Category: PRELIMINARY (ITA)

“Child” definition of section 1 of ITA

Posted on by admin_kmos

“child”, in relation to any person, includes any person adopted by him or her –

(a)     under the law of the Republic; or

(b)     under the law of any country other than the Republic, provided the adopted person is under such law accorded the status of a legitimate child of the adoptive parent and the adoption was made at a time when the adoptive parent was ordinarily resident in such country;

“Domestic treasury management company” definition of section 1 of ITA

Posted on by admin_kmos

“domestic treasury management company” means a company-

(a)       that is incorporated or deemed to be incorporated—

(i)  by or under any law in force in the Republic and is not subject to exchange control restrictions by virtue of being registered with the financial surveillance department of the South African Reserve Bank; or

(ii) by or under the law of any country other than the Republic and is not subject to exchange control restrictions by virtue of being registered before 1 January 2019 with the financial surveillance department of the South African Reserve Bank; and

(b)       that has its place of effective management in the Republic;

[Definition of “domestic treasury management company” inserted by section 4(1)(o) of Act 31 of 2013, amended by section 2(1)(c) of Act 17 of 2017 and substituted by section 2(1)(b) of Act 34 of 2019]

“Equity share” definition of section 1 of ITA

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“equity share” means any share in a company, excluding any share that, neither as respects dividends or foreign dividends, nor as respects returns of capital or foreign returns of capital, carries any right to participate beyond a specified amount in a distribution;

[Definition of “equity share” (previously “equity share capital”) substituted by section 3(1)(d) of Act 8 of 2007, by section 6(1)(g) of Act 7 of 2010, by section 7(1)(h) and (i) of Act 24 of 2011 and by section 1(1)(a) of Act 5 of 2026 deemed effective on 1 April 2012]

“Executor” definition of section 1 of ITA

Posted on by admin_kmos

“executor” means any person to whom letters of administration have been granted by a Master or an Assistant Master of the High Court appointed under the Administration of Estates Act, 1965 (Act No. 66 of 1965), in respect of the estate of a deceased person under any law relating to the administration of estates, and includes a person acting or authorized to act under letters of administration granted outside the Republic but signed and sealed by such a Master or Assistant Master for use within the Republic and, in any case where the estate is not required to be administered under the supervision of such a Master or Assistant Master, the person administering the estate;

“Company” definition of section 1 of ITA

Posted on by admin_kmos

“company” includes-

(a)    any association, corporation or company (other than a close corporation) incorporated or deemed to be incorporated by or under any law in force or previously in force in the Republic or in any part thereof, or any body corporate formed or established or deemed to be formed or established by or under any such law; or

(b)     any association, corporation or company incorporated under the law of any country other than the Republic or any body corporate formed or established under such law; or

(c)     any co-operative; or

(d)     any association (not being an association referred to in paragraph (a) or (f) formed in the Republic to serve a specified purpose, beneficial to the public or a section of the public; or

(e)     any –

(i)      ……….
 

(ii)     portfolio comprised in any investment scheme carried on outside the Republic that is comparable to a portfolio of a collective investment scheme in participation bonds, a portfolio of a collective investment scheme in securities or a portfolio of a hedge fund collective investment scheme in pursuance of any arrangement in terms of which members of the public (as defined in section 1 of the Collective Investment Schemes Control Act) are invited or permitted to contribute to and hold participatory interests in that portfolio through shares, units or any other form of participatory interest; or

[Subparagraph (ii) substituted by section 3(1)(a) of Act 8 of 2007, by section 6(1)(b) of Act 7 of 2010, by section 4(1)(e) of Act 31 of 2013 and by section 1(1)(b) of Act 42 of 2024]


 

(iii)    portfolio of a collective investment scheme in property that qualifies as a REIT as defined in the listing requirements of an exchange, as defined in section 1 of the Financial Markets Act and licensed under section 9 of that Act, where those listing requirements have been approved in consultation with the Director-General of the National Treasury and published by the appropriate authority, as contemplated in section 1 of the Financial Markets Act, in terms of section 11 of that Act or by the Financial Sector Conduct Authority; or

[Subparagraph (iii) added by section 2(1)(a) of Act 22 of 2012 and substituted by section 4(1)(f) of Act 31 of 2013, by section 1(1)(a) of Act 43 of 2014, by section 3(1)(b) of Act 25 of 2015, by section 1(1)(a) of Act 23 of 2018 and by section 4(1)(a) of Act 20 of 2021]

(f)      a close corporation,
 

but does not include a foreign partnership;