Update on Section 12L End Date Extension

Please take note of the following Draft Amendment Bill to Section 12L of the Income Tax Act, which was published on 30 July 2019:

The end date of Section 12L of the Income Tax Act has been extended to any year of assessment ending before 1 January 2023 (previously up to any year assessment ending before 1 January 2020).

The proposed amendment will come into effect on 1 January 2020. This provides the opportunity to claim a Section 12L tax allowance for an additional 3 years.

Please feel free to contact either Christo or Joslin with any enquiries.

Joslin Lydall (joslinl@catalystsolutions.co.za | 084 299 6873)

Christo Engelbrecht (christo@catalystsolutions.co.za | 084 513 8177)