“Designs Act” means the Designs Act, 1993 (Act No. 195 of 1993);
Category: Definitions – ITA
“Developer” defintion of section 13quat of ITA
“developer” means a person who erects, extends, adds to or improves a building or part of a building-
(a) with the sole purpose of disposing of that building or part thereof immediately after completion of that erection, extension, addition or improvement; and
(b) disposes of the building or part of a building within three years after completion of that erection, extension, addition or improvement;
“Diminishing musharaka” definition of section 24JA of ITA
‘diminishing musharaka’ means a sharia arrangement between a bank and a client of that bank whereby-
(a)
(i) the bank and the client jointly acquire an asset from a third party (the seller); or
(ii) the bank acquires an interest in an asset from the client;
(b) the client will acquire the bank s interest in the asset after the acquisition of the asset by the bank as contemplated in paragraph (a); and
(c) the amount of consideration payable by the client to the bank for the acquisition of the interest of the bank in the asset will be paid over a period of time as agreed between the client and the bank;
“Director” definition of section 1 of ITA
“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;
“Disability” definition of section 6B of ITA
‘disability’ means a moderate to severe limitation of any person’s ability to function or perform daily activities as a result of a physical, sensory, communication, intellectual or mental impairment, if the limitation-
(a) has lasted or has a prognosis of lasting more than a year; and
(b) is diagnosed by a duly registered medical practitioner in accordance with criteria prescribed by the Commissioner;
“Disposal rate” definition of section 24I of ITA
“disposal rate” means the exchange rate in respect of an exchange item obtained by dividing the amount received or accrued in respect of the disposal of such exchange item by the foreign currency amount in respect of such exchange item;
“Disposal” definition of Eighth Schedule
‘disposal’ means an event, act, forbearance or operation of law envisaged in paragraph 11 or an event, act, forbearance or operation of law which is in terms of this Act treated as the disposal of an asset, and ‘dispose’ must be construed accordingly;
[Definition of “disposal’ substituted by section 73 of Act 23 of 2018 effective on 17 January 2019]
“Disposal” definition of section 41 of ITA
“disposal” means a disposal as defined in paragraph 1 of the Eighth Schedule and any deemed disposal in terms of this Part;
“Dividend cycle” definition of section 64D of ITA
‘dividend cycle’ ……….
[Definition of “dividend cycle” deleted by section 60 of Act 23 of 2018 effective on 17 January 2019]
“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]