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Income Tax Act, 1962 (Act 58 of 1962)

Regulations made under Section 12I of the Income Tax Act, 1962

1. Definitions

 

 

In these regulations, 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—

 

"additional investment allowance benefit period"

means the period during which the additional investment allowance for manufacturing assets is allowable in terms of section 12I(2);

[Definition amended by section 2(a) of Notice No. R. 633 of 2012]

 

"additional training allowance benefit period"

means the period during which the additional training allowance is allowable in terms of section 12I(4);

 

"direct employment"

means employment in accordance with the meaning in paragraphs (a) and (b) of the definition of "employee" in the Fourth Schedule to the Act;

[Definition amended by section 2(b) of Notice No. R. 633 of 2012]

 

"energy efficiency improvement"

bears the meaning assigned to "reported savings" in the South African National Standard 50010 for the measurement and verification of energy efficiency savings that is issued by the South African Bureau of Standards in terms of the Standards Act, 2008 (Act No. 8 of 2008);

 

"section 12I"

means section 12I of the Act;

[Definition inserted by section 2(c) of Notice No. R. 633 of 2012]

 

"small, medium or micro enterprise"

means a business—

(a)        which formally employs not more than 200 full-time employees; and

(b)        of which the annual turnover does not exceed R50 million;

 

"South African National Energy Development Institute"

means the organisation as contemplated in section 7 of the National Energy Act, 2008 (Act No. 34 of 2008);

 

"the Act"

means the Income Tax Act, 1962 (Act No. 58 of 1962);

 

"wage bill"

bears the meaning assigned to the expression "leviable amount" in section 3(4) and (5) of the Skills Development Levies Act, 1999 (Act No.9 of 1999).