‘fund member category factor’ means the fund member category factor contemplated in subparagraph (5)(a);
[Definition of “fund member category factor” substituted by section 69 of Act 17 of 2017 effective on 1 March 2016]
“Fund member category” definition of paragraph 12D of Seventh Schedule
“fund member category” in relation to members of a pension fund or provident fund, means any group of members in respect of whom, in terms of the rules of the fund-
(a) the employers of those members and those members must respectively make a contribution to that fund in an amount in respect of retirement funding income at the same fixed rate; and
(b) the determination of the value of the benefits of the members referred to in paragraph (a) and the determination of the entitlement of those members to those benefits are made according to the same method;
[Definition of “fund member category” substituted by section 33(d) of Act 42 of 2024]
“Defined contribution component” definition of paragraph 12D of Seventh Schedule
“defined contribution component” means a benefit or part of a benefit receivable from a pension fund or provident fund-
(a) where the interest of each member in the fund in respect of that benefit has a value equal to the value of—
(i) the contributions paid by the member and by the employer in terms of the rules of the fund that determine the rates of both their contributions at a fixed rate;
(ii) less such expenses as the board of that fund determines should be deducted from the contri-butions paid;
(iii) plus any amount credited to the member’s individual account upon-
(A) the commencement of the member’s membership of the fund;
(B) the conversion of the component of the fund to which the member belongs from a defined benefit component to a defined contribution component; or
(C) the amalgamation of that fund with any other fund,
other than amounts taken into account in terms of subparagraph (iv); and
(iv) plus any other amounts lawfully permitted to be credited to or debited from the member’s individual account,
as increased or decreased by fund return; or
(b) which consists of a risk benefit provided by the fund directly or indirectly for the benefit of a member of the fund if the risk benefit is provided by means of a policy of insurance or a risk benefit policy;
[Definition of “defined contribution component” amended by section 43(1)(a) of Act 20 of 2021 and substituted by section 33(c) of Act 42 of 2024]
“Defined benefit component” definition of paragraph 12D of Seventh Schedule
“defined benefit component” means a benefit or part of a benefit receivable from a pension fund or provident fund by a member of that fund or a dependant or nominee of that member other than a defined contribution component or underpin component of a fund;
[Definition of “defined benefit component” substituted by section 33(b) of Act 42 of 2024]
“Contribution certificate” definition of paragraph 12D of Seventh Schedule
‘contribution certificate’ means the certificate contemplated in subparagraph (4);
“Benefit” definition of paragraph 12D of Seventh Schedule
“benefit”, in relation to an employee that is a member of a pension fund or provident fund, means any amount payable to that member or a dependant or nominee of that member by that fund in terms of the rules of the fund;
[Definition of “benefit” substituted by section 33(a) of Act 42 of 2024]
Paragraph 12D (Seventh Schedule) – Valuation of contributions made by employers to certain retirement funds
12D. Valuation of contributions made by employers to certain retirement funds
(1) For the purposes of this paragraph-
Section 64LA (ITA) – Refund in respect of dividends in specie
64LA. Refund of tax in respect of dividends in specie
Notwithstanding the provisions of Chapter 13 of the Tax Administration Act, if-
(a) dividends tax is paid by a company in respect of a dividend that consists of a distribution of an asset in specie as a result of the company being unable to obtain the declaration and written undertaking contemplated in section 64FA(1)(a) or (2) by the date contemplated in that section; and
(b) both the declaration and the written undertaking are submitted to the company within three years after the date of payment of the dividend in respect of which they are made,
[Paragraph (b) substituted by section 6 of Act 13 of 2017 and by section 4 of Act 21 of 2021]
so much of the amount of dividends tax paid as would not have been payable had that declaration and written undertaking been submitted by the date contemplated in section 64FA(1)(a) or (2) is refundable to the company by SARS if claimed within three years of the date of payment of the tax.
[Section 64LA inserted by section 6 of Act 44 of 2014 effective on 20 January 2015]
PART IVC – Withholding taxes on service fees (ITA)
PART IVC
Withholding taxes on service fees
51A. ……….
51B. ……….
51C. ……….
51D. ……….
51E. ……….
51F. ……….
51G. ……….
51H. ……….
[Part IVC, sections 51A to 51H inserted by section 99 of Act 31 of 2013 effective on 1 January 2017 – came into operation in terms of section 99 of Act 31 of 2013 as substituted by section 149 of Act 25 of 2015, repealed by section 60 of Act 15 of 2016 effective on 1 January 2017]
Section 50H (ITA) – Currency of payments made to Commissioner
50H. Currency of payments made to Commissioner
If an amount withheld by a person in terms of section 50E(1) is denominated in any currency other than the currency of the Republic, the amount so withheld must, for the purposes of determining the amount to be paid to the Commissioner in terms of section 50F(2), be translated to the currency of the Republic at the spot rate on the date on which the amount was so withheld.
[Part IVB inserted by section 98 of Act 31 of 2013 effective on 1 March 2015 – comes into operation in terms of section 98 of Act 31 of 2013, substituted by section 125 of Act 43 of 2014]
51. ……….