“Financial Services Board” ……….
[Definition of “Financial Services Board” inserted by section 1 of Act 43 of 2014 and deleted by section 1 of Act 23 of 2018 effective on 1 April 2018]
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Below is a list of DELETED or REPEALED definitions for section 1 only.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.
“Financial Services Board Act” definition of section 1 of ITA
“Financial Services Board Act” ……….
[Definition of “Financial Services Board Act” inserted by section 1 of Act 43 of 2014 and deleted by section 1 of Act 23 of 2018 effective on 1 April 2018]
“Financial year” definition of section 1 of ITA
“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;
“Foreign company” definition of section 1 of ITA
“foreign company” means any company which is not a resident;
“Foreign dividend” definition of section 1 of ITA
“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 investment entity” definition of section 1 of ITA
“foreign investment entity” means any person other than a natural person-
(a) that is not incorporated, established or formed in the Republic;
(b) the assets of which consist solely of a portfolio of one or more of the following:
(i) amounts in cash or that constitute cash equivalents;
(ii) financial instruments that-
(aa) are issued by a listed company or by the government of the Republic in the national, provincial or local sphere; or
(bb) if not issued by a listed company or by the government of the Republic in the national, provincial or local sphere, are traded by members of the general public and a market for that trade exists;
(iii) financial instruments, the values of which are determined with reference to financial instruments contemplated in subparagraph (ii); or
(iv) rights to receive any asset contemplated in subparagraph (i), (ii) or (iii),
which amounts, financial instruments and rights are held by that person for investment purposes;
(c) where no more than 10 per cent of the shares, units or other form of participatory interest in that person are directly or indirectly held by persons that are residents; and
(d) where that person has no employees and has no directors or trustees that are engaged in the management of that person on a full-time basis;
“Foreign partnership” definition of section 1 of ITA
‘foreign partnership’, in respect of any year of assessment, means any partnership, association, body of persons or entity formed or established under the laws of any country other than the Republic if-
(a) for the purposes of the laws relating to tax on income of the country in which that partnership, association, body of persons or entity is formed or established-
(i) each member of the partnership, association, body of persons or entity is required to take into account the member’s interest in any amount received by or accrued to that partnership, association, body of persons or entity when that amount is received by or accrued to the partnership, association, body of persons or entity; and
(ii) the partnership, association, body of persons or entity is not liable for or subject to any tax on income, other than a tax levied by a municipality, local authority or a comparable authority, in that country; or
[Subparagraph (ii) substituted by section 3 of Act 25 of 2015 effective on 31 Deccember 2015]
(b) where the country in which that partnership, association, body of persons or entity is formed or established does not have any applicable laws relating to tax on income-
(i) any amount-
(aa) that is received by or accrues to; or
(bb) of expenditure that is incurred by,
the partnership, association, body of persons or entity is allocated concurrently with the receipt, accrual or incurral to the members of that partnership, association, body of persons or entity in terms of an agreement between those members; and
(ii) no amount distributed to a member of a partnership, association, body of persons or entity may exceed the allocation contemplated in subparagraph (i) after taking into account any prior distributions made by the partnership, association, body of persons or entity;
“Foreign return of capital” definition of section 1 of ITA
“foreign return of capital” means any amount that is paid or payable by a foreign company in respect of any share in that foreign company where that amount is treated as a distribution or similar payment (other than an amount that constitutes a foreign dividend) 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 that 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 to the extent that the amount so paid or payable-
(i) is deductible by that foreign company in the determination of any tax on income of companies of the country in which that foreign company has its place of effective management; or
(ii) constitutes shares in that foreign company;
“Foreign tax year” definition of section 1 of ITA
“foreign tax year”, in relation to a foreign company, means any year or period of reporting for foreign income tax purposes by that company or, if that company is not subject to foreign income tax, any annual period of financial reporting by that company;
“Functional currency” definition of section 1 of ITA
“functional currency”, in relation to-
(a) a person, means the currency of the primary economic environment in which the business operations of that person are conducted; and
(b) a permanent establishment of any person, means the currency of the primary economic environment in which the business operations of that permanent establishment are conducted;