(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;
Category: Definitions – VAT
“Exempt supply” definition of section 1 of VAT Act
“exempt supply” means a supply that is exempt from tax under section 12;
“Export country” definition of section 1 of VAT Act
“export country” means any country other than the Republic and includes any place which is not situated in the Republic: Provided that the President may by notice in the Gazette determine that a specific country or territory shall from a date and to the extent indicated in the notice, be deemed not to be an export country;
[Definition of “export country” substituted by section 12 of Act 136 of 1992 and section 9 of Act 20 of 1994]
“Exported” definition of section 1 of VAT Act
“exported”, in relation to any movable goods supplied by any vendor under a sale or an instalment credit agreement, means-
(a) consigned or delivered by the vendor to the recipient at an address in an export country as evidenced by documentary proof acceptable to the Commissioner; or
(b) delivered by the vendor to the owner or charterer of any foreign-going ship contemplated in paragraph (a) or (c) of the definition of “foreign-going ship” or to a foreign-going aircraft when such ship or aircraft is going to a destination in an export country and such goods are for use or consumption in such ship or aircraft, as the case may be; or
[Paragraph (b) substituted by section 119 of Act 7 of 2010 effective on 2 November 2010]
(c) delivered by the vendor to the owner or charterer of any foreign-going ship contemplated in paragraph (b) of the definition of “foreign-going ship” for use in such ship; or
(d) removed from the Republic by the recipient or recipient’s agent for conveyance to an export country in accordance with any regulation made by the Minister in terms of this Act;
[Paragraph (d) amended by section 22 of Act 97 of 1993 and substituted by section 9 of Act 20 of 1994 and section 165 of Act 31 of 2013 effective on 1 April 2014]
“Financial services” definition of section 1 of VAT Act
“financial services” means the activities which are deemed by section 2 to be financial services;
“Fixed property” definition of section 1 of VAT Act
“fixed property” means land (together with improvements affixed thereto), any unit as defined in section 1 of the Sectional Titles Act, 1986 (Act No. 95 of 1986), any share in a share block company which confers a right to or an interest in the use of immovable property, and, in relation to a property time-sharing scheme, any time-sharing interest as defined in section 1 of the Property Time-sharing Control Act, 1983 (Act No. 75 of 1983); and any real right in any such land, unit, share or time-sharing interest;
[Definition of “fixed property” substituted by GN 2695 of 1991 and section 12 of Act 136 of 1992]
“Foreign donor funded project” definition of section 1 of VAT Act
“foreign donor funded project” means a project established in terms of an official development assistance agreement to supply goods or services to beneficiaries, to which the government of the Republic is a party, and which-
(a) is binding on the Republic in terms of section 231(3) of the Constitution of the Republic of South Africa, 1996;
(b) provides that the international donor funding must not be subject to tax; and
(c) has been approved by the Minister of Finance as a foreign donor funded project for the purposes of the definition;
[Definition of “foreign donor funded project” inserted by section 101(c) of Act 31 of 2005 and substituted by section 77(c) of Act 20 of 2006 and by section 66(1)(b) of Act 34 of 2019 effective on 1 April, 2020]
“Foreign-going aircraft” definition of section 1 of VAT Act
“foreign-going aircraft” means any –
(a) aircraft engaged in the transportation for reward of passengers or goods wholly or mainly on flights between airports in the Republic and airports in export countries or between airports in export countries; or
(b) foreign military aircraft;
[Definition of “foreign-going aircraft” substituted by section 9 of Act 20 of 1994 and section 119 of Act 7 of 2010 effective on 2 November 2010]
“Foreign-going ship” definition of section 1 of VAT Act
“foreign-going ship” means-
(a) any ship or other vessel engaged in the transportation for reward of passengers or goods wholly or mainly on voyages between ports in the Republic and ports in export countries or between ports in export countries;
[Paragraph (a) amended by section 119 of Act 7 of 2010 effective on 2 November 2010]
(b) any ship or other vessel registered in an export country where such ship or vessel is utilized for the purposes of a commercial, fishing or other concern conducted outside the Republic by a person who is not a vendor and is not a resident of the Republic; or
[Paragraph (b) amended by section 119 of Act 7 of 2010 effective on 2 November 2010]
(c) any foreign naval ship;
[Paragraph (c) inserted by section 119 of Act 7 of 2010 effective on 2 November 2010]
[Definition of “foreign-going ship” substituted by section 9 of Act 20 of 1994]
“Goods” definition of section 1 of VAT Act
“goods” means corporeal movable things, fixed property, any real right in any such thing or fixed property, and electricity, but excluding-
[Words preceding paragraph (a) substituted by section 104 of Act 60 of 2008]
(a) money;
(b) any right under a mortgage bond or pledge of any such thing or fixed property; and
(c) any stamp, form or card which has a money value and has been sold or issued by the State for the payment of any tax or duty levied under any Act of Parliament, except when subsequent to its original sale or issue it is disposed of or imported as a collector’s piece or investment article;