Renewal Energy Allowance - Section12b of the Income Tax Act

Section 12b of the South African Income Tax Act makes provision for an accelerated depreciation allowance of ONE year, which means a company can deduct 100% of the cost in the year the expenses have occurred.

With the current trend of companies in the need of solar energy additions to maintain the workloads and productivity, this allowance will come in handy.

It is important to note, that its is only applicable to assets brought into use for the first time by the taxpayer.

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