“tax holiday status” means the status whereby in respect of a year of assessment ending –
(a) during the period of six months ending 31 March 1997, the income of a qualifying company is reduced in accordance with subsection (12); or
(b) after 31 March 1997, the rate of normal tax on each rand of the taxable income received by or accrued to or in favour of a qualifying company is fixed at a rate of zero per cent in terms of section 5.
(7) For the purposes of this paragraph –
“foreign currency” means currency other than local currency; and
“local currency” means –
(a) in relation to a permanent establishment of a person, the functional currency of that permanent establishment (other than the currency of any country in the common monetary area);
(b) in relation to a headquarter company, in respect of amounts which are not attributable to a permanent establishment outside the Republic, the functional currency of that headquarter company;
(c) in relation to a domestic treasury management company, in respect of amounts which are not attributable to a permanent establishment outside the Republic, the functional currency of that domestic treasury management company;
(d) in relation to an international shipping company defined in section 12Q, in respect of amounts which are not attributable to a permanent establishment outside the Republic, the functional currency of that international shipping company; or
(e) in any other case, the currency of the Republic.
‘share’ means a share as defined in section 1 of the Share Blocks Control Act;
‘Share Blocks Control Act’ ……….
[Definition of ‘Share Blocks Control Act’ deleted by section 91 of Act 43 of 2014 effective on 20 January 2015]
‘Share Blocks Control Act’ means the Share Blocks Control Act, 1980 (Act No. 59 of 1980).
“collateral arrangement” means a collateral arrangement as defined in section 1 of the Securities Transfer Tax Act, 2007 (Act No. 25 of 2007);
[Definition of “collateral arrangement” inserted by section 3 of Act 25 of 2015 effective on 1 January 2016]
“Estate Duty Act” means the Estate Duty Act, 1955 (Act No. 45 of 1955);
[Definition of “Estate Duty Act” inserted by section 1 of Act 43 of 2014 effective on 20 January 2015]
“Financial Services Board” ……….
[Definition of “Financial Services Board” inserted by section 1 of Act 43 of 2014 and deleted by section 1 of Act 23 of 2018 effective on 1 April 2018]
“Financial Services Board Act” ……….
[Definition of “Financial Services Board Act” inserted by section 1 of Act 43 of 2014 and deleted by section 1 of Act 23 of 2018 effective on 1 April 2018]