“exchange item” of or in relation to a person means an amount in a foreign currency-
(a) which constitutes any unit of currency acquired and not disposed of by that person;
(b) owing by or to that person in respect of a debt incurred by or payable to such person;
(c) owed by or to that person in respect of a forward exchange contract; or
(d) where that person has the right or contingent obligation to buy or sell that amount in terms of a foreign currency option contract.
“executor” means any person to whom letters of administration have been granted by a Master or an Assistant Master of the High Court appointed under the Administration of Estates Act, 1965 (Act No. 66 of 1965), in respect of the estate of a deceased person under any law relating to the administration of estates, and includes a person acting or authorized to act under letters of administration granted outside the Republic but signed and sealed by such a Master or Assistant Master for use within the Republic and, in any case where the estate is not required to be administered under the supervision of such a Master or Assistant Master, the person administering the estate;
(b) “exempt dividend” means any dividend or foreign dividend to the extent that the dividend or foreign dividend is-
(i) not subject to any tax under Part VIII of Chapter II; and
(ii) exempt from normal tax in terms of section 10(1)(k)(i) or section 10B(2)(a), (b) or (e);
[Subitem (ii) substituted by section 55(b) of Act 34 of 2019]
“expected return”, in relation to an annuity under an annuity contract, means an amount determined in a manner contemplated in this section as representing the sum of all the annuity amounts which may, as at the commencement of the annuity contract, be expected to become payable by way of the annuity from the said commencement;
“expenditure on shaft sinking” includes the expenditure on sumps, pump–chambers, stations and ore bins accessory to a shaft;
“expenditure” means net expenditure after taking into account any rebates or returns from expenditure, regardless of when such last-mentioned expenditure was incurred;
[Definition of “expenditure” subsitututed by section 21(d) of Act 65 of 1973 and amended by section 52(1)(b) of Act 15 of 2016 effective on 1 April, 2017 and applicable in respect of expenditure incurred during years of assessment commencing on or after that date]
(b) For the purposes of this subsection –
“expenditure” means in relation to unbundled shares acquired as—
(i) trading stock, the amount taken into account prior to the unbundling transaction in respect of the unbundling shares for the purposes of section 11(a) or 22(1) or (2);
(ii) capital assets, the expenditure incurred prior to the unbundling transaction in respect of the unbundling shares that is allowable in terms of paragraph 20 of the Eighth Schedule;
[Subparagraph (ii) substituted by section 37(1)(c) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of the allocation of expenditure to unbundled shares acquired on or after that date]
(iii) . . . . . .
[Subparagraph (iii) deleted by section 37(1)(d) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of the allocation of expenditure to unbundled shares acquired on or after that date]
[Definition of “expenditure” substituted by section 27(1) of Act 20 of 2021 with effect from 1 January, 2022 and applicable in respect of the allocation of expenditure to unbundled shares acquired on or after that date]
“exploitation rights” means the right to any receipts and accruals in respect of-
(a) the use of;
(b) the right of use of; or
(c) the granting of permission to use,
any film to the extent that those receipts and accruals are wholly dependent on profits and losses in respect of the film;
‘exploration’ means the acquisition, processing and analysis of geological and geophysical data or the undertaking of activities in verifying the presence or absence of hydrocarbons (up to and including the appraisal phase) conducted for the purpose of determining whether a reservoir is economically feasible to develop;
(c) “extraordinary exempt dividends” means so much of the amount of the aggregate of any exempt dividends received or accrued within the period of 18 months contemplated in subparagraph (1)-
(i) as exceeds 15 per cent of the proceeds received or accrued from the disposal contemplated in that subparagraph ; and
(ii) as has not been taken into account as an extraordinary dividend in terms of paragraph 43A (2).
[Item (c) substituted by section 69(1)(d) of Act 17 of 2009, by section 109(1)(b) of Act 24 of 2011 and by section 55(c) of Act 34 of 2019]