“foreign dividend” means any amount that is paid or payable by a foreign company in respect of a share in that foreign company where that amount is treated as a dividend or similar payment by that foreign company for the purposes of the laws relating to-

(a)     tax on income on companies of the country in which that foreign company has its place of effective management; or

(b)     companies of the country in which that foreign company is incorporated, formed or established, where the country in which that foreign company has its place of effective management does not have any applicable laws relating to tax on income,

but does not include any amount so paid or payable that-

(i)      constitutes a redemption or other disposal of a participatory interest in an arrangement or scheme contemplated in paragraph (e)(ii) of the definition of “company” to that arrangement or scheme or to the management company of that arrangement or scheme; or

[Paragraph (i) substituted by section 1(1)(a) of Act 20 of 2022]

 

(ii)     ……….

 

(iii)     constitutes a share in that foreign company;