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Income Tax Act, 1962 (Act 58 of 1962)

Chapter III: General Provisions

Part IA: Advance Tax Rulings

76B. Definitions (Repealed)

 

 

[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].

 

For purposes of this Part, unless the context otherwise indicates—

 

‘advance tax ruling’ means a written statement issued by the Commissioner regarding the interpretation or application of the Act and is limited to a binding general ruling under section 76P, a binding private ruling under section 76Q, or a binding class ruling under section 76R;

‘applicant’ means a person who applies for a binding private ruling under section 76Q or a binding class ruling under section 76R;

‘application’ means an application for a binding private ruling under section 76Q or a binding class ruling under section 76R;

‘binding class ruling’ means an advance tax ruling regarding the application or interpretation of the Act to a specific class of persons in respect of a proposed transaction that is issued in accordance with the requirements of section 76R in response to an application by an applicant;

‘binding general ruling’ means an advance tax ruling, issued in accordance with the requirements of section 76P, regarding—

a) the interpretation of the Act; or
b) the application or interpretation of the Act in respect of a particular set of facts and circumstances or transaction;

‘binding private ruling’ means an advance tax ruling regarding the application or interpretation of the Act in respect of a proposed transaction that is issued in accordance with the requirements of section 76Q in response to an application by an applicant;

‘class member’ means a member of the class to which a binding class ruling applies, such as a shareholder in a company or an employee participant in a share investment scheme;

‘entity’ means a person, other than a natural person, which may apply for a binding class ruling on behalf of its shareholders or members in respect of a proposed transaction to which it is a party and includes a company, closecorporation or trade association,

: Provided that an entity does not include a professional firm acting or purporting to act on behalf of a client;

‘nonbinding private opinion’ means a written statement issued by the Commissioner in response to an inquiry by a person in order to provide the person with informal guidance in respect of the tax treatment of a particular set of facts and circumstances or transaction, but which does not have any binding effect within the meaning of section 76H;

‘transaction’ means any transaction, deal, business, arrangement, operation or scheme (collectively, ‘transaction’) and includes a series of transactions.