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"functional currency"

in relation to—

(a) a person, means the currency of the primary economic environment in which the business operations of that person are conducted; and
(b) a permanent establishment of any person, means the currency of the primary economic environment in which the business operations of that permanent establishment are conducted;

[Definition inserted by section 6(1)(k) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 January 2011]

 


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