Businesses can claim rebates for switching to wind, solar, hydropower, and biomass electricity generation systems. Moneyweb tax
Taxpayers have until 15 May to comment on the recently published 2023 draft Taxation Laws Amendment Bill dealing with the renewable energy incentives announced during Finance Minister Enoch Godongwana’s February budget speech. Because of the urgency of the need to address the growing energy crisis the initial batch of changes allows for an early as well as an additional public comment process to enhance certainty and encourage immediate private investment in electricity generation.
However, if the panels remain on the roof of a residence if the individual sells it or moves out there will be no recoupment. Similarly, in the case of the business incentive there will be a recoupment if a taxpayer sells an asset, or in any other manner recovers or recoups the purchase price of an asset, on or before 1 March 2026. Sars will include 25% of the amounts recovered in the taxpayer’s income.
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