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Income Tax Act, 1962 (Act No. 58 of 1962)


2007 Regulations

Regulations issued under Section 91A, prescribing the circumstances under which the Commissioner may write-off or compromise any amount of tax, duty, levy, charge, interest, penalty or other amount

Part 1: General Provisions

1. Definitions


For purposes of these regulations, any word or expression to which a meaning has been assigned in any Act administered by the Commissioner must, unless the context otherwise indicates, bear the meaning so assigned, and—




(a) property of whatever nature, whether movable or immovable, corporeal or incorporeal; and
(b) a right or interest of whatever nature to or in such property;


"Companies Act"

means the Companies Act No. 61 of 1973;



means an agreement entered into between the Commissioner and a debtor in terms of which—

(a) the debtor undertakes to pay an amount (whether as a single payment or in instalments) which is less than the full amount of the tax debt due by that debtor in full satisfaction of that tax debt; and
(b) the Commissioner undertakes not to pursue the recovery of the remaining portion of that tax debt on the condition that the debtor complies with the undertaking contemplated in paragraph (a) and any further conditions as may be imposed by the Commissioner;


"tax debt"

means any tax, duty, levy, charge, additional tax, interest, penalty or other amount due by a debtor in terms of any Act administered by the Commissioner;


"write off"

means to reverse a tax debt either in whole or in part.