This is the version of this Act as it was from 1 September 1977 to 22 June 1978. Read the latest available version.
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- Subject areas > Agriculture and Land
- Subject areas > Business, Trade and Industry
- Subject areas > Finance and Money
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South Africa
Finance and Financial Adjustments Acts Consolidation Act, 1977
Act 11 of 1977
- Published in Government Gazette 5443 on 16 March 1977
- Assented to on 3 March 1977
- There are multiple commencements
- [This is the version of this document as it was from 1 September 1977 to 22 June 1978.]
Provisions | Status |
---|---|
Section 56(1) |
commenced on 1 April 1976.
Note: See section 56(2) |
Section 1–55, section 56(2), section 57, section 58–63 | commenced on 16 March 1977. |
- [Amended by State Oil Fund Act, 1977 (Act 38 of 1977) on 10 January 1977]
- [Amended by Health Act, 1977 (Act 63 of 1977) on 1 September 1977]
1. Assessment of rates within Calitzdorp Irrigation District
Every piece of land within the Calitzdorp Irrigation District as described in Proclamation 141 of 1912, which before 1 January 1912 was irrigated with water from the Nels River, shall be included in the schedule of rateable areas prepared in terms of section 88 of the Water Act, 1956 (Act 54 of 1956), and a differential rate equal to three-quarters of the rate assessed in terms of section 90 of the said Act in respect of land brought under irrigation after the said date, shall be assessed in respect thereof.2. Certain stop-orders exempted from stamp duty
Notwithstanding anything contained in the Stamp Duties Act, 1968 (Act 77 of 1968), or any other law, any stop-order authorizing or requesting the deduction from any salary or wages of any subscription to any benefit or benevolent society or fund or any friendly society and the payment to such fund or society of any amount so deducted shall not be liable to stamp duty.3. Rewards to informers in respect of precious metals and precious stones
4. Ministers may substitute publication in Gazette for certain publication in newspapers
5. Provinces and South West Africa to pay part of certain pensions
6. Disposal of traffic fines
7. Payment for water taken or supplied under Ordinance 34 of 1905(Transvaal)
8. Disposal of estreated bail money
Notwithstanding anything in any other law contained any amount collected in pursuance of the estreatment of bail money shall be disposed of and brought to account as if it were collected in pursuance of a fine imposed for the offence in connection with which bail was granted.9. Exemption of Bantu governments, assemblies, councils and authorities from payment of duties, fees and other taxes
10. Compensation to certain persons injured as result of explosion at Grand Magazine, Pretoria
11. Transfer of certain moneys from Staff Guarantee Fund (Fidelity) to Benevolent Fund
The Minister of Transport may as often as he thinks it advisable direct that any sum of money by which the credit balance of the Staff Guarantee Fund (Fidelity) exceeds the amount at which that fund has been stabilized from time to time by the Railway Administration, shall be transferred to the credit of the Benevolent Fund referred to in section 34 of the Railways and Harbours Service Act, 1960 (Act 22 of 1960).12. Certain refunds of transfer duty to be paid as drawback from revenue accruing to State Revenue Fund
13. Exemption of certain instruments from stamp duty
No instrument executed solely for the purposes of the Exchange Control Regulations made under section 9 of the Currency and Exchanges Act, 1933 (Act 9 of 1933), and published under Government Notice 1111 dated 1 December 1961, or any amendment thereof, shall be subject to stamp duty.14. ***
[section 14 repealed by section 63(1)(a) of Act 63 of 1977]15. Certain moneys payable by local authorities to certain institutions or societies to be paid from moneys appropriated by Parliament
Notwithstanding anything to the contrary in the Poor Relief and Charitable Institutions Ordinance, 1919 (Ordinance 4 of 1919 (Cape)), contained, and moneys payable in terms of section 11 or 17 of the said Ordinance by a local authority to an institution or society, shall be paid from moneys appropriated by Parliament for the purpose.16. Payment of certain traffic fines to divisional councils
17. Exemption from payment of stamp and transfer duty in respect of certain cessions of rights to minerals
Notwithstanding anything to the contrary in any law contained, no stamp duty and no transfer duty shall be payable in respect of the cession and acquisition of any right to minerals, if the Government Mining Engineer has certified in writing that the sole purpose of the legal transaction in question is to constitute a workable mining proposition and to enable the cessionary to obtain for the joint benefit of himself and the cedent a mining lease or mining leases in accordance with the provisions of the Mining Rights Act, 1967 (Act 20 of 1967), in respect of an area of land comprising two or more pieces of land or portions thereof.18. Exemption from payment of stamp and transfer duty in respect of the grant or cession and acquisition of certain leases
19. Costs of and revenue from mining of source material to be merged for certain purpose in other mining costs and revenue
20. Interest on moneys borrowed for production of uranium may be deducted in determination of profits of which share is payable to State in terms of mining lease
In the determination of the profits of which a share is payable to the State in terms of any mining lease, there shall, notwithstanding anything to the contrary in any law contained, be deducted from the revenue derived by the lessee from his mining operations under the lease, any amount which became payable by him during the period in respect of which the determination is made, by way of interest on any moneys borrowed by him for the purpose of producing uranium in conjunction with his mining operations under the lease.21. Continuation of certain regulations relating to recovery of loans made to ex-volunteers
Notwithstanding anything to the contrary contained in the War Measures Continuation Act, 1950 (Act 29 of 1950), or any other law—22. Value of building plots or erven in Kakamas Labour Colony for purposes of assessment of transfer duty
23. Exemption of certain transactions from certain duties and fees
Notwithstanding anything to the contrary in any law contained—24. Performance of work for certain local authorities by Railway servants
25. Guarantees by Minister of Finance
26. Limitation of liability for tax, levy or duty due under repealed laws
27. Certain moneys deemed to be owing by Bantu Resettlement Board to National Housing Fund
28. Acacia Park Board of Control
29. Highest of alternative pensions payable to certain persons
No person in respect of whom any law prescribes a pension, which will become payable upon his retirement from any office, at a higher rate than the rate applicable in respect of such person in terms of paragraph (a) of section 10bis of the South Africa Act, 1909, read with subsection (3) of section 15 of the Republic of South Africa Constitution Act, 1961 (Act 32 of 1961), nor the widow of such a person shall be entitled to the pension prescribed under paragraph (a) or (b) of the first-mentioned section.30. Pegging of interest on certain tax redemption certificates
No interest shall after 30 June 1964, accrue on tax redemption certificates issued before that date in terms of section 6 of the Finance Act, 1941 (Act 43 of 1941).31. Reduction of capital and remission of interest owing by Bantu Resettlement Board
32. Guarantees by Minister of Tourism in respect of loans for erection or alternation of certain hotels
Where any hotel which has been or is erected or altered after 1 January 1964, complies or will after erection or alteration comply in respect of the standard of the accommodation and other services and amenities provided by it, with the requirements of the Minister of Tourism, the said Minister, acting in consultation with the Minister of Finance, may, if in any particular case he deems it expedient, and subject to such terms and conditions as he may in consultation with that Minister determine, guarantee repayment of the capital of and payment of the interest on any loan or part of any loan granted by any person to any other person for the purposes of the erection or alteration in question.33. Guarantees by Minister of Economic Affairs in respect of certain losses, damage or expenses in connection with South African merchant vessels
34. Guarantees by certain Ministers for repayment, and for reimbursement of losses consequent upon other guarantees for repayment, of certain loans
Any Minister, authorized for that purpose by the State President, may, on such terms and conditions as such Minister may, in consultation with the Minister of Finance, determine, guarantee—35. Loan due to State Revenue Fund by Dried Fruit Board
The loan due to the former agricultural marketing fund by the Dried Fruit Board on 28 October 1966, shall, subject to the existing terms and conditions of that loan, be deemed as from the said date to be due to the State Revenue Fund.36. Transfer of certain moneys and property in custody or under control of Custodian of Enemy Property to State Revenue Fund, and conferring of certain powers on Treasury in relation to such moneys and property
37. Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory notes issued by Railways Administration
The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank in respect of any guarantee furnished by the said Reserve Bank for the repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with any promissory note issued by the Railways Administration in favor of International General Electric, Export Division, General Electric Company, New York: Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed R12 500 000.38. Exemption of certain authority or person from payment of fees of office
No fees of office levied under the Patents Act, 1952 (Act 37 of 1952), the Trade Marks Act, 1963 (Act 62 of 1963), the Copyright Act, 1965 (Act 63 of 1965), the Designs Act, 1967 (Act 57 of 1967), or the Companies Act, 1973 (Act 61 of 1973), shall be payable by an authority or person referred to in section 4 of the Stamp Duties Act, 1968 (Act 77 of 1968).39. Provisions applicable to allocations of special drawing rights to Republic and transactions in such drawing rights
40. Special drawing rights held by South African Reserve Bank
41. Remission of capital and interest owing by magistrate of Rehoboth district, and use thereof by him
42. Transfer of certain assets, rights, liabilities and obligations connected with administration of health matters for Bantu in Bantu areas
43. Guarantees by Minister of Finance in respect of loans granted in foreign countries to the Rand Water Board and local authorities
The Minister of Finance may guarantee, subject to such conditions as he may determine, repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with, any loan granted by any person in a foreign country to the Rand Water Board or a local authority.44. Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory notes issued by Railways Administration
The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank in respect of any guarantee furnished by the said Reserve Bank for the repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with, any promissory note issued by the Railways Administration in favour of a foreign bank: Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed an amount equivalent to twenty-five million United States dollars.45. Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory notes issued by Armaments Board
The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank in respect of any guarantee furnished by the said Reserve Bank for the repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with, any promissory note issued by the Armaments Board in favor of any contractor for the supply of armaments: Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed R20 000 000.46. Guarantee by Minister of Finance for reimbursement of losses consequent upon guarantee by South African Reserve Bank for payment of certain promissory notes issued by Railways Administration
The Minister of Finance may guarantee reimbursement of any loss which may be sustained by the South African Reserve Bank in respect of any guarantee furnished by the said Reserve Bank for the repayment of the capital of, payment of the interest on, and payment of any charges incurred in connection with, any promissory note issued by the Railways Administration in favor of the General Electric Company, International Sales Division, New York; Provided that the total amount of all such promissory notes whereof repayment may be so guaranteed shall not exceed R20 000 000.47. Repayment of amounts in inactive Post Office Savings Bank accounts from Revenue Fund of territory of South West Africa
Notwithstanding anything to the contrary in any law contained, the Revenue Fund of the territory of South West Africa shall be charged with the repayment of an amount which was paid into that Revenue Fund in terms of section 62 of the Post Office Ordinance, 1963 (Ordinance 30 of 1963 of the said territory): Provided that if application for repayment of such an amount is made by the depositor or any person legally authorized to claim on his behalf, the Postmaster-General shall pay that amount out of the accruing revenue of the Department of Posts and Telecommunications, and an equivalent amount shall be paid into the revenue of that Department from the Revenue Fund of the territory of South West Africa.48. Transfer of certain State property to College established by Proclamation 40 of 1972
49. Conversion of loan liability of Armaments Development and Production Corporation of South Africa, Limited, into share capital
The amount of R14 000 000 loaned during the period from 29 October 1969 to 31 March 1970 by the State to the Armaments Development and Production Corporation of South Africa, Limited, established by section 2 of the Armaments Development and Production Act, 1968 (Act 57 of 1968), shall be deemed to be moneys paid by the State to the said Corporation in respect of shares in the said Corporation taken up by the State in terms of section 6 of the said Act, and no interest shall be payable by the said Corporation to the State in respect of the said amount with effect from 1 April 1973.50. Establishment of Deposit Fund for Housing
51. Guarantee by Minister of Finance for drawings against letters of credit issued by South African Reserve Bank on behalf of Armaments Board
The Minister of Finance may guarantee the equivalent in rand value of all drawings against letters of credit issued by the South African Reserve Bank on behalf of the Armaments Board for the purchase of armaments, to the said Bank: Provided that the total amount of drawings against letters of credit so guaranteed, shall not at any time exceed R50 000 000.52. Application of Act 40 of 1974, and certain determination thereunder, to certain office-bearers and members of Parliament
The provisions of the Payment of Members of Parliament Act, 1974, and any determination of salaries and allowances by the State President thereunder before 20 November 1974, shall apply also to persons who were office-bearers or members of Parliament on 1 July 1974, but ceased to be such office-bearers or members before 24 September 1974.53. ***
[section 53 repealed by section 2 of Act 38 of 1977]54. Guarantees by Minister of Finance for reimbursement of losses consequent upon guarantee by the South African Reserve Bank for the repayment of loans raised by subsidiary company of the Armaments Development and Production Corporation of South Africa, Limited
55. Guarantees by Minister of Economic Affairs in respect of loans and export credit granted abroad to the South African Coal, Oil and Gas Corporation Limited, Sasol (Transvaal) Limited or SOF (Proprietary) Limited
The Minister of Economic Affairs may, on the conditions determined by him, and with the concurrence of the Minister of Finance, guarantee the repayment of the capital of, the payment of interest on and the payment of any costs incurred in connection with any loan, including export credit, granted by any person outside the Republic to the South African Coal, Oil and Gas Corporation Limited, Sasol (Transvaal) Limited or SOF (Proprietary) Limited.56. Conversion of loan liability of Industrial Development Corporation of South Africa, Limited, into share capital
57. Transfer of certain assets and rights of administration of province of Cape of Good Hope to South African Bantu Trust
58. Payment of moneys to the International Monetary Fund and the International Bank for Reconstruction and Development
59. Transferability and redemption of 4 per cent Inscribed Stock (Pensions Stock)
Notwithstanding anything to the contrary contained in the Exchequer and Audit Act, 1975 (Act 66 of 1975), stock known as the 4 per cent Inscribed Stock (Pensions Stock) issued up to and including 31 March 1961, shall be deemed to have been issued subject to the following conditions;60. Special power of Minister of Finance for taking up "B” shares in the South African Iron and Steel Industrial Corporation, Limited
61. Tax exemption in respect of certain housing benefits
62. Repeal of laws and saving
63. Short title
This Act shall be called the Finance and Financial Adjustments Acts Consolidation Act, 1977.History of this document
01 July 2008
07 February 2007
02 November 1998
04 October 1996
Amended by
General Law Amendment Act, 1996
Read this version
21 October 1994
02 September 1991
Amended by
Second Finance Act, 1993
Read this version
10 July 1991
Amended by
Finance Act, 1991
Read this version
30 June 1991
13 July 1990
01 April 1990
14 June 1989
Amended by
Finance Act, 1989
Read this version
13 July 1988
Amended by
Finance Act, 1988
Read this version
29 August 1986
Amended by
Building Societies Act, 1986
Read this version
22 August 1984
Amended by
Income Tax Act, 1984
Read this version
15 August 1984
Amended by
Finance Act, 1984
Read this version
31 March 1980
Amended by
Finance Act, 1980
Read this version
13 July 1979
Amended by
Finance Act, 1979
Read this version
22 June 1979
23 June 1978
Amended by
Finance Act, 1978
Read this version
01 September 1977 this version
Amended by
Health Act, 1977
16 March 1977
03 March 1977
Assented to
10 January 1977
Amended by
State Oil Fund Act, 1977
01 April 1976
Commenced
Note: See section 56(2)
Cited documents 13
Legislation 13
- Constitution of the Republic of South Africa, 1996
- Currency and Exchanges Act, 1933
- Finance Act, 1957
- Finance Act, 1959
- Finance Act, 1960
- Finance Act, 1961
- Finance Act, 1969
- Finance Act, 1970
- Income Tax Act, 1962
- Merchant Shipping Act, 1951
- Promotion of Local Government Affairs Act, 1983
- Second Finance Act, 1966
- Transfer Duty Act, 1949
Documents citing this one 71
Gazette 69
- Eastern Cape Provincial Gazette dated 1992-12-11 number 150
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- Gauteng Provincial Gazette dated 1998-04-23 number 484
- KwaZulu-Natal Provincial Gazette dated 2004-11-17 number 6303
- Limpopo Provincial Gazette dated 1998-04-23 number 317
- Northern Cape Provincial Gazette dated 1996-11-02 number 174
- South Africa Government Gazette dated 1977-03-25 number 5466
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- South Africa Government Gazette dated 1996-10-04 number 17477
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- South Africa Government Gazette dated 1997-01-17 number 17718
- South Africa Government Gazette dated 1997-03-14 number 17843
- South Africa Government Gazette dated 1997-05-16 number 17990
- South Africa Government Gazette dated 1997-06-20 number 18087
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- South Africa Government Gazette dated 1998-05-15 number 18887
- South Africa Government Gazette dated 1998-05-29 number 18934
- South Africa Government Gazette dated 1998-06-12 number 18957
- South Africa Government Gazette dated 1998-09-11 number 19257
- South Africa Government Gazette dated 1998-09-18 number 19245
- South Africa Government Gazette dated 1998-10-16 number 19337
- South Africa Government Gazette dated 1998-10-19 number 19381
- South Africa Government Gazette dated 1998-11-02 number 19415
- South Africa Government Gazette dated 1998-11-02 number 19419
- South Africa Government Gazette dated 1999-02-12 number 19740
- South Africa Government Gazette dated 1999-03-12 number 19817
- South Africa Government Gazette dated 1999-04-28 number 19972
- South Africa Government Gazette dated 1999-05-14 number 20054
- South Africa Government Gazette dated 1999-07-16 number 20282
- South Africa Government Gazette dated 1999-08-13 number 20347
- South Africa Government Gazette dated 1999-09-17 number 20461
- South Africa Government Gazette dated 1999-11-12 number 20603
- South Africa Government Gazette dated 1999-12-17 number 20711
- South Africa Government Gazette dated 2000-01-14 number 20793
- South Africa Government Gazette dated 2000-02-18 number 20877
- South Africa Government Gazette dated 2000-03-17 number 20965
- South Africa Government Gazette dated 2000-04-14 number 21085
- South Africa Government Gazette dated 2000-05-19 number 21175
- South Africa Government Gazette dated 2000-06-15 number 21289
- South Africa Government Gazette dated 2001-07-20 number 22470
- South Africa Government Gazette dated 2002-08-30 number 23779
- South Africa Government Gazette dated 2003-02-20 number 24577
- Transvaal Provincial Gazette dated 1984-10-17 number 4350
- Western Cape Provincial Gazette dated 1997-09-15 number 5177