Income Tax Act, 1962 (Act No. 58 of 1962)

Any amount referred to in paragraphs (a) and (b) of the definition of ‘contributed tax capital’ in section 1 that is denominated in any currency other than the currency of the Republic, 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 inserted by section 30(1) of the Taxation Laws Amendment Act, 2023 (Act No. 17 of 2023), Notice No. 4226, GG49894, dated 22 December 2023 -comes into operation on 1 January 2025 (section 30(2))]