“improvements”, in relation to any storage building, means any extension, addition or improvements (other than repairs) to a storage building which is or are effected for the purpose of increasing the capacity of the building for storing or packing pastoral, agricultural or other farm products or for carrying on therein any primary process in respect of any such products;
Category: Definitions – ITA
“Income instrument” definition of section 24J of ITA
“income instrument” means –
(a) in the case of any person other than a company, any instrument –
(i) the term of which will, or is reasonably likely to, exceed one year; and
(ii) which is issued or acquired at a discount or premium or bears deferred interest; and
(b) in the case of any company, any instrument;
“Income” definition of section 1 of ITA
“income” means the amount remaining of the gross income of any person for any year or period of assessment after deducting therefrom any amounts exempt from normal tax under Part I of Chapter II;
“Individual policyholder fund” definition of Eighth Schedule
“individual policyholder fund” means a fund contemplated in section 29A(4)(b);
“Industrial project” definition of section 12I of ITA
‘industrial project’ means a trade solely or mainly for the manufacture of products, goods, articles, or other things within the Republic that-
(a) is classified under ‘Section C: Manufacturing’ in version 7 of the Standard Industrial Classification Code (referred to as the ‘SIC Code’) issued by Statistics South Africa; or
[Paragraph (a) substituted by section 22 of Act 43 of 2014 effective on 20 January 2015]
(b) in the case of products, goods, articles or things which are not yet classified, the adjudication committee is of the view will be classified as contemplated in paragraph (a), but does not include –
(i) distilling, rectifying and blending of spirits (SIC Code 1101);
(ii) manufacture of wines (SIC Code 1102);
(iii) manufacture of malt liquors and malt (SIC Code 103);
(iv) manufacture of tobacco products (SIC Code 12);
(v) manufacture of weapons and ammunition (SIC Code 252);
(vi) manufacture of bio-fuels if that manufacture negatively impacts on food security in the Republic;
[Paragraph (b) substituted by section 22 of Act 43 of 2014 effective on 20 January 2015]
“Initial amount” definition of section 24J of ITA
“initial amount” means the issue price or transfer price, as the case may be, in relation to an instrument;
“Insolvent estate” definition of section 1 of ITA
“insolvent estate” means an insolvent estate as defined in section 2 of the Insolvency Act, 1936 (Act No. 24 of 1936);
“Instrument” definition of section 24J of ITA
“instrument” means–
(a) ……….
(b) ……….
(c) any interest-bearing arrangement or debt;
(d) any acquisition or disposal of any right to receive interest or the obligation to pay any interest, as the case may be, in terms of any other interest–bearing arrangement; or
(e) any repurchase agreement or resale agreement,
which was –
(i) issued or deemed to have been issued after 15 March 1995;
(ii) issued on or before 15 March 1995 and transferred on or after 19 July 1995; or
(iii) in so far as it relates to the holder thereof, issued on or before 15 March 1995 and was unredeemed on 14 March 1996 (excluding any arrangement contemplated in subparagraphs (i) and (ii)),
but excluding any lease agreement (other than a sale and leaseback arrangement as contemplated in section 23G) or any policy issued by an insurer as defined in section 29A;
[Words following subparagraph (iii) substituted by section 41 of Act 43 of 2014 effective on 1 Janaury 1996]
“Instrument” definition of section 8F of ITA
‘instrument’ means any form of interest-bearing arrangement or debt that is issued by-
(a) a company that is a resident;
(b) a company that is not a resident if the interest in respect of that instrument is attributable to a permanent establishment of that company in the Republic; or
(c) a company that is a controlled foreign company as contemplated in section 9D if the interest incurred in respect of that instrument must be taken into account in determining the net income of that controlled foreign company as contemplated in that section;
[Definition of ‘instrument’ substituted by section 16 of Act 15 of 2016 effective on 24 February 2016, applies in respect of amounts incurred in respect of an instrument on or after that date]
“Instrument” definition of section 8FA of ITA
‘instrument’ means an instrument as defined in section 8F(1);
[Definition of ‘instrument’ substituted by section 17 of Act 15 of 2016 effective on 24 February 2016, applies in respect of amounts incurred in respect of an instrument on or after that date]