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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part IVB : Withholding tax on interest

50A. Definitions

 

(1)        In this Part—

 

‘bank’

means any—

(a) any bank or branch as defined in section 1 of the Banks Act respectively;

[Subsection (1)(a) substituted by section 64 of Act No. 43 of 2014 - effective 1 March 2015 (inserted by section 64 of Act No. 20 of 2015)]

(b)        mutual bank as defined in section 1 of the Mutual Banks Act, 1993 (Act No. 124 of 1993); or

(c) co-operative bank as defined in section 1 of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);

 

‘Development Bank of Southern Africa’

means the Development Bank of Southern Africa Limited, incorporated in terms of the Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997);

 

‘foreign person’

means any person that is not a resident;

 

‘Industrial Development Corporation’

means the Industrial Development Corporation of South Africa Limited, registered in terms of the Industrial Development Corporation Act, 1940 (Act No. 22 of 1940);

 

'interest'

means interest as contemplated in paragraph (a) or (b) of the definition of 'interest' in section 24J(1);

[Definition inserted by section 70(1) of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015)]

 

‘listed debt’

means any debt that is listed on a recognised exchange as defined in paragraph 1 of the Eighth Schedule.

[Definition inserted by section 98(1) of Act No. 31 of 2013 - effective 1 March 2015 (substituted by section 125 of Act No. 43 of 2014)]

 

[Section 50A inserted by section 98(1) of Act No. 31 of 2013 - effective 1 March 2015 (substituted by section 125 of Act No. 43 of 2014]