Tax Administration Act, 2011 (Act No. 28 of 2011)

Chapter 14 : Write off or Compromise of Tax debts

Part A : General provisions

192. Definitions
Purchase cart Previous page Return to chapter overview Next page

 

In this Chapter, unless the context indicates otherwise, the following terms, if in single quotation marks, have the following meanings:

 

"asset"

[Definition deleted by section 68 of the Tax Administration Laws Amendment Act, 2012 (Act No. 21  of 2012)]

 

"Companies Act"

means the Companies Act, 2008 (Act No. 71 of 2008);

 

"compromise"

means an agreement entered into between SARS and a "debtor" in respect of a tax debt in terms of which—

(a)the "debtor" undertakes to pay an amount which is less than the full amount of the tax debt due by that "debtor" in full satisfaction of the tax debt; and
(b)SARS undertakes to permanently "write off" the remaining portion of the tax debt on the condition that the "debtor" complies with the undertaking referred to in paragraph (a) and any further conditions as may be imposed by SARS;

[Definition substituted by section 73(a)  of the Tax Administration Laws Amendment Act, 2013 (Act No. 39 of 2012)]

 

"debtor"

means a taxpayer with a tax debt; and

[Definition substituted by section 73(b)  of the Tax Administration Laws Amendment Act, 2013 (Act No. 39 of 2012)]

 

"write off"

means to reverse an outstanding tax debt either in whole or in part.

[Definition substituted by section 73(c)  of the Tax Administration Laws Amendment Act, 2013 (Act No. 39 of 2012)]