“fair market value” means the price which could be obtained upon a sale of an asset between a willing buyer and a willing seller dealing at arm’s length in an open market;

“income tax” means normal tax referred to in section 5 of the Income Tax Act;

“Income Tax Act” means the Income Tax Act, 1962 (Act No. 58 of 1962);

“information” includes information generated, recorded, sent, received, stored or displayed by any means;

“international tax agreement” means-

(a)     an agreement entered into with the government of another country in accordance with a tax Act; or

(b)     any other agreement entered into between the competent authority of the Republic and the competent authority of another country relating to the automatic exchange of information under an agreement referred to in paragraph (a);

“international tax standard” means-

(a)     the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters;

(b)     the Country-by-Country Reporting Standard for Multinational Enterprises specified by the Minister; or

(c)     any other international standard for the exchange of tax-related information between countries specified by the Minister,

subject to such changes as specified by the Minister in a regulation issued under section 257;

[Definition of “international tax standard” inserted by section 33 of Act 23 of 2015 effective on 8 January 2016]

“jeopardy assessment” is an assessment referred to in section 94;

“judge” means a judge of the High Court of South Africa, whether in chambers or otherwise;

“magistrate” means a judicial officer as defined in section 1 of the Magistrates’ Courts Act, 1944 (Act No. 32 of 1944), whether in chambers or otherwise;

“Mineral and Petroleum Resources Royalty (Administration) Act” means the Mineral and Petroleum Resources Royalty (Administration) Act, 2008 (Act No. 29 of 2008);