Transfer Duty Act definition

Transfer Duty Act means the Transfer Duty Act 40 of 1949;
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Transfer Duty Act. ’ means the Transfer Duty Act, 1949 (Act No. 40 of 1949); 30
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Transfer Duty Act means the Transfer Duty Act No. 40 of 1949, as amended from time to time; and
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Examples of Transfer Duty Act in a sentence

  • This means that in some cases, both the TA Act and the individual tax Acts such as the VAT Act and the Transfer Duty Act will prescribe certain administrative requirements with which a taxpayer must comply.

  • The Transfer Duty Act does not provide for an exception to this rule.

  • SARS officials are responsible for decisions in ascertaining the value of the relevant property for transfer duty purposes within the provisions of the Transfer Duty Act and for the correct assessment and collection of duty.

  • The Transfer Duty Act does not provide for the use of these values.

  • Further, that if that person had the required capacity, it must be established whether or not the shelf company had been identified as the principal (the actual purchaser) on the date of the transaction as required under section 16 of the Transfer Duty Act.

  • However, paragraph (a) of the definition of the term “fair value” in section 1(1) refers to the “fair market value” of property, which is defined in section 1 of the TA Act as being “the price which could be obtained upon a sale of an asset between a willing buyer and a willing seller dealing at arm’s length in an open market.” Note that the interpretation rules mentioned in Chapter 10 should be kept in mind in this regard as the valuation rules which remain in the Transfer Duty Act will take precedence.

  • TRANSFER DUTY AMENDMENT (CLAUSE 31: AMENDMENT TO SECTION 2 OF THE TRANSFER DUTY ACT) Transfer duty is levied in terms of section 2 of the Transfer Duty Act on the acquisition of fixed property in South Africa.

  • For example, certain administrative requirements regarding the valuation of property will remain in the Transfer Duty Act, notwithstanding the definition of the term ‘‘fair market value’’ in section 1 of the TA Act and its application to similar valuation matters dealt with in that Act.

  • There is no provision in the Transfer Duty Act under which transfer duty may be assessed or based exclusively on the municipal value, as it is merely one of the factors considered as a guideline by the Commissioner in determining the fair value of the property.

  • Although this guide is written as far as possible in plain English, its purpose is to provide technical guidance on the application of the Transfer Duty Act on property transactions in the context of the law of property, the law of contract and various other legislative acts with which it is integrally linked.


More Definitions of Transfer Duty Act

Transfer Duty Act means the Transfer Duty Act No. 40 of 1949, as amended from time to time;
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Transfer Duty Act means the Transfer Duty Act, 1949 (Act No. 40 of 1949); "transfer payment" [deleted by the Revenue Laws Amendment Act, 2003];
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Related to Transfer Duty Act

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