‘Share Blocks Control Act’ means the Share Blocks Control Act, 1980 (Act No. 59 of 1980).
Category: Eighth Schedule – Determination of taxable capital gains and assessed capital losses
EIGHTH SCHEDULE
Eighth Schedule inserted by section 38 of Act 5 of 2001.
“Local currency” definition of paragraph 43 of Eighth Schedule
“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.
“Foreign currency” definition of paragraph 43 of Eighth Schedule
(7) For the purposes of this paragraph –
“foreign currency” means currency other than local currency; and
“Commencement date” definition of paragraph 37H of Eighth Schedule
“commencement date” means 1 October 1996;
“Project” definition of paragraph 37H of Eighth Schedule
“project” means a project which in the opinion of the board –
(a) represents the manufacturing of any products, goods, articles or any other things as classified in ‘Major Division 3: Manufacturing’ of the Standard Industrial Classification of all Economic Activities (Fifth Edition) issued by the Central Statistical Services in January 1993; and
(b) meets the investment requirements prescribed by the regulations under subsection (14) (a);
“Qualifying company” definition of paragraph 37H of Eighth Schedule
“qualifying company” means any company which –
(a) is incorporated on or after the commencement date;
(b) commences the carrying on of one qualifying project for the first time on or after the commencement date; and
(c) has the sole object of carrying on one qualifying project as from the date of such incorporation and which does not carry on any trade other than such qualifying project;
“Qualifying project” definition of paragraph 37H of Eighth Schedule
“qualifying project” means a project which has been approved by the board in terms of subsection (2) (a);
“Services” definition of paragraph 37H of Eighth Schedule
“services” means services as defined in section 31 (1);
“State” definition of paragraph 37H of Eighth Schedule
“State” means the Departments and Administrations as listed in Column 1 of Schedule 1 to the Public Service Act, 1994 (Proclamation No. 103 of 1994);
“Tax holiday scheme” definition of paragraph 37H of Eighth Schedule
“tax holiday scheme” means a scheme in terms of which qualifying companies enjoy tax holiday status;