In these regulations any word or expression to which a meaning has been assigned in the Act bears the meaning so assigned and, unless the context otherwise indicates—

"auditor"

means an auditor qualified to act as such under the Public Accountants' and Auditors Act, 1991 (Act No. 80 of 1991).

"commencement of the carrying on of a project"

means the commissioning of machinery and plant after the commencement date;

"GAAP"

means general accounting practices which are in accordance with statements of Generally Accepted Accounting Practice or, in the absence of any statement, accounting practices which are generally accepted in South Africa;

"machinery and plant"

means machinery, plant, implements, utensils or articles, excluding any office furniture and equipment and any motor vehicle (excluding any vehicle constructed for a special purpose other than the carriage of persons and having no accommodation for carrying persons other than such as is incidental to that purpose), of a kind normally used on public roads which has two or more wheels and is constructed or adapted wholly or mainly for the carriage of passengers, which are to be brought into use by a company and are to be used directly in a qualifying project;

"magisterial district"

means a district created in terms of section 2 of the Magistrates' Courts Act, 1944 (Act No. 32 of 1944);

"SAICA"

means the South African Institute of Chartered Accountants;

"the Act"

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

"TLC"

means a Transitional Local Council as defined in the Transitional Local Government Act, 1993 (Act No. 209 of 1993);

"TMC"

means a Transitional Metropolitan Council as defined in the Transitional Local Government Act, 1993 (Act No. 209 of 1993);

"TMS"

means a Transitional Metropolitan Substructure as defined in the Transitional Local Government Act, 1993 (Act No. 209 of 1993);

"TREPC"

means a Transitional Representative Council as defined in the Transitional Local Government Act, 1993 (Act No. 209 of 1993).