Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 3   AMENDMENT OF THE INCOME TAX RATES ACT 1986

84   Rates of tax payable by companies

Section 23 of the Principal Act is amended:

(a) by adding "or" at the end of paragraphs (2)(a) and (c);
          

(b) by inserting after paragraph (2)(c) the following paragraph:
          

"(d) a company to which subsection (4C) or (4D) applies;";

(c) by omitting from subsection (3) "not a life assurance company," and substituting "neither a life assurance company nor a company to which subsection (4C) or (4D) applies,";
          

(d) by inserting after subsection (4B) the following subsections:
          

"(4C) The rates of tax in respect of the taxable income of a company that becomes a PDF during the year of income and is still a PDF at the end of the year of income are:

(a) in respect of so much of the taxable income as does not exceed the PDF component - 30%; and

(b) in respect of so much of the taxable income as exceeds the PDF component - 39%.

"(4D) The rate of tax in respect of the taxable income of a company that is a PDF throughout the year of income is 30%.".