‘non-binding private opinion’ means informal guidance issued by SARS in respect of the tax treatment of a particular set of facts and circumstances or ‘transaction’, but which does not have a ‘binding effect’ within the meaning of section 88;

“official publication” means a binding general ruling, interpretation note, practice note or public notice issued by a senior SARS official or the Commissioner;

“original assessment” is an assessment referred to in section 91;

“outstanding tax debt” means a tax debt not paid by the day referred to in section 162;

“participant”, in relation to an ‘arrangement’, means-

(a)     a “promoter”;

(b)     a person who directly or indirectly will derive or assumes that the person will derive a “tax benefit” or “financial benefit” by virtue of an “arrangement”; or

(c)     any other person who is party to an “arrangement” listed in a public notice referred to in section 35(2);

[Definition of “participant” substituted by section 40 of Act 44 of 2014 effective on 20 January 2015 and section 39 of Act 23 of 2015 effective on 8 January2016]

‘penalty assessment’ means an assessment in respect of-

 

(a)     a ‘penalty’ only; or

 

(b)     tax and a ‘penalty’ which are assessed at the same time;

“practice generally prevailing” has the meaning assigned in section 5;

‘pre-tax profit’, in relation to an ‘arrangement’, means the profit of a ‘participant’ resulting from that ‘arrangement’ before deducting normal tax, which profit must be determined in accordance with ‘financial reporting standards’ after taking into account all costs and expenditure incurred by the ‘participant’ in connection with the ‘arrangement’ and after deducting any foreign tax paid or payable by the ‘participant’ in connection with the ‘arrangement’;

‘preceding year’ means the year of assessment immediately prior to the year of assessment during which a ‘penalty’ is assessed;

“premises” includes a building, aircraft, vehicle, vessel or place;