Part II

Allowances

7.  Basic tax-free allowance

(1)     A taxpayer that conducts an activity that is listed in Schedule 2 in the column “Activity/Sector” must receive an allowance in respect of those emissions, determined in terms of subsection (2).

(2)     The percentage of the allowance referred to in subsection (1) must be calculated by matching the line in which the activity is contained in the column “Activity/Sector” with the corresponding line in the column “Basic tax-free allowance %” in Schedule 2 of the total percentage of greenhouse gas emissions in respect of a tax period in respect of that activity.

[Section 7 substituted by section 94(1) of Act 34 of 2019 deemed effective on 1 June, 2019]