192. Definitions
In this Chapter, unless the context indicates otherwise, the following terms, if in single quotation marks, have the following meanings:
Category: Section 192 (TAA) – Definitions
Section 192
- Definition of “asset” deleted by section 68 of Act 21 of 2012 effective on 1 October 2012.
- Words preceding paragraph (a) of definition of “compromise” substituted by section 73 of Act 39 of 2013 effective on 1 October 2012.
- Definition of “debtor” substituted by section 73 of Act 39 of 2013 effective on 1 October 2012.
- Definition of “write off” substituted by section 73 of Act 39 of 2013 effective on 1 October 2012.
“Companies Act” definition of section 192 of TAA
‘Companies Act’ means the Companies Act, 2008 (Act No. 71 of 2008);
“Compromise” definition of section 192 of TAA
‘compromise’ means an agreement entered into between SARS and a ‘debtor’ in respect of a tax debt in terms of which-
(a) the ‘debtor’ undertakes to pay an amount which is less than the full amount of the tax debt due by that ‘debtor’ in full satisfaction of the tax debt; and
(b) SARS undertakes to permanently ‘write off’ the remaining portion of the tax debt on the condition that the ‘debtor’ complies with the undertaking referred to in paragraph (a) and any further conditions as may be imposed by SARS;
“Debtor” definition of section 192 of TAA
‘debtor’ means a taxpayer with a tax debt; and
“Write off” definition of section 192 of TAA
‘write off’ means to reverse an outstanding tax debt either in whole or in part.