BGR72 (VAT) – Particulars to be Contained in a Credit Note for a Valid Deduction under Section 16(3)(a)(v) for Prepaid Vouchers (Sections 21, 16)(2) and (3))

(b) of a partnership, means a natural person who, directly or indirectly, ultimately owns, or exercises effective control of, the partnership, and includes—

(i) every partner, including every member of a partnership en commandite, an anonymous partnership or any similar partnership;

(ii) if a partner in the partnership is a legal person or a natural person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; and

(iii) the natural person who exercises executive control over the partnership; and

[Definition of “beneficial owner” inserted by section 25 of Act 18 of 2023]

“Creditor” definition of section 23M of ITA

Posted on January 12, 2024January 15, 2025 by admin_kmos

“creditor” means a person to whom a “debtor” owes a “debt”;

[Definition of “creditor” added by section 26(1)(e) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of years of assessment commencing on or after that date]

Section 6C (ITA) – Solar energy tax credit

Posted on January 10, 2024January 15, 2025 by admin_kmos

6C Solar energy tax credit

(1) In determining the normal tax payable by any natural person, there must, subject to subsection (4), be deducted an amount to be known as the solar energy tax credit, equal to the amount of the rebate determined under subsection (2).

(2)

(a) The solar energy tax credit applies in respect of the cost actually incurred by the natural person-

(i) for the acquisition of any new and unused solar photovoltaic panels, the generation capacity of each being not less than 275W; and

(ii) if the solar photovoltaic panels referred to in subparagraph (i) are brought into use for the first time, by that person on or after 1 March 2023 and before 1 March 2024.

(b) The amount of the solar energy tax credit allowed to the natural person referred to in paragraph (a) must-

(i) be 25 per cent of the actual cost of the solar photovoltaic panels described in paragraph (a); and

(ii) in aggregate be limited to an amount not exceeding R15 000.

(3) A solar energy tax credit will be allowed under subsection (1) only if-

(a) the solar panels are installed and mounted on or affixed to a residence mainly used for domestic purposes by the natural person referred to in subsection (2)(a);

(b) the installation is connected to the distribution board of such residence; and

(c) an electrical certificate of compliance contemplated in the Electrical Installation Regulations, 2009, is issued in respect of the installation referred to in paragraph (a).

(4) No deduction shall be allowed under this section on any asset in respect of which a deduction has been allowed to the taxpayer under section 12B or 12BA.

[Section 6C inserted by section 2(1) of Act 17 of 2023 effective on 1 March, 2023 and applicable in respect of years of assessment commencing on or after that date]