“interest” means interest as defined in section 24J, and includes—

(a)     amounts incurred or accrued under any “interest rate agreement” as defined in section 24K(1);

(b)     any finance cost element recognised for purposes of IFRS in respect of any lease arrangement that constitutes a finance lease as defined in IFRS16;

(c)     amounts taken into account in determining taxable income in terms of section 24I(3) and (10A); and

(d)     any amount deemed to be interest under section 24JA,

but excludes any amount that is deemed to be a dividend in specie as contemplated in sections 8F and 8FA;

[Definition of “interest” substituted by section 19(1)(f) of Act 20 of 2021 effective on 31 March, 2023 and applicable in respect of years of assessment ending on or after that date (effective date in section 19(2) of Act 20 of 2021 as substituted by section 10 of Act 19 of 2022)]