“unlisted company” means any company which is not a listed company as defined in this subsection.
Category: Definitions – ITA
“Unrestricted equity instrument” definition of section 8C of ITA
‘unrestricted equity instrument’ means an equity instrument which is not a restricted equity instrument.
“Urban development zone” definition of section 13quat of ITA
‘urban development zone’ means an area demarcated by a municipality in terms of subsection (6), the particulars of which were published in the Gazette in terms of subsection (8);
“Valuation date” definition of Eighth Schedule
“valuation date” means-
(a) in the case of any person who after 1 October 2001 ceases to be an exempt person for purposes of paragraph 63, the date on which that person so ceases to be an exempt person; or
(b) in any other case, 1 October 2001;
“Value of liabilities” definition of section 29A of ITA
“value of liabilities” means, in respect of a policyholder fund and a risk policy fund the adjusted IFRS value plus so much of all other liabilities allocated to that fund that have not been taken into account in determining the adjusted IFRS value: Provided that any amount that is payable to or receivable from a cell owner, referred to in the definition of “cell structure” in section 1 of the Insurance Act, that does not relate to a policy, must be disregarded.
[Definition of “value of liabilities” substituted by section 47(1)(c) of Act 43 of 2014, by section 50(1)(c) of Act 15 of 2016, by section 53(1)(c) of Act 25 of 2015(effective date in section 53(2) of Act 25 of 2015 as substituted by section 108(1) of Act 23 of 2018) and by section 15(1)(b) of Act 20 of 2022, amended by section 32(1)(b) of Act 17 of 2023 and substituted by section 25(1)(b) of Act 42 of 2024 deemed to have come into operation on 1 January, 2023 and applicable in respect of years of assessment commencing on or after that date]
“Value shifting arrangement” definition of Eighth Schedule
“value shifting arrangement” means an arrangement by which a person retains an interest in a company, trust or partnership, but following a change in the rights or entitlements of the interests in that company, trust or partnership (other than as a result of a disposal at market value as determined before the application of paragraph 38), the market value of the interest of that person decreases and-
(a) the value of the interest of a connected person in relation to that person held directly or indirectly in that company, trust or partnership increases; or
(b) a connected person in relation to that person acquires a direct or indirect interest in that company, trust or partnership.
“Value-Added Tax Act” definition of section 1 of ITA
“Value-Added Tax Act” means the Value-Added Tax Act, 1991 (Act No. 89 of 1991);
“Variable rate instrument” definition of section 24J of ITA
“variable rate instrument” means an instrument which is not a fixed rate instrument; and
“Variable rate” definition of section 24J of ITA
“variable rate” means a rate determined with reference to an interest or indexation rate or other similar factor, being a rate or factor that varies or may vary during the term of the instrument;
“Variable remuneration” definition of section 7B of ITA
“variable remuneration” means-
(a) overtime pay, bonus or commission contemplated in the definition of “remuneration” in paragraph 1 of the Fourth Schedule;
(b) an allowance or advance paid in respect of transport expenses as contemplated in section 8(1)(b)(ii) or (iii);
[Paragraph (b) substituted by section 3(1)(a) of Act 34 of 2019 effective on 1 March, 2020 and applicable in respect of amounts accrued or expenditure incurred on or after that date]
(c) any amount which an employer has during any year of assessment become liable to pay to an employee in consequence of the employee having during such year become entitled to any period of leave which had not been taken by the employee during that year.
(d) any night shift allowance;
[Paragraph (d) added by section 3(1)(b) of Act 34 of 2019 effective on 1 March, 2020 and applicable in respect of amounts accrued or expenditure incurred on or after that date]
(e) any standby allowance;
[Paragraph (e) added by section 3(1)(b) of Act 34 of 2019 and substituted by section 2(1)(a) of Act 20 of 2022 with effect from 1 March, 2023 and applicable in respect of amounts accrued or expenditure incurred on or after that date]
(f) any amount paid or granted in reimbursement of any expenditure as contemplated in section 8(1)(a)(ii); or
[Paragraph (f) added by section 3(1)(b) of Act 34 of 2019 and substituted by section 2(1)(a) of Act 20 of 2022 with effect from 1 March, 2023 and applicable in respect of amounts accrued or expenditure incurred on or after that date]
(g) any amount of “remuneration” as defined in paragraph 1 of the Fourth Schedule (other than a bonus) that is determined based on the employee’s work performance.
[Paragraph (g) added by section 2(1)(b) of Act 20 of 2022 with effect from 1 March, 2023 and applicable in respect of amounts accrued or expenditure incurred on or after that date]