“director”, in relation to a close corporation, means any person who in respect of such close corporation holds any office or performs any functions similar to the office or functions of a director of a company other than a close corporation;
Category: Section 1 (ITA) – Interpretation
Below is a list of DELETED or REPEALED definitions for section 1 only. For amendment details of EXISTING definitions, please review the amendment details for each individual definition in the “Options menu” of each individual definition.
Assisted gold mine
Definition of “assisted gold mine” inserted by section 5 of Act 76 of 1968 and deleted by section 2 of Act 141 of 1992.
Building society
Definition of “building society” inserted by section 1 of Act 108 of 1986 and deleted by section 2 of Act 3 of 2008.
Business day
Definition of “business day” inserted by section 2 of Act 113 of 1993 and deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.
Capitalisation shares
Definition of “capitalization shares” inserted by section 4 of Act 85 of 1974 and deleted by section 6 of Act 7 of 2010 effective on 1 January 2011.
Chief Executive Officer
Definition of “Chief Executive Officer” inserted by section 2 of Act 36 of 1996 and deleted by section 34 of Act 34 of 1997.
Date of deep level production
Definition of “date of deep level production” deleted by section 2 of Act 3 of 2008.
Date of assessment
Definition of “date of assessment” inserted by section 4 of Act 69 of 1975 and deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.
Dependant
Definition of “dependant” substituted by section 4 of Act 88 of 1971 and section 4 of Act 85 of 1974, amended by section 3 of Act 104 of 1979 and section 2 of Act 104 of 1980 and deleted by section 2 of Act 90 of 1988.
Designated country
Definition of “designated country” inserted section 6 of Act 74 of 2002 and deleted by section 12 of Act 45 of 2003.
Domestic company
Definition of “domestic company” inserted by section 4 of Act 85 of 1974 and deleted by section 2 of Act 59 of 2000.
Entertainment expenditure
Definition of “entertainment expenditure” inserted by section 2 of Act 121 of 1984 and deleted by section 2 of Act 3 of 2008.
Equity share capital
Definition of “equity share capital” substituted by section 3 of Act 8 of 2007 and substituted by the definition of “equity share” in section 6 of Act 7 of 2010 effective on 1 January 2011.
External company
Definition of “external company” inserted by section 4 of Act 85 of 1974 and deleted by section 2 of Act 59 of 2000.
Foreign equity instrument
Definition of “foreign equity instrument” inserted by section 17 of Act 60 of 2001, amended by section 6 of Act 74 of 2002 and deleted by section 4 of Act 31 of 2013 effective on 12 December 2013.
Government grant
Definition of “government grant” inserted by section 3 of Act 32 of 2005 and deleted by section 2 of Act 22 of 2012 effective on 1 January 2013.
Government scrapping payment
Definition of “government scrapping payment” inserted by section 3 of Act 20 of 2006 and deleted by section 2 of Act 22 of 2012 effective on 1 January 2013.
International headquarter company
Definition of “international headquarter company” inserted by section 2 of Act 59 of 2000 and deleted by section 12 of Act 45 of 2003.
Local authority
Definition of “local authority” amended by section 4 of Act 72 of 1963, substituted by section 5 of Act 88 of 1965 and section 2 of Act 141 of 1992 and deleted by section 3 of Act 20 of 2006.
Married
Definition of “married” deleted by section 5 of Act 5 of 2001.
Married person
Definition of “married person” substituted by section 3 of Act 90 of 1962, section 5 of Act 88 of 1965, section 4 of Act 88 of 1971 and section 4 of Act 90 of 1972, amended by section 3 of Act 104 of 1979, section 2 of Act 104 of 1980, section1 of Act 30 of 1984, section 2 of Act 90 of 1988 and section 2 of Act 70 of 1989 and deleted by section 2 of Act 21 of 1995.
Married woman
Definition of “married woman” inserted by section 2 of Act 70 of 1989, substituted by section 5 of Act 5 of 2001 and deleted by section 2 of Act 3 of 2008.
Mutual building society
Definition of “mutual building society” inserted by section 1 of Act 108 of 1986 and deleted by section 2 of Act 3 of 2008.
New deep level gold mine
Definition of “new deep level gold mine” deleted by section 2 of Act 70 of 1989.
New gold mine
Definition of “new gold mine” amended by section 4 of Act 72 of 1963 and deleted by section 2 of Act 70 of 1989.
Nominal value
Definition of “nominal value” inserted by section 4 of Act 85 of 1974 and deleted by section 6 of Act 7 of 2010 effective on 1 January 2011.
Other deep level gold mine
Definition of “other deep level gold mine” substituted by section 2 of Act 70 of 1989 and deleted by section 2 of Act 3 of 2008.
Post-1966 gold mine
Definition of “post–1966 gold mine” inserted by section 5 of Act 55 of 1966 and deleted by section 2 of Act 129 of 1991.
Qualifying statutory rate
Definition of “qualifying statutory rate” inserted by section 6 of Act 74 of 2002 and deleted by section 12 of Act 45 of 2003.
Scientific research
Definition of “scientific research” deleted by section 12 of Act 45 of 2003.
Secretary
Definition of “Secretary” inserted by section 4 of Act 90 of 1964 and deleted by section 2 of Act 104 of 1980.
Shareholder
Definition of “shareholder” substituted by section 3 of Act 90 of 1962, amended by section 2 of Act 121 of 1984, section 6 of Act 74 of 2002, section 12 of Act 45 of 2003, section 3 of Act 20 of 2006, section 3 of Act 8 of 2007 and section 6 of Act 7 of 2010 and deleted by section 7 of Act 24 of 2011 effective on 1 April 2012.
South African company
Definition of “South African company” inserted by section 4 of Act 85 of 1974, substituted by section 4 of Act 103 of 1976, section 2 of Act 96 of 1985 and section 2 of Act 36 of 1996 and deleted by section 2 of Act 59 of 2000.
Taxable amount
Definition of “taxable amount” inserted by section 4 of Act 88 of 1971 and deleted by section 2 of Act 104 of 1980.
Territory
Definition of “territory” inserted by section 6 of Act 89 of 1969, substituted by section 2 of Act 141 of 1992 and deleted by section 2 of Act 59 of 2000.
Other section 1 amendment details:
Section 1 renumbered to subsection 1(1) by section 271 of Act 28 of 2011 effective on 1 October 2012.
Subsection (2) of section 1 substituted by section 271 of Act 28 of 2011 effective on 1 October 2012.
“Dividend” definition of section 1 of ITA
“dividend” means any amount, other than a dividend consisting of a distribution of an asset in specie declared and paid as contemplated in section 31(3), transferred or applied by a company that is a resident for the benefit or on behalf of any person in respect of any share in that company, whether that amount is transferred or applied-
[Words preceding paragraph (a) substituted by section 1 of Act 23 of 2018 effective on 1 January 2019, applies in respect of years of assessment commencing on or after that date]
(a) by way of a distribution made by; or
(b) as consideration for the acquisition of any share in,
that company, but does not include any amount so transferred or applied to the extent that the amount so transferred or applied-
(i) results in a reduction of contributed tax capital of the company;
(ii) constitutes shares in the company; or
(iii) constitutes an acquisition by the company of its own securities by way of a general repurchase of securities as contemplated in subparagraph (b) of paragraph 5.67(B) of section 5 of the JSE Limited Listings Requirements, where that acquisition complies with any applicable requirements prescribed by paragraph s 5.68 and 5.72 to 5.81 of section 5 of the JSE Limited Listings Requirements or a general repurchase of securities as contemplated in the listings requirements of any other exchange, licensed under the Financial Markets Act, that are substantially the same as the requirements prescribed by the JSE Limited Listings Requirements, where that acquisition complies with the applicable requirements of that exchange;
[Paragraph (iii) substituted by section 2(1)(b) of Act 17 of 2017 and by section 2(1)(a) of Act 34 of 2019]
“Domestic treasury management company” definition of section 1 of ITA
“domestic treasury management company” means a company-
(a) that is incorporated or deemed to be incorporated—
(i) by or under any law in force in the Republic and is not subject to exchange control restrictions by virtue of being registered with the financial surveillance department of the South African Reserve Bank; or
(ii) by or under the law of any country other than the Republic and is not subject to exchange control restrictions by virtue of being registered before 1 January 2019 with the financial surveillance department of the South African Reserve Bank; and
(b) that has its place of effective management in the Republic;
[Definition of “domestic treasury management company” inserted by section 4(1)(o) of Act 31 of 2013, amended by section 2(1)(c) of Act 17 of 2017 and substituted by section 2(1)(b) of Act 34 of 2019]
“Equity share” definition of section 1 of ITA
“equity share” means any share in a company, excluding any share that, neither as respects dividends nor as respects returns of capital, carries any right to participate beyond a specified amount in a distribution;
“Estate Duty Act” definition of section 1 of ITA
“Estate Duty Act” means the Estate Duty Act, 1955 (Act No. 45 of 1955);
[Definition of “Estate Duty Act” inserted by section 1 of Act 43 of 2014 effective on 20 January 2015]
“Executor” definition of section 1 of ITA
“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;
“Financial instrument” definition of section 1 of ITA
“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]
“Financial Markets Act” definition of section 1 of ITA
“Financial Markets Act” means the Financial Markets Act, 2012 (Act No. 19 of 2012);
“Financial Sector Regulation Act” definition of section 1 of ITA
“Financial Sector Regulation Act” means the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);
[Definition of “Financial Sector Regulation Act” inserted by section 1 of Act 23 of 2018 effective on 1 April 2018]
“Financial Sector Conduct Authority” definition of section 1 of ITA
“Financial Sector Conduct Authority” means the Financial Sector Conduct Authority as defined in section 1 of the Financial Sector Regulation Act;
[Definition of “Financial Sector Conduct Authority” inserted by section 1 of Act 23 of 2018 effective on 1 April 2018]