For purposes of this Part –
(a) ‘entertainer or sportsperson’ includes any person who for reward –
(i) performs any activity as a theatre, motion picture, radio or television artiste or a musician;
(ii) takes part in any type of sport; or
(iii) takes part in any other activity which is usually regarded as of an entertainment character;
(1) For the purposes of this section-
‘entity’ means-
(a) any mutual loan association, fidelity or indemnity fund, trade union, chamber of commerce or industry (or an association of such chambers) or local publicity association; or
(b) any-
(i) non-profit company as defined in section 1 of the Companies Act;
(ii) society; or
(iii) other association of persons,
established to promote the common interests of persons (being members of the company, society or association of persons) carrying on any particular kind of business, profession or occupation,
approved by the Commissioner in accordance with subsection (2);
(1) For purposes of this section –
‘environmental treatment and recycling asset’ means any air, water, and solid waste treatment and recycling plant or pollution control and monitoring equipment (and any improvement to the plant or equipment) if the plant or equipment is-
(a) utilised in the course of a taxpayer’s trade in a process that is ancillary to any process of manufacture or any other process which, in the opinion of the Commissioner, is of a similar nature; and
(b) required by any law of the Republic for purposes of complying with measures that protect the environment; and
‘environmental waste disposal asset’ means any air, water, and solid waste disposal site, dam, dump, reservoir, or other structure of a similar nature, or any improvement thereto, if the structure is –
(a) of a permanent nature;
(b) utilised in the course of a taxpayer’s trade in a process that is ancillary to any process of manufacture or any other process which, in the opinion of the Commissioner, is of a similar nature; and
(c) required by any law of the Republic for purposes of complying with measures that protect the environment.
‘equity instrument’ means a share or a member’s interest in a company, and includes –
(a) an option to acquire such a share, part of a share or member’s interest;
(b) any financial instrument that is convertible to a share or member’s interest; and
(c) any contractual right or obligation the value of which is determined directly or indirectly with reference to a share or member’s interest;
“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;
“equity share”, for the purposes of sections 42 and 44, includes a participatory interest in a portfolio of a collective investment scheme in securities or in a portfolio of a hedge fund collective investment scheme;
[Definition of “equity share” deleted by section 32 of Act 8 of 2007, inserted by section 47 of Act 17 of 2009 and substituted by section 61 of Act 25 of 2015 effective on 1 April 2015]
(1) For the purposes of this section-
‘equity share’ includes a linked unit;
“equity share”, includes a participatory interest in a portfolio of a collective investment scheme in securities and a portfolio of a hedge fund collective investment scheme excluding a share which at any time prior to the disposal of that share was-
[Words preceding paragraph (a) substituted by section 17 of Act 23 of 2018 effective on 17 January 2019]
(a) a share in a share block company as defined in section 1 of the Share Blocks Control Act;
(b) a share in a company which was not a resident, other than a company contemplated in paragraph (a) of the definition of “listed company”; or
(c) a hybrid equity instrument as defined in section 8E;
[Definition of “equity share” inserted by section 24 of Act 24 of 2011 and substituted by section 18 of Act 31 of 2013 and section 12 of Act 25 of 2015 effective on 1 January 2016]
“exchange difference” means the foreign exchange gain or foreign exchange loss in respect of an exchange item during any year of assessment determined by multiplying such exchange item by the difference between –
(a) the ruling exchange rate on transaction date in respect of such exchange item during that year of assessment, and –
(i) the ruling exchange rate at which such exchange item is realised during that year of assessment; or
(ii) the ruling exchange rate at which such exchange item is translated at the end of that year of assessment; or
(b) the ruling exchange rate at which such exchange item was translated at the end of the immediately preceding year of assessment or at which it would have been translated had this section been applicable at the end of that immediately preceding year of assessment, and –
(i) the ruling exchange rate at which such exchange item is realised during that year of assessment; or
(ii) the ruling exchange rate at which such exchange item is translated at the end of that year of assessment;