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

Notices

2026 Notices

Setting the Requirements and Conditions that must be met by a Company for purposes of paragraph (b) of the Definition of "Reit" in Section 1(1) of the Income Tax Act, 1962 (Act No. 58 of 1962)

1. Definitions

 

In this Schedule, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Income Tax Act, 1962, (Act No. 58 of 1962) bears the meaning so assigned; and—

 

(a) "IFRS" means the International Financial Reporting Standards issued by the International Accounting Standards Board;

 

(b) "insurer" means an insurer as defined in section 29A of the Act;

 

(c) "retirement fund" means a "pension fund", "provident fund", "pension preservation fund", "provident preservation fund" or "retirement annuity fund", as defined in section 1(1) of the Act;

 

(d) "REIT" means a company contemplated in paragraph (a) of the definition of "REIT" in section 1(1) of the Act;

 

(e) "rental income" means rental income as defined in section 25BB(1) of the Act;

 

(f) ''short-term insurer" means a short-term insurer as defined in section 28 of the Act;

 

(g) ''the Act" means the Income Tax Act, 1962 (Act No. 58 of 1962); and

 

(h) "wholly-owned subsidiary" means a company of which all its issued equity shares are directly held, alone or in any combination, by an insurer, a retirement fund, a short-term insurer, a state-owned company listed in Part B of Schedule 3 of the Public Finance Management Act, 1999, (Act No. 1 of 1999) or a REIT.