Supreme Court Act, 1959
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)SchedulesTenth Schedule : Oil and Gas Activities4. Foreign currency gains or losses |
| (1) | Currency gains or losses of an oil and gas company during any year of assessment (regardless of whether those gains or losses are realised or unrealised) must be determined solely with reference to— |
| (a) | the functional currency of that company; and |
| (b) | the translation method used by that company for purposes of financial reporting. |
[Paragraph 4(1) of the Tenth Schedule substituted by section 114(1)(a) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 January 2011]
| (2) | Any amount received by or accrued to, or expenditure incurred by, an oil and gas company during any year of assessment in any currency other than that of the Republic must be— |
| (a) | determined in the functional currency of that company; and |
| (b) | translated to the currency of the Republic by applying the average exchange rate for that year. |
[Paragraph 4(2) of the Tenth Schedule substituted by section 114(1)(a) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 January 2011]
| (3) | [Paragraph 4(3) of the Tenth Schedule deleted by section 114(1)(b) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 January 2011] |
