Section 50I: Interpretation

50I. Interpretation In this Sub-part— “book profit” means the profit derived by an operator from all its activities and computed in accordance with the International Financial Reporting Standards; “levy”— (a) means the solidarity levy referred to in section 50J; and (b) includes any penalty and interest imposed under this Act; “operator”— (a) means a provider of public fixed or mobile telecommunication networks and services; and (b) includes information and communication services such as value added services and mobile internet; but (c) does not include a provider engaged, exclusively, in the provision of internet services or internet telephony services or international long distance services as referred to in the Information and Communication Technologies Act; “turnover” means the gross receipts derived by the operator from all its activities. [S. 50I inserted by s. 21 (d) of Act 14 of 2009 w.e.f. 30 July 2009.] I5 – 41 [Issue 7] Income Tax Act