(vi) “participatory security” means a participatory interest as defined in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), but does not include an equity security, a debt security, money or a cheque;
[Definition of “participatory security” substituted by section 115 of Act 74 of 2002 and section 78 of Act 20 of 2006]
(vA) “merchant’s discount” means a charge made to merchants for accepting a credit or debit card as payment for the supply of goods or services, or a similar charge made by a buying organisation;
[Definition of “merchant’s discount” inserted by section 87 of Act 30 of 1998]
(v) “life insurance policy” means any policy of insurance issued in the ordinary course of carrying on a life insurance business as defined in section 1(1) of the Insurance Act, 2017 (Act 18 of 2017);
[Definition of “life insurance policy” substituted by section 22(a) of Act 136 of 1991, by the definition of “long-term insurance policy” in section 19(1)(h) of Act 37 of 1996, by section 82(b) of Act 53 of 1999 and by the definition of “life insurance policy” in section 49(b) of Act 20 of 2021]
(iv) “equity security” means any interest in or right to a share in the capital of a juristic person or the interest in a close corporation of a member thereof;
(iiiA) “derivative” means a derivative as defined in and within the scope of International Financial Reporting Standard 9, issued by the International Accounting Standards Board;
[Definition of “derivative” inserted by section 93(c) of Act 32 of 2004 and substituted by section 130(1)(a) of Act 24 of 2011 and by section 47(1) of Act 17 of 2023 effective on 1 January, 2024 (as substituted by section 68(1) of Act 42 of 2024)]
(iii) “debt security” means-
(aa) an interest in or right to be paid money; or
(bb) an obligation or liability to pay money
that is, or is to be, owing by any person, but does not include a cheque;
[Paragraph (iii) substituted by section 149 of Act 60 of 2001]
(ii) “currency” means any banknote or other currency of any country, other than when used as a collector’s piece, investment article, item of numismatic interest, or otherwise than as a medium of exchange;
(2) For the purposes of subsection (1)-
(i) “cheque” means a bill drawn on a bank payable on demand, a postal order, a money order, a traveller’s cheque, or any order or authorisation (whether in writing, by electronic means, or otherwise) to a financial institution to credit or debit any account;
[Paragraph (i) substituted by section 10 of Act 20 of 1994 and section 93 of Act 32 of 2004]
ARRANGEMENT OF SECTIONS
“welfare organisation” means any public benefit organisation contemplated in paragraph (a) of the definition of ‘public benefit organisation’ in section 30(1) of the Income Tax Act that has been approved by the Commissioner in terms of section 30(3) of that Act, if it carries on or intends to carry on any welfare activity determined by the Minister for purposes of this Act, relating to those activities that fall under the headings-
(a) welfare and humanitarian;
(b) health care;
(c) land and housing;
(d) education and development; or
(e) conservation, environment and animal welfare.
[Definition of “welfare organization” substituted by section 21 of Act 136 of 1991, GN 2695 of 1991, section 12 of Act 136 of 1992, section 81 of Act 53 of 1999, section 148 of Act 60 of 2001 and section 92 of Act 32 of 2004 and amended by section 77 of Act 20 of 2006]
(2) Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Tax Administration Act bears that meaning for purposes of this Act.
[Subsection (2) inserted by section 271 of Act 28 of 2011 effective on 1 October 2012]