Category: Definitions – ITA

“Dividend” definition of section 64D of ITA

Posted on by admin_kmos

“dividend” means any dividend or foreign dividend as defined in section 1, including any amount contemplated in section 31(3)(i), that is—

(a)       paid by a company that is a resident; or

(b)       paid by a foreign company –

(i)      if the share in respect of which that foreign dividend is paid is a listed share; and

(ii)     to the extent that that foreign dividend does not consist of a distribution of an asset in specie;

[Definition of “dividend” substituted by section 75(1) of Act 24 of 2011 and amended by section 60(a) of Act 23 of 2018 and by section 36(1) of Act 23 of 2020 deemed effective on 17 January, 2019]

“Domestic financial instrument holding company” definition of section 41 of ITA

Posted on by admin_kmos

“domestic financial instrument holding company” ……….

[Definition of “domestic financial instrument holding company” amended by section 49 of Act 45 of 2003 and section 32 of Act 32 of 2004, substituted by s of 37 of Act 31 of 2005, amended by section 28 of Act 20 of 2006 and section 90 of Act 31 of 2013 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]

“Domestic treasury management company” definition of section 1 of ITA

Posted on by admin_kmos

“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]

“Donee” definition of section 55 of ITA

Posted on by admin_kmos

“donee” means any beneficiary under a donation and includes, where property has been disposed of under a donation to any trustee to be administered by him for the benefit of any beneficiary, such trustee: Provided that any donations tax paid or payable by any trustee in his capacity as such may, notwithstanding anything to the contrary contained in the trust deed concerned, be recovered by him from the assets of the trust;

“Employee” definition of Fourth Schedule

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For the purposes of this Schedule, unless the context otherwise indicates –

“employee” means –

(a)     any person (other than a company) who receives any remuneration or to whom any remuneration accrues;

(b)     any person who receives any remuneration or to whom any remuneration accrues by reason of any services rendered by such person to or on behalf of a labour broker;

(c)     any labour broker;

[Paragraph (c) amended by section 6 of Act 23 of 2015 effective on 8 January 2016] 

(d)     any person or class or category of person whom the Minister of Finance by notice in the Gazette declares to be an employee for the purposes of this definition;

[Paragraph (d) amended by section 66 of Act 60 of 2008 effective on1 March 2009 and section 6 of Act 23 of 2015 effective on 8 January 2016]

(e)     any personal service provider; or

[Paragraph (e) added by section 52 of Act 30 of 2000, substituted by section 66 of Act 60 of 2008 effective on 1 March 2009 and amended by section 6 of Act 23 of 2015 effective on 8 January 2016]

(f)      ………..

(g)     ……….

[Paragraph (g) added by section 19 of Act 19 of 2001 and deleted by section 4 of Act 22 of 2018 effective on 1 March 2019, applies to years of assessment commencing on or after that date]

“Employee” definition of Seventh Schedule

Posted on by admin_kmos

‘employee’, in relation to any employer, means a person who is an employee in relation to such employer for the purposes of the Fourth Schedule, excluding any person who prior to 1 March 1992 by reason of superannuation, ill-health or other infirmity retired from the employ of such employer, but including, in relation to any company, any director of such company and any person who was previously employed by, or was a director of, such company if such person is or was the sole holder of shares in or one of the controlling holders of shares in such company and, for the purposes of paragraphs 2(h) and 13, including any person who has retired as aforesaid and who, after the employee’s retirement, is released by the employee’s employer from an obligation which arose before the employee’s retirement to reimburse the employer for an amount paid by the employer on behalf of the employee or to pay any amount which became owing by the employee to the employer before the employee’s retirement;