A company has been defined in the Income Tax Act as:

includes—

(a)          any association, corporation or company (other than a close corporation) incorporated or deemed to be incorporated by or under any law in force or previously in force in the Republic or in any part thereof, or any body corporate formed or established or deemed to be formed or established by or under any such law; or

(b)          any association, corporation or company incorporated under the law of any country other than the Republic or any body corporate formed or established under such law; or

(c)          any co-operative; or

(d)          any association (not being an association referred to in paragraph (a) or (f)) formed in the Republic to serve a specified purpose, beneficial to the public or a section of the public; or

(e)          any—

(i)           [Paragraph (e)(i) deleted by section 7(1)(a) of the Taxation Laws Amendment Act, 2009 (Act No. 17 of 2009) – effective 1 January 2010]

(ii)          portfolio comprised in any investment scheme carried on outside the Republic that is comparable to a portfolio of a collective investment scheme in participation bonds or a portfolio of a collective investment scheme in securities in pursuance of any arrangement in terms of which members of the public (as defined in section 1 of the Collective Investment Schemes Control Act) are invited or permitted to contribute to and hold participatory interests in that portfolio through shares, units or any other form of participatory interest; or

(iii)         portfolio of a collective investment scheme in property that qualifies as a REIT as defined in the listing requirements of an exchange approved in consultation with the Minister and published by the Prudential Authority, as defined in section 1 of the financial Markets Act, in terms of section 11 of that Act; or

(f)           a close corporation,

but does not include a foreign partnership;

The Companies Act has also defined a company as:

means a juristic person incorporated in terms of this Act, a domesticated company, or a juristic person that, immediately before the effective date—
(a) was registered in terms of the—

(i) Companies Act, 1973 (Act No. 61 of 1973), other than as an external company as defined in that Act; or
(ii) Close Corporations Act, 1984 (Act No. 69 of 1984), if it has subsequently been converted in terms of Schedule 2;

(b) was in existence and recognised as an ‘existing company’ in terms of the Companies Act, 1973 (Act No. 61 of 1973); or
(c) was de registered in terms of the Companies Act, 1973 (Act No. 61 of 1973), and has subsequently been re-registered in terms of this Act;

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

Open chat
Hello.
Thank you for visiting our website.
How can we be of assistance to you?