Trade Marks Act, 1993
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)Chapter II : The TaxesPart I : Normal Tax25E. Determination of contributed tax capital in foreign currency |
Where the functional currency of a company is—
| (a) | the currency of the Republic and any amount referred to in paragraphs (a)(i), (ii) or (iii) or (b)(i), (ii) or (iii) of the definition of ‘contributed tax capital’ is denominated in any currency other than the currency of the Republic; or |
| (b) | any currency other than the currency of the Republic and any amount referred to in paragraphs (a)(aa), (bb) or (cc) or (b)(aa), (bb) or (cc) of the definition of ‘contributed tax capital’ is denominated in any currency other than the currency of the Republic, |
that amount must be translated to the currency of the Republic by applying the spot rate on the date on which that amount must be taken into account for purposes of the determination of contributed tax capital.
[Section 25E substituted by section 23(1) of the Taxation Laws Amendment Act 42 of 2024, Notice No. 5736, GG51826, dated 24 December 2024 - comes into operation on 1 January 2025 (section 23(2))]
