helpful.

ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
PRETORIA