The South African Revenue Service is looking into a new emerging value trend.
The South African Revenue Service has taken note of the emergence of a renewables subsector making profits.
According to Kieswetter, the tax authority aims to ensure maximum tax compliance from the onset of new opportunities that the renewables sub-sector presents. The head of SARS said that the entity has also had its eyes on a ‘drastic increase’ in the importation of solar panels, with the top ten importers experiencing growth in import value of 73% year-on-year, totalling R3.8 billion in 2022.
When looking at the prior year, during a period that was still plagued by load shedding but at a slightly lower level, there was a total of R2.2 billion worth of solar photovoltaic panels bought in the first five months of the year, according to solar provider Solana Energy.
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