Debt service costs The cost of interest on government debt.

Debt switching The restructuring of the term structure and maturity profile of government debt.

Debtors Your customers. They borrowed money from you or purchased goods or services from you, and have not yet paid you.

Depreciation (capital) A reduction in the value of fixed capital as a result of wear and tear or redundancy.

Depreciation (exchange rate) A reduction in the external value of a currency.

Derivative financial instrument A financial asset that derives its value from an underlying asset, which may be a physical asset such as gold, or a financial asset such as a government bond.

Designated countries Foreign countries from which income may be exempt from South African tax under certain circumstances. See also double tax agreement.

Direct expenses Direct expenses are expenses relating only to your office and are fully deductible, but subject to the general deduction formula.

Direct taxes Taxes charged on taxable income or capital of individuals and legal entities.

Director Directors are the agents of the company. The primary function of a director is to act on behalf of the shareholders, as the shareholders entrust their investment (share capital) to the directors.

Disposable income Total income by households less all taxes and employee contributions.

Dissaving An excess of current expenditure, including the depreciation of fixed capital, over current income.

Dividend cycle The period between two dividend declarations. In broad terms the net amount is the difference between the amount of the dividend declared in a dividend cycle and the dividend income accrued to the company during that cycle.

Division of revenue The allocation of funds between spheres of government, as required by the Constitution. See also equitable share.

Domestic demand The total level of spending in an economy, including imports but excluding exports.

Donations tax A tax imposed on donations at the rate of 20% of the value of the donation. The donor is liable for this tax, but in the event of the donor failing to pay, the recipient of the donation becomes jointly liable for the payment of the tax.  Donations between spouses and to Public Benefit Organisations, as well as "casual" donations not exceeding R100 000 per annum in aggregate, are exempt from donations tax.

Donations tax Donations tax is the result of the transfer of capital. Donations tax is levied on the value of any property disposed of under any donation, by any person who is a resident.

Double tax agreement An agreement between two countries to prevent income that is taxed in one country from being taxed in the other as well. See also designated countries.