Category: Definitions – ITA

“Local currency” definition of paragraph 43 of Eighth Schedule

Posted on by admin_kmos

“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.

“Identical security” definition of section 1 of ITA

Posted on by admin_kmos

“identical security” means in respect of a listed security, as defined in the Securities Transfer Tax Act, 2007 (Act No. 25 of 2007), that is the subject of a securities lending arrangement-

(a)     a security of the same class in the same company as that security; or

(b)     any other security that is substituted for that listed security in terms of an arrangement that is announced and released as a corporate action as contemplated in the JSE Limited Listings Requirements in the SENS (Stock Exchange News Service) as defined in the JSE Limited Listings Requirements;

[Definition of “identical security” inserted by section 3(1)(h) of Act 25 of 2015 effective on 1 January, 2016. Paragraph (b) substituted by section 5(1)(e) of Act 15 of 2016 and by section 1(1)(d) of Act 20 of 2022]