Salary, wage or similar remuneration payable by the employer to an employee retrospectively, but does not include any bonus.

Business and Individual Taxes

Any amount of remuneration after deducting the allowable deductions for employees’ tax purposes.

The basic amount is the latest assessed taxable income and excludes any taxable capital gain and the taxable portion of any lump sum, and also includes an 8% increase for each year from year last assessed.

Black Economic Empowerment

A person who is entitled to the benefit of the dividend attaching to a share.

Any person who has a vested or contingent interest in all or a part of the receipts, accruals or the assets of a trust. The benefit available to a beneficiary depends on the settlor’s purpose when creating the trust and on the extent of the property held in trust.

Botswana, Lesotho, Namibia, and Swaziland

A bona fide donation is a voluntary, gratuitous gift disposed of by the donor out of liberality or generosity, where the donee is enriched and the donor impoverished. There may be no quid pro quo, no reciprocal obligations and no personal benefit for the donor. If the donee gives any consideration at all it is not a donation. The donor may not impose conditions which could enable him or any connected person in relation to himself to derive some direct or indirect benefit from the application of the donation.

An undertaking in due legal form by which a person binds himself to the Customs to do or not to do some specified act.