Transcription of DRAFT INTERPRETATION NOTE: NO. 6 (Issue 2) ACT : …
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DRAFT INTERPRETATION NOTE: NO. 6 (Issue 2) ACT : …
DRAFT . DRAFT INTERPRETATION NOTE: NO. 6 (Issue 2). DATE: ACT : INCOME TAX ACT NO. 58 OF 1962. SECTION : SECTION 1(1). SUBJECT : RESIDENT PLACE OF EFFECTIVE MANAGEMENT (COMPANIES). CONTENTS. PAGE. Preamble .. 1. 1. Purpose .. 3. 2. Background .. 3. 3. The 4. 4. Application of the 4. General principle the meaning of place of effective management .. 4. Key facts and circumstances .. 6. Head office .. 7. Delegations of authority .. 7. Board .. 8. Modernisation and global travel .. 9. Shareholders .. 9. Operational management versus broader top level management .. 11. Legal factors .. 12. Economic nexus .. 12. Support functions .. 13. 5. Effective 13. 6. Conclusion .. 13. Preamble In this Note unless the context indicates otherwise . board means the board of directors (or similar body, however designated), that has the legal authority to exercise the powers and perform the functions of a company, except to the extent that Company Law or the company's Memorandum provide otherwise;. Companies Act means the Companies Act No.
DRAFT 3 • “the Act” means the Income Tax Act No. 58 of 1962; and • any other word or expression bears the meaning ascribed to it in the Act.
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