Category: Definitions – ITA

“Insurer” definition of section 29A of ITA

Posted on by admin_kmos

“insurer” means a company that is licensed under the Insurance Act and is conducting life insurance business as defined in that Act, other than a foreign reinsurer conducting insurance business through a branch in the Republic in terms of section 6 of that Act;

[Definition of “insurer” substituted by section 34(a) of Act 34 of 2019 and by section 22(a) of Act 20 of 2021]

“Intellectual property” definition of section 23I of ITA

Posted on by admin_kmos

“intellectual property” means any-

 

(a)     patent as defined in the Patents Act including any application for a patent in terms of that Act;

 

(b)     design as defined in the Designs Act;

 

(c)     trade mark as defined in the Trade Marks Act;

 

(d)     copyright as defined in the Copyright Act;

 

(e)     patent, design, trade mark or copyright defined or described in any similar law to that in paragraph (a), (b), (c) or (d) of a country other than the Republic;

 

(f)      property or right of a similar nature to that in paragraph (a), (b), (c), (d) or (e); and

 

(g)     knowledge connected to the use of such patent, design, trade mark, copyright, property or right;

“Interest rate agreement” definition of section 24K of ITA

Posted on by admin_kmos

(1)     For the purposes of this section “interest rate agreement” means any agreement in terms of which any person –

 

(a)     acquires the right to receive –

 

(i)      an amount calculated by applying any rate of interest to a notional principal amount specified or referred to in such agreement; or

 

(ii)     an amount calculated with reference to the difference between any combination of rates of interest applied to a notional principal amount specified or referred to in such agreement; or

 

(iii)    a fixed amount specified or referred to in such agreement as consideration in terms of such agreement whereunder the obligation is imposed to pay any other amount as contemplated in paragraph (b) (i) in terms of such agreement or an amount equal to the difference between such fixed amount and such other amount; or

 

(b)     becomes liable to pay –

 

(i)      an amount calculated by applying any rate of interest to a notional principal amount specified or referred to in such agreement; or

 

(ii)     an amount calculated with reference to the difference between any combination of rates of interest applied to a notional principal amount specified or referred to in such agreement; or

 

(iii)    a fixed amount specified or referred to in such agreement as consideration in terms of such agreement whereunder the right is acquired to receive any other amount as contemplated in paragraph (a) (i) in terms of such agreement or an amount equal to the difference between such fixed amount and such other amount.

“Interest” definition of section 24J of ITA

Posted on by admin_kmos

“interest” includes the –


(a)     gross amount of any interest or similar finance charges, discount or premium payable or receivable in terms of or in respect of a financial arrangement;

[Paragraph (a) substituted by section 45 of Act 15 of 2016 effective on 19 January 2017]


(b)     amount (or portion thereof) payable by a borrower to the lender in terms of any lending arrangement as represents compensation for any amount to which the lender would, but for such lending arrangement, have been entitled; and


(c)     absolute value of the difference between all amounts receivable and payable by a person in terms of a sale and leaseback arrangement as contemplated in section 23G throughout the full term of such arrangement, to which such person is a party,


irrespective of whether such amount is –


(i)      calculated with reference to a fixed rate of interest or a variable rate of interest; or


(ii)     payable or receivable as a lump sum or in unequal instalments during the term of the financial arrangement;