“natural oil” means any liquid or solid hydrocarbon or combustible gas existing in a natural condition in the earth’s crust, but does not include coal or bituminous shales or other stratified deposits from which oil can be obtained by destructive distillation, or gas arising from marsh or other surface deposits;
Category: Definitions – ITA
“Natural oil” definition of section 12D of ITA
“natural oil” means any liquid or solid hydrocarbon or combustible gas existing in a natural condition in the earth’s crust and includes any refined by–products of such liquid or solid hydrocarbon or combustible gas.
“Neighbouring country” definition of section 1 of ITA
“neighbouring country” means Botswana, eSwatini, Lesotho and Namibia;
[Definition of “neighbouring country” inserted by section 2(1)(a) of Act 85 of 1987 and substituted by section 2(e) of Act 141 of 1992, by section 2(c) of Act 36 of 1996 and by section 3 of Act 16 of 2022]
“Net capital gain” definition of Eighth Schedule
“net capital gain” means the amount to be determined in terms of paragraph 8;
“Normal retirement age” definition of section 1 of ITA
“normal retirement age” means-
(a) in the case of a member of a pension fund or provident fund, the date on which the member becomes entitled to retire from employment for reasons other than sickness, accident, injury or incapacity through infirmity of mind or body;
(b) in the case of a member of a retirement annuity fund, a pension preservation fund or a provident preservation fund, the date on which the member attains 55 years of age; or
(c) in the case of a member of any fund contemplated in this definition, the date on which that member becomes permanently incapable of carrying on his or her occupation due to sickness, accident, injury or incapacity through infirmity of mind or body;
“Normal tax” definition of section 1 of ITA
“normal tax” means income tax referred to in section 5(1);
“Officer” definition of section 1 of ITA
“officer” means, where used in the context of a person who is engaged by the Commissioner in carrying out the provisions of this Act, a SARS official as defined in section 1 of the Tax Administration Act;
“Official rate of interest” definition of section 1 of ITA
“official rate of interest” means-
(a) in the case of a debt which is denominated in the currency of the Republic, a rate of interest equal to the South African repurchase rate plus 100 basis points; or
(b) in the case of a debt which is denominated in any other currency, a rate of interest that is the equivalent of the South African repurchase rate applicable in that currency plus 100 basis points:
Provided that where a new repurchase rate or equivalent rate is determined, the new rate of interest applies for the purposes of this definition from the first day of the month following the date on which that new repurchase rate or equivalent rate came into operation;
[Definition of “official rate of interest” inserted by section 2 of Act 17 of 2017 and substituted by section 1 of Act 23 of 2018 effective on 17 January 2019]
“Official rate of interest” definition of Seventh Schedule
“official rate of interest” ……….
[Definition of “official rate of interest” amended by section 26 of Act 96 of 1985, GN R2706 of 1985, section 33 of Act 65 of 1986, GN 2683 of 1986, section 28 of Act 85 of 1987, GN R714 of 1989, section 24 of Act 70 of 1989, GN R763 of 1990, section 55 of Act 101 of 1990, section 35 of Act 141 of 1992, section 52 of Act 113 of 1993, GN 57 of 1994, section 30 of Act 21 of 1994, GNR1154 of 1995, section 40 of Act 36 of 1996, GN 1504 of 1998, GN 539 of 1999, GN R1022 of 1999 and GN183 of 2000, substituted by section 54 of Act 30 of 2000 and section 59 of Act 59 of 2000, amended by section 62 of Act 74 of 2002, substituted by section 90 of Act 7 of 2010, amended by section 93 of Act 25 of 2015 and deleted by section 67 of Act 17 of 2017 effective on 18 December 2017]
“Oil and gas company” definition of Tenth Schedule
‘oil and gas company’ means any company that –
(i) holds any oil and gas right; or
(ii) engages in exploration or post-exploration in terms of any oil and gas right;