Category: Definitions – ITA

“Prescribed rate” definition of section 1 of ITA

Posted on by admin_kmos

“prescribed rate” in relation to any interest payable in terms of this Act, means for the purposes of –

(a)     interest payable to any taxpayer under the provisions of section 89quat(4), a rate determined at four percentage points below the rate contemplated in paragraph (b); or

(b)     any other provision of this Act, such rate as the Minister may from time to time fix by notice in the Gazette in terms of section 80(1)(b) of the Public Finance Management Act, 1999 (Act No. 1 of 1999): Provided that where the Minister fixes a new rate in terms of that Act, that new rate applies for purposes of this Act from the first day of the second month following the date on which that new rate came into operation;

“Primary process” definition of section 27 of ITA

Posted on by admin_kmos

“primary process”, in relation to any product produced in the course of pastoral, agricultural or other farming operations, means the first process to which such product is subjected by an agricultural co–operative in order to render such product marketable or to convert such product into a marketable commodity, and includes any further process carried on by such co–operative which is so connected with the said first process that such first process and such further process or processes may be regarded as one process and to be necessary to convert such product into a marketable commodity;

“Primary residence” definition of paragraph 44 of Eighth Schedule

Posted on by admin_kmos

“primary residence” means a residence-

 

(a)     in which a natural person or a special trust holds an interest; and

 

(b)     which that person or a beneficiary of that special trust or a spouse of that person or beneficiary-

 

(i)      ordinarily resides or resided in as his or her main residence; and

 

(ii)     uses or used mainly for domestic purposes;