(b)     “exempt dividend” means any dividend or foreign dividend to the extent that the dividend or foreign dividend is-

(i)      not subject to any tax under Part VIII of Chapter II; and

(ii)     exempt from normal tax in terms of section 10(1)(k)(i) or section 10B(2)(a), (b) or (e);

[Sub­item (ii) substituted by section 55(b) of Act 34 of 2019]