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 (email@example.com | 084 299 6873)
Christo Engelbrecht (firstname.lastname@example.org | 084 513 8177)