Income Tax Act, 1981

1. Interpretation

Unless the context otherwise indicates -“agent” includes any partnership or company or any other body of persons corporate or unincorporate acting as an agent;“assessment” means the determination by the Minister -(a)of an amount upon which any tax leviable under this Act is chargeable; or(b)of the amount of any such tax; or(c)of the amount of any loss ranking for set-off,and for the purposes of Part III of Chapter III includes any determination by the Minister which is in terms of this Act subject to objection and appeal;[The definition of “assessment” is amended by Act 22 of 1995. It is also amended by Act 5 of 1997, with this amendment deemed to have come into force (a) in the case of any taxpayer other than a company, at the beginning of the year of assessment commencing on or after 1 March 1997; and (b) in the case of any taxpayer which is a company, at the beginning of the year of assessment of such company commencing on or after 1 January 1997 (section 12(a) of Act 5 of 1997).]“benefit fund” means -(a)any friendly society registered under the Friendly Societies Act, 1956 (Act 25 of 1956) and which is approved by the Minister;(b)any medical scheme registered under the Medical Schemes Act, 1967 (Act 72 of 1967); or[The Medical Schemes Act 72 of 1967 has been replaced by the Medical Aid Funds Act 23 of 1995.](c)any fund (other than a pension fund, provident fund or retirement annuity fund) which, in respect of the year of assessment in question, the Minister is satisfied is a permanent fund bona fide established for the purpose of providing sickness, accident or unemployment benefits for its members, or mainly for any such purpose, and also for the purpose of providing benefits for the spouses, children, dependants or nominees of deceased members;[definition of “benefit fund” inserted by Act 25 of 1992]“boat” means any vessel used or capable of being used in, under or on the sea or internal waters, whether -(a)self-propelled or not; or(b)equipped with an inboard or outboard motor;[definition of “boat” inserted by Act 15 of 2011]“bonus debentures or securities” means debentures or securities issued by a company, whether by way of a bonus award or otherwise, in such manner that the company’s reserves or unappropriated profits are in whole or in part applied in paying up such debentures or securities;“building society” means a building society registered in terms of the Building Societies Act, 1986 (Act 2 of 1986);[definition of “building society” inserted by Act 25 of 1992]“capitalization shares” means shares issued by a company, whether by way of a bonus award or otherwise, in such manner that the company’s reserves (including any share premium account) or unappropriated profits are in whole or in part applied in paying up such shares;“Commissioner” means the Commissioner of Inland Revenue;[definition of “Commissioner” inserted by Act 4 of 2005][Section 26 and section 39(11) of the Namibia Revenue Agency Act 12 of 2017 both provide that a reference in any law to the Commissioner of Inland Revenue must now be construed as a reference to the Commissioner of the Revenue Agency.]“company” includes -(a)any association, corporation or company incorporated or deemed to be incorporated by or under any law in force in Namibia or in any part thereof, or any body corporate formed or established or deemed to be formed or established by or under any such law; or(b)any association, corporation or company incorporated under the law of any country other than Namibia or any body corporate formed or established under such law, if such association, corporation, company or body, as the case may be, carries on business or has an office or place of business in Namibia or derives income from any source within or deemed to be within Namibia or in which any person ordinarily resident or carrying on business in Namibia is interested as a shareholder or member; or(c)any association, corporation or company incorporated under the law of any country other than Namibia or any body corporate formed or established under such law, if such association, corporation, company or body, as the case may be, is a shareholder in or member of any company as defined in paragraph (a) or (b), either directly, or indirectly by reason of the fact that it is a shareholder in or member of any other company; or(d)any association (not being an association referred to in paragraph (a) or an association to which the provisions of paragraph (i) of subsection (1) of section 16 apply) formed in Namibia to serve a specified purpose, beneficial to the public in Namibia or a section of the public in Namibia; or(e)any unit trust scheme, whether in property shares or in securities other than property shares, managed or carried on by any company registered as a management company under the Unit Trusts Control Act, 1981 (Act No. 54 of 1981);[paragraph (e) of definition of “company” amended by Act 22 of 1995 and substituted by Act 21 of 1999]“date of assessment”, in relation to any assessment, means the date specified in the notice of such assessment as the due date or, where a due date is not so specified, the date of such notice;“dividend” means any amount distributed by a company (not being a building society or an association or institution to which section 16(1)(d) applies) to its shareholders or any amount (excluding interest) distributed out of the assets pertaining to any unit portfolio referred to in paragraph (e) of the definition of “company” in this section to shareholders in relation to such unit portfolio (including, in the case of any co-operative society or company referred to in section 31, any amount distributed to its members, whether divided among the members in accordance with their rights as shareholders or according to the value of business transactions between individual members and such society or company or in some other basis), and in this definition the expression “amount distributed” includes -[The introductory portion of the definition of “dividend” is amended by Act 25 of 1992 and by Act 5 of 2007 with effect from 1 March 2008 (section 12(5) of Act 5 of 2007). The phrase “in some other basis” should be “on some other basis”.](a)in relation to a company that is being wound up or liquidated, any profits distributed, whether in cash or otherwise, other than those of a capital nature, earned before or during the winding-up or liquidation (any such profits distributed by the liquidator of the company being deemed for the purposes of this definition to have been distributed by the company);(b)in relation to a company that is not being wound up or liquidated, any profits distributed, whether in cash or otherwise, and whether of a capital nature or not, including an amount equal to the nominal value, at the time of issue thereof, of any capitalization shares awarded to shareholders and the nominal value of any bonus debentures or securities awarded to shareholders;(c)in the event of the partial reduction or redemption of the capital of a company, so much of the sum of any cash and the value of any asset given to a shareholder as exceeds the cash equivalent of the amount by which the nominal value of the shares of that shareholder is reduced; and(d)in the event of the reconstruction of a company, so much of the sum of any cash and the value of any asset given to a shareholder as exceeds the nominal value of the shares held by him before the reconstruction,but does not include -(e)the nominal value of any capitalization shares awarded to a shareholder to the extent to which such shares have been paid up by means of the application of the whole or any portion of the share premium account of a company; or(f)subject to the provisions of the second proviso to this definition, any cash and the value of any asset given to a shareholder to the extent to which the cash and the value of the asset represents a reduction of the share premium account of a company; or(g)so much of the nominal value of any capitalization shares awarded to shareholders on or before 30 June 1975 as part of the equity share capital of a company by a company which during the period of ten years ending the day before the date of such award has made any partial reduction of its paid-up share capital involving a distribution to shareholders of cash or other assets, as exceeds the sum of the amounts which in the opinion of the Minister were available for distribution to shareholders on each and every date on which the company made a partial reduction of its paid-up share capital during the said period, less the sum of so much of the nominal values of all capitalization shares awarded by such company during that period (excluding any portion of that period occurring prior to 1 July 1957) as constituted dividends for the purposes of this definition or the definition of “dividend” in section 1 of the Income Tax Act, 1941: Provided that for the purposes of this paragraph the amount available for distribution on any date on which the company made a partial reduction of its paid-up share capital shall, if that amount exceeds the nominal amount of such reduction, be deemed to be an amount equal to such nominal amount; or(h)the nominal value of any capitalization shares awarded to shareholders as part of the equity share capital of a company, if -(i)such shares are or were awarded on or before 30 June 1975 and during the period of ten years ending the day before the date of such award the company has not made any partial reduction of its paid-up share capital involving a distribution to shareholders of cash or other assets; or(ii)such shares are awarded on or after l July 1975;(i)any amount distributed by any co-operative society or company referred to in section 31 by way of a bonus, to the extent that such amount is allowable as a deduction from the income of such society or company under the provisions of section 31:Provided that the provisions of paragraphs (g) and (h) shall not apply in respect of the nominal value (or any portion thereof) of any capitalization share awarded before 1 January 1974 by any company which is recognized as a private company in terms of section 38: Provided further that, for the purposes of this definition -(i)where a company has on or after 1 January 1974 transferred any amount from reserves (excluding any share premium account) or undistributed profits to the share capital or the share premium account of the company without applying the amount in paying up capitalization shares or has applied the amount in paying up capitalization shares the nominal value of which did not in whole or in part constitute an amount distributed as contemplated in the foregoing provisions of this definition, the amount so transferred (reduced by so much thereof as constitutes such an amount distributed) shall be deemed -(aa)to the extent that such amount (as so reduced) is shown to consist of profits of a capital nature, to be a profit of a capital nature available for distribution by the company to shareholders who, in the event of a distribution by the company at any time (whether before or during the winding-up or liquidation of the company) of profits of a capital nature would be entitled to participate in such a distribution; and(bb)to the extent that subparagraph (aa) does not apply, to be a profit which is not of a capital nature and is available for distribution by the company to shareholders who, in the event of a distribution by the company at any time (whether before or during the winding-up or liquidation of the company) of profits which are not of a capital nature would be entitled to participate in such a distribution,regardless of whether in either case the company in fact has or has not any profits available for distribution;(ii)where the share capital of the company consists of different classes of share capital, any amount deemed by paragraph (i) of this proviso to be available for distribution to shareholders shall, in applying that paragraph, be apportioned between such classes of share capital in accordance with the rights of the holders of the corresponding classes of shares to participate in. distributions of profits of a capital nature or profits which are not of a capital nature, as the case may be, and the amount deemed by the said paragraph to be available for distribution to the shareholders in respect of any such class of shares shall be the amount allocated to the share capital of that class under such apportionment;(iii)where any amount is under the provisions of paragraph (i) of this proviso or that paragraph as applied by paragraph (ii) of this proviso, deemed to be a profit available for distribution to shareholders and any of the shares of any class (hereinafter referred to as the original shares) held by any such shareholders are converted into shares of any other class or the original shares are cancelled and shares of any other class are issued in place of the original shares, the said amount shall, to the extent that it relates to or may have been apportioned to the original shares be deemed to relate to and to be a profit available for distribution to the shareholders in respect of the shares of such other class and the provisions of this proviso shall, to the extent that the said amount is deemed to consist of a profit as aforesaid, apply in respect of such amount as though it were an amount referred to in paragraph (i) of this proviso, and the shareholders in respect of the shares of such other class shall, regardless of the rights attaching to such shares, be deemed as respects the said amount to be entitled to participate in profits of the same nature as the profit deemed by this paragraph to be available for distribution to the shareholders, whether such profit is of a capital nature or is not of a capital nature;(iv)subject to the provisions of paragraphs (iii) and (vi) of this proviso, where any amount is under the provisions of paragraph (i) of this proviso or that paragraph as applied by paragraph (ii) of this proviso, deemed to be a profit available for distribution to shareholders and any shares issued by the company are cancelled without a return of the share capital or any share premium relating to such shares, such share capital or share premium or any reserve created by reason of the cancellation of such shares shall, to the extent that the said profit may be apportioned to the said shares, be deemed to consist of a profit (of the same nature as the aforesaid profit) available for distribution to shareholders who are or may become interested in such share capital, share premium or reserve, and where any cash is or any assets are given to shareholders by way of a return of or a distribution out of such share capital, share premium or reserve, the sum of the amount of such cash and the value of such assets shall, to the extent that such sum does not exceed the amount deemed by this paragraph to consist of a profit available for distribution to shareholders, be deemed to be a profit (of the same nature as the first-mentioned profit) distributed to the shareholders;(v)if, in the event of the subsequent partial reduction or redemption of the share capital (including any share premium) of the company or the reconstruction of the company, any cash or any asset is given to shareholders and such cash or asset (or a portion thereof) represents a return of share capital or share premium, the amount of share capital or share premium so returned -(aa)to shareholders entitled to participate in distributions of profits which are not of a capital nature and in respect of whom any amount is deemed under paragraph (i) (bb) of this proviso to be such a profit available for distribution to such shareholders, shall (to the extent that the amount returned to such shareholders does not exceed the aggregate of the amounts of the profits so deemed to be available for distribution to such shareholders) be deemed to be a profit, not of a capital nature, distributed to such shareholders, and the amounts so deemed to be available for distribution shall be deemed to have been reduced accordingly; or(bb)to shareholders entitled to participate in distributions of profits of a capital nature and in respect of whom any amount is deemed under paragraph (i)(aa) of this proviso to be such a profit available for distribution to such shareholders, shall (to the extent that the amount returned to such shareholders (less so much thereof as is deemed under sub-paragraph (aa) of this paragraph to be a profit, not of a capital nature, distributed to such shareholders) does not exceed the aggregate of the amounts of the profits deemed under the said paragraph (i)(aa) to be available for distribution to such shareholders) be deemed to be a profit of a capital nature distributed to such shareholders and the amounts so available for distribution shall be deemed to have been reduced accordingly;(vi)where the company has lost some of its paid-up share capital (including any share premium) as a result of losses actually incurred by it and such share capital is in consequence partially reduced to take account of such losses, any amounts which in terms of this proviso are at the date of such partial reduction of such share capital deemed to be profits available for distribution to shareholders shall be deemed to have been reduced to the extent that such losses are so accounted for and in such manner that, as far as possible and on the basis, where necessary, of an apportionment between different classes of share capital in accordance with the rights of shareholders -(aa)any such profits which are of a capital nature and relate to shareholders entitled to participate in profits of that nature, are reduced by so much of the amount by which the said share capital is reduced as is attributable to losses of a capital nature; and(bb)any such profits which are not of a capital nature and relate to shareholders entitled to participate in profits which are not of a capital nature, are reduced by so much of the amount by which the said share capital is reduced as is attributable to losses which are not of a capital nature;(vii)in the event of the winding-up or liquidation of the company -(aa)any profits which in terms of the preceding provisions of this proviso are, at the commencement of the winding-up or liquidation, deemed to be available for distribution to shareholders shall, if the company has lost some of its paid-up share capital (including any share premium) as a result of losses actually incurred by it, be deemed to have been reduced in such manner that, as far as possible and on the basis, where necessary, of an apportionment between different classes of share capital in accordance with the rights of shareholders -(A)any such profits which are of a capital nature and relate to shareholders entitled to participate in profits of that nature, are reduced by so much of the loss of the said share capital as is attributable to losses of a capital nature; and(B)any such profits which are not of a capital nature and relate to shareholders entitled to participate in profits which are not of a capital nature, are reduced by so much of the loss of the said share capital as is attributable to losses which are not of a capital nature; and(bb)the aggregate of any cash and the value of any assets given to shareholders entitled to participate in profits not of a capital nature shall, to the extent that such aggregate exceeds so much of the sum of the share capital and any share premium contributed by such shareholders (less so much of such share capital and share premium as has been lost) as remains after deducting therefrom an amount equal to so much of any profits, not of a capital nature, which are deemed by this proviso (after applying subparagraph (aa) of this paragraph) to be available for distribution to such shareholders at the commencement of the winding-up or liquidation, as relates to the said share capital, be deemed to be a profit, not of a capital nature, distributed to such shareholders, but the amount of that profit shall not be determined at an amount which exceeds the aforesaid amount:Provided further that for the purposes of this definition an asset shall be deemed to have been given to a shareholder of a company if any asset or any interest, benefit or advantage measurable in terms of money is given or transferred to such shareholder or if the shareholder is relieved of any obligation measurable in terms of money: Provided further that a reserve of any company which consists of or includes any amount transferred from the share premium account of the company shall, except to the extent to which the Minister is satisfied that such reserve consists of any other amount, be deemed for the purposes of this definition to be a share premium account of, or share premium received by, such company;“domestic company” means a Namibia company or a company which is managed and controlled in Namibia;[definition of “domestic company” amended by Act 25 of 1992]“education policy” means a policy of insurance that is taken out by a tax payer exclusive and solely for the purpose of making provision for the future education or training of a child or step-child of the taxpayer contemplated by section 16(1)(ab)(ii);[definition of “education policy” inserted by Act 15 of 2011]“equity share capital” means, in relation to any company, its issued share capital excluding any part thereof which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution, and the expression “equity shares” shall be construed accordingly;“executor” means any person to whom letters of administration or executorship, as the case may be, have been granted by the Master in respect of the estate of a deceased person under any law relating to the administration of estates, and includes a person acting or authorised to act under letters of administration or executorship granted outside Namibia but signed and sealed by such Master for use within Namibia and, in any case where the estate is not required to be administered under the supervision of such Master, the person administering the estate;“external company” means any company other than a domestic company;“financial year” means -(i)the period, whether of twelve months or not, commencing upon the date of incorporation or creation of such company and ending upon the last day of February immediately succeeding such date or upon such other date as the Minister having regard to the circumstances of the case may approve; or(ii)any period subsequent to the period referred to in subparagraph (i), whether of twelve months or not, commencing immediately after the specified date of that company in respect of the immediately preceding year of assessment of that company and ending upon the first anniversary of the last-mentioned specified date or upon such other date as the Minister having regard to the circumstances of the case may approve;“gross income”, in relation to any year or period of assessment, means, in the case of any person, the total amount, in cash or otherwise, received by or accrued to or in favour of such person during such year or period of assessment from a source within or deemed to be within Namibia, excluding receipts or accruals of a capital nature, but including, without in any way limiting the scope of this definition, such amounts (whether of a capital nature or not) so received or accrued as are described hereunder, namely -(a)any amount received or accrued by way of annuity;(b)any amount, including any voluntary award, received or accrued in respect of services rendered or to be rendered;(c)any amount, including any voluntary award, received or accrued in respect of the relinquishment, termination, loss, repudiation, cancellation or variation of any office or employment or of any appointment (or right or claim to be appointed) to any office or employment: Provided that the provisions of this paragraph shall not apply to any lump sum award from any pension fund, retirement annuity fund or benefit fund;[paragraph (c) amended by Act 25 of 1992](d)any amount, excluding an annuity, received by or accrued to an employee from a pension fund or a pension preservation fund: Provided that this paragraph does not apply to a lump sum payable on the termination or relinquishment of office or employment of an employee due to -(i)death;(ii)superannuation, ill-health or other infirmity proven to the satisfaction of the Minister; or(iii)retirement.[Paragraph (d) is amended by Act 12 of 1991 with effect from 1 March 1990 (section 1(2) of Act 12 of 1991), and by Act 25 of 1992 and Act 22 of 1995. It is also amended by Act 5 of 1997, with this amendment deemed to have come into force (a) in the case of any taxpayer other than a company, at the beginning of the year of assessment commencing on or after 1 March 1998; and (b) in the case of any taxpayer which is a company, at the beginning of the year of assessment commencing on or after 1 January 1998 (section 12(b) of Act 5 of 1997). It is then substituted by Act 21 of 1999, with this substitution deemed to have come into force at the beginning of the year of assessment commencing on or after 1 March 1998 (section 1(2) of Act 21 of 1999), and again substituted by Act 7 of 2002, with this substitution deemed to have come into force on 1 March 1999 (section 1(2)(a) of Act 7 of 2002). The full stop at the end of the paragraph should be a semicolon.](dA)the amount of any gain received by or accrued to any person under a single premium endowment policy or any policy of a similar nature resulting in a cash payment, other than on death or earlier disability, within ten years after the commencement of such policy, by way of any insurance benefit – including any bonus, loan or share of profits – or by way of compensation in respect of the total or partial cession by the owner of the said policy of his rights in terms of that policy: Provided that this paragraph shall apply only to policies entered into on or after 1 March 1987;[paragraph (dA) inserted by Act 8 of 1987](dB)any amount received or accrued under the rules of a provident fund upon -(i)the death or the relinquishment of office or employment of any member of the provident fund due to superannuation, ill-health or other infirmity;(ii)the termination of such a member’s employment or membership of the provident fund due to dismissal or resignation, or for any other reason; or(iii)the cessation of the provident fund;[paragraph (dB) inserted by Act 25 of 1992 and amended by Act 10 of 1993 and by Act 22 of 1995](dC)any amount received or accrued under or upon the maturity, payment, surrender or disposal of any education policy if any premium paid in respect of such policy was allowed as a deduction in terms of section 17(1)(qA);[paragraph (dC) inserted by Act 10 of 1993 and substituted by Act 15 of 2011](dD)any amount received or accrued under the rules of a preservation fund upon -(i)the withdrawal of a member’s benefit or of any portion of a member’s benefit; or(ii)the retirement or death of a member of the provident preservation fund; or(iii)the cessation of the preservation fund;[Paragraph (dD) is inserted by Act 21 of 1999, with this insertion deemed to have come into force at the beginning of the year of assessment commencing on or after 1 March 1998 (section 1(2) of Act 21 of 1999).](e)any amount received or accrued in commutation of amounts due under any contract of employment or service;(f)any amount received or accrued from another person, as premium or like consideration -(i)for the use or occupation or the right of use or occupation of land or buildings; or(ii)for the use or the right of use of plant or machinery; or(iii)for the use or the right of use of any motion picture film or any film or video tape or disc for use in connection with television or any sound recording or advertising matter connected with such motion picture film, film or video tape or disc; or(iv)for the use or the right of use of any patent or design as defined in the Patents and Designs Proclamation, 1923 (Proclamation 17 of 1923), or any trade mark as defined in the Trade Marks in South West Africa Act, 1973 (Act 48 of 1973), or any copyright as defined in the Copyright Act, 1965 (Act 63 of 1965), or any other property which in the opinion of the Minister is of a similar nature:[The Patents and Designs Proclamation 17 of 1923 will be replaced by the Industrial Property Act 1 of 2012, which has not yet been brought into force. The Copyright Act 63 of 1965 has been replaced by the Copyright and Neighbouring Rights Protection Act 6 of 1994.](g)subject to the provisions of section 16A, the value during the year of assessment of any benefit or advantage granted in respect of employment, as determined by the Minister;[paragraph (g) amended by Act 8 of 1987 and by Act 1 of 1989, substituted by Act 8 of 1991, and amended by Act 12 of 1996](h)(i)any amount received or accrued during any year of assessment by way of the disposal of any asset previously acquired if the expenditure relating to the acquisition of such asset was allowed to be deducted as capital expenditure in terms of section 18(1)(a) of the corresponding provisions of any previous income tax law, less such portion of the amount of such capital expenditure not as yet deducted by virtue of the provisions of section 36(1);(ii)any other expenditure deducted in terms of section 18(1)(a) or the corresponding provisions of any previous income tax law, which have been recovered or recouped during the current year of assessment, including recovery or recoupment by means of the withdrawal from development or exploration operations for use for non-development, exploration or mining operations or removal from Namibia of any asset, less such portion of that expenditure not yet deducted by virtue of the provisions of section 36(1): Provided that any asset so withdrawn from development, exploration or mining operations or removed from Namibia or disposed at a consideration, which is less than the fair value of such asset, shall be valued at market value for the purpose of determining the amount recovered or recouped.[Paragraph (h) is substituted by Act 22 of 1995, with this substitution deemed to have come into force (a) in the case of any taxpayer other than a company, at the beginning of the year of assessment commencing on or after 1 March 1995; and (b) in the case of any taxpayer which is a company, at the beginning of the year of assessment of such company commencing on or after 1 January 1995 (section 1(2) of Act 22 of 1995, as amended by section 30 of Act 12 of 1996). It is amended by Act 5 of 2007, with effect from (a) in the case of a tax payer other than a company, at the beginning of the year of assessment commencing on or after 1 March 2007; and (b) in the case of a tax payer which is a company, at the beginning of the year of assessment of such company on or after 1 January 2007 (section 12(4) of Act 5 of 2007).](i)any amounts received or accrued by way of dividends, including any dividends distributed by a private company out of, or by way of the capitalization of, any profits of such company which had previously been apportioned among its shareholders in terms of the provisions of any previous income tax law as the taxable income or the income subject to super tax of such company: Provided that all dividends from sources outside Namibia received by or accrued to or in favour of any person who is ordinarily resident in Namibia shall be deemed to have been received by or to have accrued to or in favour of such person from a source within Namibia;(iA)any amount derived from a building society by way of dividends or interest;[paragraph (iA) inserted by Act 25 of 1992](j)any amount received or accrued by way of grant or subsidy in respect of any soil conservation works referred to in section 19 or any of the matters mentioned in paragraph 10(1)(a) to (j) inclusive, of Schedule 1;(k)any amount received or accrued from another person as consideration (or payment of like nature) for the imparting of or the undertaking to impart any scientific, technical, industrial or commercial knowledge or information for use in Namibia, or for the rendering of or the undertaking to render any assistance or service in connection with the application or utilization of such knowledge or information;(l)in the case of any person to whom, in terms of any agreement relating to the grant to any other person of the right of use or occupation of land or buildings, or by virtue of the cession of any rights under any such agreement, there has accrued in any such year or period the right to have improvements effected on the land or to the buildings by any other person -(i)the amount stipulated in the agreement as the value of the improvements or as the amount to be expended on the improvements; or(ii)if no amount is so stipulated, an amount representing in the opinion of the Minister the fair and reasonable value of the improvements;(m)any amount received or accrued under or upon surrender or disposal of, or by way of any loan or advance granted by the insurer concerned under or upon the security of, any policy of insurance upon the life of any person who at any time while the policy was in force was an employee of the taxpayer or, where the taxpayer is a company, was a director or employee of the company, if any premium paid in respect of such policy is or was deductible from the income of the taxpayer, whether in the current or any previous year of assessment, under section 17, but -(i)where any amount received or accrued under or upon the surrender or disposal of any such policy falls to be included in the gross income of the taxpayer, the amount so included in his or her gross income is reduced by the amount of any loan or advance under or upon security of that policy which has been included in his or her gross income, whether in the current or any previous year of assessment; or(ii)where any such policy has been terminated by the insurer and a paid-up policy has been issued, the terminated policy and the paid-up policy is, for the purposes of this paragraph, deemed to be one and the same policy;[paragraph (m) substituted by Act 15 of 2011](n)any amount which in terms of any other provision of this Act is specifically required to be included in the taxpayer’s income, and for the purposes of this paragraph all amounts which in terms of subsection (4) of section 14 are required to be included in the taxpayer’s income shall be deemed to have been received by or to have accrued to the taxpayer from a source within Namibia notwithstanding that such amounts may have been recovered or recouped outside Namibia;(o)any amount received or accrued, whether in money or in kind, as consideration (or payment of like nature) or the open market value by way of a sale, donation, expropriation, cession, grant or other alienation or transfer of ownership of a mineral licence, or right to mine minerals in Namibia, and includes a sale, donation, expropriation, cession, grant or any other alienation or transfer of ownership of any share or member’s interest in a company that holds a mineral licence or mineral right whether directly, or indirectly, less the acquisition cost of the mineral licence or mineral right, but the acquisition cost of the licence or right may not create a loss;[paragraph (o) inserted by Act 15 of 2011 and substituted by Act 13 of 2015; the amendment markings in Act 13 of 2015 are incomplete](p)any amount (whether in money or in kind) received by or accrued to any person or company as compensation for any restraint of trade imposed on such person or company;[paragraph (p) is inserted by Act 13 of 2015](q)any amount received or accrued, whether in money or in kind, as consideration (or payment of like nature) or the open market value by way of a sale, donation, expropriation, cession, grant or other alienation or transfer of ownership of a petroleum licence, or right to mine petroleum in Namibia, and includes a sale, donation, expropriation, cession, grant or any other alienation or transfer of ownership of any share or member’s interest in a company that holds a petroleum licence or petroleum right, whether directly, or indirectly, less any -(i)acquisition costs and exploration expenditure relating to the petroleum licence or right; and(ii)costs of improving the value of the petroleum licence or right,but the acquisition costs, exploration expenditure and cost of improvement of the value of the licence or right may not create a loss.[Paragraph (q) is inserted by Act 13 of 2015. This paragraph should end with a semicpolon rather than a full stop.]“income” means the amount remaining of the gross income of any person for any year or period of assessment after deducting therefrom any amounts exempt from normal tax under Part 1 of Chapter II;“local authority” means the council of a municipality constituted or established in terms of the provisions of the Municipal Ordinance, 1963 (Ordinance 13 of 1963), a Village Management Board constituted in terms of the provisions of the Village Management Boards Ordinance, 1963 (Ordinance 14 of 1963) and the Peri-Urban Development Board established in terms of the provisions of the Peri-Urban Development Board Ordinance, 1970 (Ordinance 19 of 1970);“manufacturing activity” means -(a)the physical or chemical transformation of materials or components into new products -(i)whether manually or by mechanical or other process;(ii)whether in a factory, at a private dwelling or any other place; or(iii)whether for purposes of sale in the wholesale or in the retail trade; or(b)the assembly of the component parts of manufactured products, but excluding -(i)assembly on the site of prefabricated integral parts into bridges, water tanks, storage or warehouse facilities, railroad and elevated rights-of-way, lifts and escalators, plumbing, sprinklers, central heating, ventilating and air conditioning, lighting and electrical wiring, systems of building and all kinds of structures; and(ii)assembly and installation of machinery and equipment rendered as a service incidental to the sale of goods by a person primarily engaged in the wholesale or retail trade;[definition of “manufacturing activity” inserted by Act 7 of 2002, with this insertion coming into effect for a company at the beginning of the year of assessment of such company commencing on or after 1 January 2003 (section 1(2)(b) of Act 7 of 2002)]“married” includes a marriage by customary law and “spouse” shall be construed accordingly;[definition of “married” substituted by Act 25 of 1992]“married person” means any person who during any portion of the period in respect of which any assessment is made, was married or was a widower or widow but does not include any person who, although married, was during the whole of such period separated from his spouse under a judicial order or written agreement;[definition of “married person” substituted by AG 10 of 1985 as from the commencement of the years of assessment ending on or after 28 February 1986]“Master” means the Master or a Deputy Master of the High Court of Namibia appointed under section 2 of the Administration of Estates Act, 1965 (Act 66 of 1965);[definition of “Master” substituted by Act 12 of 1996][definition of “mining for gold” deleted by Act 25 of 1992]“mineral licence” means any mineral licence as defined in the Minerals (Prospecting and Mining) Act, 1992 (Act No 33 of 1992);[definition of “mineral licence” inserted by Act 13 of 2015]“mining operations” and “mining” include every method or process by which any mineral (excluding petroleum) is won from the soil or from any substance or constituent thereof;[definition of “mining operations” and “mining” amended by Act 3 of 1991]“Minister” means the Minister of Finance;[definition of “Minister” inserted by Act 25 of 1992]“Namibia” means the Republic of Namibia and, when used in geographical sense, includes the territorial sea as well as the exclusive economic zone and the continental shelf over which Namibia exercises sovereign rights in accordance with its national and international laws concerning the exploration and exploitation of the natural resources of the sea-bed and its subsoil and the superjacent waters as defined in sections 2, 4, and 6 of the Territorial Sea and Exclusive Economic Zone of Namibia Act, 1990 (Act No. 3 of 1990);[definition of “Namibia” inserted by Act 13 of 2015]“Namibian company” means any association, corporation, company or body corporate referred to in paragraph (a) of the definition of “company” or any assocation referred to in paragraph (d) of that definition or any unit portfolio referred to in paragraph (e) of that definition;[The definition of “Namibian company” is inserted by Act 25 of 1992. The word “association” is misspelt in the Government Gazette in its second use in this definition, as reproduced above.][definition of “natural oil” deleted by Act 3 of 1991]“nominal value” means -(a)in relation to shares issued by a company -(i)if the shares have a par value, such par value; or(ii)if the shares do not have a par value, an amount equal to the amount at which the par value of those shares would be determined if the company were to convert the shares into shares having a par value:Provided that in the case of capitalization shares the nominal value thereof at the time of the issue thereof shall be deemed to be the amount of the company’s reserves (including any share premium account) and unappropriated profits applied in paying up such shares as contemplated in the definition of “capitalization shares” in this section and the amount of such reserves applied in paying up any share premium in respect of the said shares; or(b)in relation to bonus debentures or securities issued by a company, the amount of the company’s reserves or unappropriated profits applied in paying up such debentures or securities as contemplated in the definition of “bonus debentures or securities” in this section;“notice of assessment” means a notice of assessment issued in terms of section 67(2);[definition of “notice of assessment” inserted by Act 7 of 2002]“pension fund” includes a pension scheme established by or under any law: Provided that the rules of such scheme, unless contained in such law, shall be subject to approval by the Minister and shall not be contrary paragraph (b), and any superannuation, widows’ and orphans’ fund and any other fund (other than a preservation fund, a provident fund or a retirement annuity fund) which is approved by the Minister in respect of the year of assessment in question: Provided further that the Minister may approve a fund subject to such limitations or conditions as he or she may determine, and shall not approve a fund in respect of any year of assessment unless he or she is in respect of that year of assessment satisfied -[The introductory portion of the definition of “pension fund” is amended by Act 25 of 1992 and by Act 21 of 1999 (amendment markings incomplete). The word “to” should be inserted into the phrase “shall not be contrary to paragraph (b)”.](a)that the fund is a permanent fund bona fide established for the purpose of providing annuities for employees on retirement from employment or for widows, children, dependants or nominees of deceased employees, or mainly for the said purpose and also for the purpose of providing benefits other than annuities for the persons aforesaid; and(aA)that the fund is registered in Namibia as a pension fund under the Pension Funds Act, 1956 (Act 24 of 1956); and[paragraph (aA) inserted by Act 17 of 1994](b)that the rules of the fund provide -(i)that all annual contributions of a recurrent nature to the fund shall be in accordance with specified scales;(ii)that membership of the fund throughout the period of employment shall be a condition of the employment by the employer of all persons of the class or classes specified therein who enter his employment on or after the date upon which the fund comes into operation;(iii)that persons who immediately prior to the said date were employed by the employer and who on the said date fall within the said class or classes may, on application made within a period of not more than twelve months as from the said date, be permitted to become members of the fund on such conditions as may be specified in the rules;(iv)that if -(aa)the total value of the annuity or annuities which an employee or other person referred to in paragraph (a) becomes entitled to exceeds N$50 000, not more than one-third of such annuity or annuities may be commuted for a single payment;(bb)the total value of the annuity or annuities which a person referred to in subparagraph (iv)(aa) becomes entitled to does not exceed N$50 000, the total of such annuity or annuities may be commuted for a single payment;(cc)the value of an existing annuity which any person is entitled to at the date of commencement of the Income Tax Amendment Act, 2010, does not exceed N$50 000, irrespective of whether any portion of such annuity has before such date in terms of any provision of this Act been commuted for a single payment, the total of such annuity may be commuted, at the request of such person, for a single payment;[Subparagraph (iv) is amended by Act 25 of 1992 and by Act 17 of 1994; substituted by Act 21 of 1999; and amended by Act 5 of 2010 with effect from 1 April 2010 (section 9(b) of Act 5 of 2010) and by Act 15 of 2011.](v)for the administration of the fund in such a manner as to preclude the employer from controlling the management or assets of the fund and from deriving any monetary advantage from moneys paid into or out of the fund, except that where the employer is a partnership, a member of the partnership may be permitted to derive such monetary advantage if he or she was previously an employee and, on becoming a partner, was permitted to retain his or her membership of the fund as though he or she had not ceased to be an employee, his or her contributions being based upon his or her pensionable emoluments during the twelve months which ended on the day on which he or she ceased to be an employee and his or her benefits from the fund being calculated accordingly; and[subparagraph (iv) amended by Act 21 of 1999](vi)that the Minister shall be notified of all amendments of the rules; and(c)that the rules of the fund have been complied with;“registered manufacturer” means a taxpayer registered as a manufacturer under section 5A;[The definition of “registered manufacturer” is inserted here as directed by Act 10 of 1993, but the resulting alphabetical order is incorrect. Act 10 of 1993 should have directed that the definition of “registered manufacturer” be inserted after the definition of “provident fund” rather than after the definition of “pension fund”.][The definition of “Permanent Secretary” is inserted by Act 12 of 1991 and deleted by Act 12 of 1996.]“person” includes any trust and the estate of a deceased person and such estate is deemed to have come into existance at the moment of death of the deceased person, and includes a partnership for purposes of sections 34A, 34B, 34C, 34D and 34E;[The definition of “person” is amended by Act 5 of 2007 with effect from 1 March 2009 (section 12(6) of Act 5 of 2007). It is substituted by Act 5 of 2010. The word “existence” is misspelt in the Government Gazette, as reproduced above.]“petroleum” means petroleum as defined in section 1 of the Petroleum (Exploration and Production) Act, 1991;[definition of “petroleum” inserted by Act 3 of 1991]“petroleum licence”, includes exploration licence, reconnaissance licence and production licence as defined in the Petroleum (Exploration and Production) Act, 1991 (Act No. 2 of 1991);[The definition of “petroleum licence” is inserted by Act 13 of 2015. The comma after the term “petroleum licence” is superfluous.]“prescribed” means prescribed or deemed to be prescribed by or under this Act;“preservation fund” means any fund (other than a pension fund, provident fund, benefit fund or retirement annuity fund) which is approved by the Minister in respect of the year of assessment in question: Provided that the Minister may approve a preservation fund subject to such limitations or conditions as he or she may determine, and shall not approve any preservation fund in respect of any year of assessment unless he or she is in respect of that year of assessment satisfied -(a)that the preservation fund is a permanent pension preservation fund or a permanent provident preservation fund, established bona fide and solely for the purposes of -(i)preserving so much of any amount derived by the taxpayer from any pension fund or provident fund as is invested in such preservation fund until such time that the invested amount can be transferred or paid to any pension fund, provident fund or retirement annuity fund, or withdrawn in one or more amounts for other purposes; and(ii)if any amount remains in such fund at the time of retirement of the taxpayer as provided for in the rules of such preservation fund, to provide for annuities or lump sum benefits for members on retirement, or for widows, children, dependants or nominees of deceased members, or mainly for such purposes, and also for the purpose of providing benefits other than annuities or lump sum benefits to such persons;(b)that the rules of the fund provide -(i)that contributions to the preservation fund only be made by way of the transfer or payment of so much of the members’ share in a pension fund or provident fund, as the case may be, as may be transferred or paid to the preservation fund within the year of assessment or within a further period of three months following such year of assessment, as the result of the termination of such member’s membership of such pension fund or provident fund, or on the cessation of such pension fund or provident fund, as the case may be;(ii)that if, in the case of a pension preservation fund -(aa)the total value of the annuity or annuities which a taxpayer referred to in paragraph (a)( i) becomes entitled to exceeds N$50 000, not more than one-third of the total value of such annuity or annuities may be commuted for a single payment;(bb)the total value of the annuity or annuities which a taxpayer referred to in paragraph (a)(i) becomes entitled to does not exceed N$50 000, the total of such annuity or annuities may be commuted for a single payment;(cc)a person dies after he or she has become entitled to an annuity, no further benefit other than an annuity or annuities shall be payable to such person’s spouse, children, dependants or nominees;[Subparagraph (ii) is amended by Act 5 of 2010 with effect from 1 April 2010 (section 9(b) of Act 5 of 2010).](iii)that a member shall be entitled to -(aa)withdraw, subject to the rules of the preservation fund, amounts from the member’s share of the preservation fund for a period not exceeding three years from the date on which the transfers or payments were made to the preservation fund in terms of subparagraph (i);(bb)transfer amounts from the member’s share of the preservation fund to any one or more pension funds, provident funds or retirement annuity funds;(cc)the commencement of the payment of retirement benefits to such member not earlier than on reaching the age of 55 years and not later than on reaching the age of 70 years, except in the case of a member who through infirmity of mind or body becomes permanently incapable of carrying on his or her occupation, in which case the payment of such retirement benefits shall commence on the date such member became so permanently incapable;(iv)for the administration of the preservation fund by a Board of Trustees appointed by the administrators of the preservation fund; and(v)that the Minister shall be notified of any amendment of the rules;(c)that the rules of the preservation fund have been complied with; and(d)that the preservation fund is registered in Namibia under the Pension Funds Act, 1956 (Act No. 24 of 1956);[The definition of “preservation fund” is inserted by Act 21 of 1999, with this insertion deemed to have come into force at the beginning of the year of assessment commencing on or after 1 March 1998 (section 1(2) of Act 21 of 1999).]“provident fund” means any fund (other than a pension fund, benefit fund or retirement annuity fund) which is approved by the Minister in respect of the year of assessment in question: Provided that the Minister may approve a fund subject to such limitations or conditions as he or she may determine, and shall not approve a fund in respect of any year of assessment unless he or she is in respect of that year of assessment satisfied -(a)that the fund is a permanent fund bona fide established solely for the purpose of providing benefits for employees on retirement from employment or solely for the purpose of providing benefits for the spouses, children, dependants or nominees of deceased employees or deceased former employees, or solely for a combination of such purposes;(aA)that the fund is registered in Namibia as a provident fund under the Pension Funds Act, 1956 (Act No. 24 of 1956);(b)that the rules of the fund contain provisions similar in all respects to those required to be contained in the rules of a pension fund in terms of subparagraphs (i), (ii), (iii), (v) and (vi) of paragraph (b) of the definition of “pension fund”; and(c)that the rules of the fund have been complied with;[The definition of “provident fund” is inserted by Act 25 of 1992 and amended by Act 21 of 1999, with this amendment deemed to have come into force at the beginning of the year of assessment commencing on or after 1 March 1998 (section 1(2) of Act 21 of 1999).]“regional council” means a regional council established under section 2 of the Regional Councils Act, 1992 (Act 22 of 1992);[The definition of “regional council” is inserted by Act 12 of 1996.][The definition of “registered manufacturer” should appear here. It is listed above, after the definition of “pension fund”, in accordance with the instructions in Act 10 of 1993.]“regulation” means a regulation in force under this Act;“relative” in relation to any person, means the spouse of such person or anybody related to him or his spouse within the third degree of consanguinity, or any spouse of anybody so related, and for the purpose of determining the relationship between any child and any other person, such child shall be deemed to be related to its adoptive parent within the first degree of consanguinity;“representative taxpayer” means -(a)in respect of the income of a company, the public officer thereof;(b)in respect of the income under his management, disposition or control, the agent of any person, including an agent appointed as such under the provisions of section 91, and for the purposes of this paragraph the term “agent” includes every person in Namibia having the receipt, management or control of income on behalf of any person permanently or temporarily absent from Namibia or remitting or paying income to or receiving moneys for such person;(c)in respect of income the subject of any trust or in respect of the income of any minor or mentally disordered or defective person or any other person under legal disability, the trustee, guardian, curator or other person entitled to the receipt, management, disposal or-control of such income or remitting or paying to or receiving moneys on behalf of such person under disability;(d)in respect of income paid under the decree or order of any court or judge to any receiver or other person, such receiver or person, whoever may be entitled to the benefit of such income, and whether or not it accrues to any person on a contingency or an uncertain event;(e)in respect of the income received by or accrued to any deceased person during his lifetime and the income received by or accrued to the estate of any deceased person, the executor or administrator of the estate of such deceased person,but nothing in this definition shall be construed as relieving any person from any liability, responsibility or duty imposed upon him by this Act;“retirement annuity fund” means any fund (other than a pension fund, provident fund or benefit fund) which is approved by the Minister in respect of the year of assessment in question: Provided that the Minister may approve a fund subject to such limitations or conditions as he may determine, and shall not approve any fund in respect of any year of assessment unless he is in respect of that year of assessment satisfied -(a)that the fund is a permanent fund bona fide established solely for the purpose of providing life annuities for the members of the fund or annuities for the spouses, children, dependants or nominees of deceased members; and[paragraph (a) amended by Act 25 of 1992](b)that the rules of the fund provide -(i)for periodical contributions by the members or contributions made by way of transfer of members’ interests in approved pension funds, provident funds or other retirement annuity funds;(ii)that not more than one-third of the total value of any annuities to which any person becomes entitled, may be commuted for a single payment, except where such total value does not exceed N$50 000;[Subparagraph (ii) is amended by Act 25 of 1992, Act 22 of 1995, Act 7 of 2002 and Act 5 of 2010 with effect from 1 April 2010 (section 9(b) of Act 5 of 2010).](iii)that no portion of any annuity payable to the spouse, child, dependant or nominee of a deceased member may be commuted later than six months from the date of the death of such member;[subparagraph (iii) amended by Act 25 of 1992](iv)adequate security to safeguard the interests of persons who may become entitled to annuities;(v)that no member shall become entitled to the payment of any annuity after he reaches the age of seventy years or; except in the case of a member who becomes permanently incapable through infirmity of mind or body of carrying on his occupation, before he reaches the age of fifty-five years;(vi)that where a member dies before he or she becomes entitled to the payment of an annuity, the benefits shall not exceed a refund to his or her estate or to his or her spouse, children, dependants or nominees of the sum of the amounts (with or without reasonable interest thereon) contributed by him or her and an annuity or annuities to his or her spouse, children, dependants or nominees;[subparagraph (vi) amended by Act 25 of 1992](vii)that where a member dies after he or she has become entitled to an annuity no further benefit shall be payable other than an annuity or annuities to his or her spouse, children, dependants or nominees;[subparagraph (vii) amended by Act 25 of 1992](viii)that a member who discontinues his contributions prematurely shall be entitled either to an annuity (payable from the date on which he would have become entitled to the payment of an annuity if he had continued his contributions) determined in relation to his actual contributions or to be reinstated as a full member under conditions prescribed in the rules of the fund;(ix)that upon the winding-up of the fund a member’s interest therein must either be used to purchase a policy of insurance which the Minister is satisfied provides benefits similar to those provided by such fund or be paid for the member’s benefit into another approved retirement annuity fund;(x)that save as is contemplated in subparagraph (ii), no member’s rights to benefits shall be capable of surrender, commutation or assignment or of being pledged as security for any loan;(xi)that the Minister shall be notified on all amendments of the rules; and(c)that the rules of the fund have been complied with;(d)that the retirement annuity fund is registered in Namibia under the Pension Funds Act, 1956 (Act No. 24 of 1956);[paragraph (d) inserted by Act 7 of 2011]“right”, in relation to paragraph (o) or paragraph (q) of the definition of “gross income”, means a contingent right to any licence or share or member’s interest contemplated in paragraph (o) or paragraph (q) of that definition, held by a trust, the acquisition of which is -(a)a consequence of or attendant upon the conclusion of any agreement for consideration with regard to a licence held by such trust;(b)accompanied by the substitution or variation of the loan creditor of such trust; or(c)accompanied by the change of any trustee of such trust;[definition of “right” inserted by Act 13 of 2015]“scientific research” means any activity in the field of natural or applied science for the extension of knowledge;[definition of “Secretary” deleted by Act 12 of 1991]“shareholder” -(a)in relation to any company referred to in paragraph (a), (b), (c) or (d) of the definition of “company” in this section, means the registered shareholder in respect of any share, except that where some person other than the registered shareholder is entitled, whether by virtue of any provision in the memorandum or articles of association of the company or under the terms of any agreement or contract, or otherwise, to all or part of the benefit of the rights of participation in the profits or income attaching to the share so registered, such other person shall, to the extent that he is entitled to such benefit, also be deemed to be a shareholder; or(b)in relation to any company referred to in paragraph (e) of the said definition, the registered holder of any unit certificate issued in respect of a unit included in the relevant unit portfolio, except that where some person other than the registered holder of any unit is entitled, whether by virtue of any provision in the trust deed entered into for the purposes of the relevant unit trust scheme or under the terms of any agreement or contract, or otherwise, to all or part of the benefit of the rights of participation in the profits or income attaching to the unit certificate, such other person shall, to the extent that he is entitled to such benefit, also be deemed to be a shareholder;[definition of “South West African company” deleted by Act 25 of 1992]“specified date”, in relation to a year of assessment of any company, means the last day of such year of assessment;“specified period”, in relation to a year of assessment of any company means -(a)where such year of assessment is the first financial year of such company, the period commencing on the first day of such year and ending six months after the specified date in respect of such year; and(b)where such year of assessment is a subsequent financial year of such company, the period commencing the day after the end of the specified period in respect of the immediately preceding year of assessment and ending six months after the specified date in respect of the year of assessment in question:Provided that where by any reason of the amalgamation under section 94 of the Co-operative Societies Ordinance, 1946 (Ordinance 15 of 1946), of two or more agricultural co-operatives (as defined in section 31(4) of this Act), the assets and liabilities of such co-operatives have vested in a new agricultural co-operative (as so defined), the Minister may, having regard to the circumstances of the case, direct that the specified period of each of the co-operatives which have so amalgamated, as applicable in relation to the final year of assessment of the co-operative in question be extended so as to end on such day as the Minister may determine;“tax” or “the tax” or “taxation” means any levy or tax leviable under this Act; and for the purposes of Part IV of Chapter III includes any levy or tax leviable under any previous income tax law;“taxable amount”, in relation to a person other than a company, means the taxable income of such person;[definition of “taxable amount” substituted by Act 22 of 1995]“taxable income” means the amount remaining after deducting from the income of a person all the amounts allowed under Part I of Chapter II to be deducted from or set off against such income;[definition of “taxable income” substituted by Act 22 of 1995 and amended by Act 12 of 1996]“taxpayer” means any person chargeable with any tax leviable under this Act and, for the purposes of any provision relating to any return, includes every person required by this act to furnish such return and for the purposes of Part IV of Chapter III includes any person chargeable with any tax leviable under any previous income tax law;[definition of “territory” deleted by Act 12 of 1991]“this Act” includes the regulations;“trade” includes every profession, trade, business, employment, calling, occupation or venture, including the letting of any property, and the use of or the grant of permission to use any patent or design as defined in the Patents and Designs Proclamation, 1923 (Proclamation 17 of 1923), or any trade mark as defined in the Trade Marks in South West Africa Act, 1973 (Act 48 of 1973), or any copyright as defined in the Copyright Act, 1965 (Act 63 of 1965), or any other property which in the opinion of the Minister is of a similar nature;[The Patents and Designs Proclamation 17 of 1923 will be replaced by the Industrial Property Act 1 of 2012, which has not yet been brought into force. The Copyright Act 63 of 1965 has been replaced by the Copyright and Neighbouring Rights Protection Act 6 of 1994.]“trading stock” includes anything produced, manufactured, purchased or in any other manner acquired by a taxpayer for purposes of manufacture, sale or exchange by him or on his behalf, or the proceeds from the disposal of which forms, or will form, part of his gross income;“trustee” in addition to every person appointed or constituted as such by act of parties, by will, by order or declaration of court or by operation of law, includes an executor or administrator, tutor or curator, and any person having the administration or control of any property subject to a trust, usufruct, fidei-commissum or other limited interest, or acting in any fiduciary capacity or having, either in a private or an official capacity, the possession, direction, control or management of any property of any person under legal disability;“year of assessment” means any year or other period in respect of which any tax or duty leviable under this Act is chargeable.[Act 5 of 1982 (Rehoboth) provides the following additional definitions relevant to the application of this Act to “citizens of Rehoboth” “Chief Director” means the officer at the head of the government service of Rehoboth; “citizen of Rehoboth” means a citizen of Rehoboth as contemplated in section 5of the Rehoboth Self-Government Act, 1976 (Act 56of 1976), irrespective of whether such citizen is resident within Rehoboth or elsewhere in the territory of South West Africa; “Rehoboth” means the area defined in section 6 of the Rehoboth Self-Government Act, 1976 (Act 56of 1976).]