Page 7 - Test 1 Slides - 1. Introduction & Application Of Legislation
P. 7
INTRODUCTION & APPLICATION OF LEGISLATION
Income Tax Act
• We will be looking at the laws and provisions that are contained in the
Income Tax Act.
• Each year a process is followed by the government in order to update
the Income Tax Act and selected provisions are also amended.
• The Income Tax Act was originally legislated in 1962 and it is amended
annually.
• The South African government has a fiscal year (like an accounting year)
which runs from 1 April to 31 March each year.
• In February each year, the Minister of Finance announces the
government’s spending, tax and borrowing plans for the following three
years.
• This is known as the budget speech and usually takes place in the third
week of February.
7
