2. Administration of Act
(1) The Commissioner is responsible for carrying out the provisions of this Act.
(2) Administrative requirements and procedures for purposes of the performance of any duty, power or obligation or the exercise of any right in terms of this Act are, to the extent not regulated in this Act, regulated by the Tax Administration Act.
“Commissioner” means the Commissioner for the South African Revenue Service appointed in terms of section 6 of the South African Revenue Service Act, 1997 (Act No. 34 of 1997), or the Acting Commissioner designated in terms of section 7 of that Act;
Collective Investment Schemes Control Act” means the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);
“child”, in relation to any person, includes any person adopted by him or her –
(a) under the law of the Republic; or
(b) under the law of any country other than the Republic, provided the adopted person is under such law accorded the status of a legitimate child of the adoptive parent and the adoption was made at a time when the adoptive parent was ordinarily resident in such country;
“capital gain” means an amount determined in terms of paragraph 3 of the Eighth Schedule;
“foreign dividend” means any amount that is paid or payable by a foreign company in respect of a share in that foreign company where that amount is treated as a dividend or similar payment by that foreign company for the purposes of the laws relating to-
(a) tax on income on companies of the country in which that foreign company has its place of effective management; or
(b) companies of the country in which that foreign company is incorporated, formed or established, where the country in which that foreign company has its place of effective management does not have any applicable laws relating to tax on income,
but does not include any amount so paid or payable that-
(i) constitutes a redemption or other disposal of a participatory interest in an arrangement or scheme contemplated in paragraph (e)(ii) of the definition of “company” to that arrangement or scheme or to the management company of that arrangement or scheme; or
[Paragraph (i) substituted by section 1(1)(a) of Act 20 of 2022]
(ii) ……….
(iii) constitutes a share in that foreign company;
“foreign company” means any company which is not a resident;
“financial year”, in relation to any company, means –
(a) the period, whether of 12 months or not, commencing upon the date of incorporation or creation of such company and ending upon the last day of February immediately succeeding such date or upon such other date as the Commissioner having regard to the circumstances of the case may approve; or
(b) any period subsequent to the period referred to in paragraph (a), whether of 12 months or not, commencing immediately after the last day of the immediately preceding financial year of such company and ending upon the first anniversary of such last day or upon such other date as the Commissioner having regard to the circumstances of the case may approve;
“financial instrument” includes –
(a) a loan, advance, debt, bond, debenture, bill, share, promissory note, banker’s acceptance, negotiable certificate of deposit, deposit with a financial institution, a participatory interest in a portfolio of a collective investment scheme, or a similar instrument;
(b) any repurchase or resale agreement, forward purchase arrangement, forward sale arrangement, futures contract, option contract or swap contract;
(c) any other contractual right or obligation the value of which is determined directly or indirectly with reference to –
(i) a debt security or equity;
(ii) any commodity as quoted on an exchange; or
(iii) a rate index or a specified index;
(d) any interest-bearing arrangement;
[Paragraph (d) amended by section 1 of Act 23 of 2018 effective on 17 January 2019]
(e) any financial arrangement based on or determined with reference to the time value of money or cash flow or the exchange or transfer of an asset; and
[Paragraph (e) amended by section 1 of Act 23 of 2018 effective on 17 January 2019]
(f) any crypto asset;
[Definition of “financial instrument” inserted by section 6(1)(h) of Act 74 of 2002 effective on the date of promulgation of that Act, 13 December, 2002. Paragraph (f) added by section 1(1)(c) of Act 23 of 2018 and substituted by section 2(1)(c) of Act 23 of 2020]
“executor” means any person to whom letters of administration have been granted by a Master or an Assistant Master of the High Court appointed under the Administration of Estates Act, 1965 (Act No. 66 of 1965), in respect of the estate of a deceased person under any law relating to the administration of estates, and includes a person acting or authorized to act under letters of administration granted outside the Republic but signed and sealed by such a Master or Assistant Master for use within the Republic and, in any case where the estate is not required to be administered under the supervision of such a Master or Assistant Master, the person administering the estate;