This is an AI-generated summary of a selected monitored public legal source and may omit context. It is general information only, not legal advice, and is not a substitute for reading the source or consulting an attorney.
AI summary
This Government Notice sets out requirements and conditions that a company must meet for purposes of paragraph (b) of the definition of REIT in section 1(1) of the Income Tax Act, 1962. It includes definitions and a Schedule listing asset, revenue, liability, gross asset, distribution, and governance criteria. The notice says the requirements and conditions come into operation on the date of publication in the Government Gazette and apply to years of assessment commencing after that date.
It may be relevant to companies and tax practitioners dealing with REIT qualification criteria.
Evidence from source
SETTING THE REQUIREMENTS AND CONDITIONS THAT MUST BE MET BY A COMPANY FOR PURPOSES OF PARAGRAPH (b) OF THE DEFINITION OF "REIT" IN SECTION 1(1) OF THE INCOME TAX ACT, 1962
Supports: plain_summary sentence 1
The requirements and conditions set in terms of this Schedule come into operation on the date of publication in the Government Gazette and apply to years of assessment of companies commencing after that date.
Supports: plain_summary sentence 3