SAVE TAX – THE NEW ENHANCED RENEWABLE ENERGY TAX INCENTIVE FOR BUSINESSES

SAVE TAX – THE NEW ENHANCED RENEWABLE ENERGY TAX INCENTIVE FOR BUSINESSES

During November 2023 National Treasury released additional information relating to the new enhanced renewable energy tax incentive which is available to businesses in certain circumstances. The incentive takes the form of an enhanced capital allowance under the newly inserted section 12BA of the Income Act No.58 of 1962. This article briefly examines the most important features of the new allowance.