“Mineral and Petroleum Resources Development Act” means the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002);
Category: PRELIMINARY (ITA)
“Group of companies” definition of section 1 of ITA
“group of companies” means two or more companies in which one company (hereinafter referred to as the ‘controlling group company’) directly or indirectly holds shares in at least one other company (hereinafter referred to as the ‘controlled group company’), to the extent that –
(a) at least 70 per cent of the equity shares in each controlled group company are directly held by the controlling group company, one or more other controlled group companies or any combination thereof; and
(b) the controlling group company directly holds at least 70 per cent of the equity shares in at least one controlled group company;
“Headquarter company” definition of section 1 of ITA
“headquarter company” in respect of any year of assessment means a company contemplated in section 9I(1) in respect of which an election has been made in terms of that section;
“Hotel keeper” definition of section 1 of ITA
“hotel keeper” means any person carrying on the business of hotel keeper or boarding or lodging house keeper where meals and sleeping accommodation are supplied to others for money or its equivalent;
“IFRS” definition of section 1 of ITA
“IFRS” means the International Financial Reporting Standards issued by the International Accounting Standards Board;
“Municipal value” definition of section 1 of ITA
“municipal value” means an amount determined in terms of section 46 of the Local Government: Municipal Property Rates Act, 2004 (Act No. 6 of 2004);
“Natural oil” definition of section 1 of ITA
“natural oil” means any liquid or solid hydrocarbon or combustible gas existing in a natural condition in the earth’s crust, but does not include coal or bituminous shales or other stratified deposits from which oil can be obtained by destructive distillation, or gas arising from marsh or other surface deposits;
“Neighbouring country” definition of section 1 of ITA
“neighbouring country” means Botswana, eSwatini, Lesotho and Namibia;
[Definition of “neighbouring country” inserted by section 2(1)(a) of Act 85 of 1987 and substituted by section 2(e) of Act 141 of 1992, by section 2(c) of Act 36 of 1996 and by section 3 of Act 16 of 2022]
“Normal retirement age” definition of section 1 of ITA
“normal retirement age” means-
(a) in the case of a member of a pension fund or provident fund, the date on which the member becomes entitled to retire from employment for reasons other than sickness, accident, injury or incapacity through infirmity of mind or body;
(b) in the case of a member of a retirement annuity fund, a pension preservation fund or a provident preservation fund, the date on which the member attains 55 years of age; or
(c) in the case of a member of any fund contemplated in this definition, the date on which that member becomes permanently incapable of carrying on his or her occupation due to sickness, accident, injury or incapacity through infirmity of mind or body;
“Normal tax” definition of section 1 of ITA
“normal tax” means income tax referred to in section 5(1);