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RENEWABLE ENERGY INCENTIVES: DRAFT TAX LAWS BILL OUT FOR COMMENT
- 24 April 2023
- Taxation
- SA Legal Academy
National Treasury has called for input by 15 May on a draft Taxation Laws Amendment Bill, which proposes ‘two specific tax amendments’ intended to create some level of certainty for those with the resources to invest ‘immediately’ in renewable energy. This would give practical effect to announcements made in the 2023 Budget, including those relating to solar energy.
Treasury’s use of the term ‘initial batch’ as part of the draft Bill’s title refers to its status as a first step in soliciting public comments in anticipation of preparing a revised version for Parliament to consider late this year.
This is according to a backdated media statement on the draft Bill, which was published on the National Treasury website on 24 April 2023, with an explanatory memorandum.
Apparently, the intention is that, once passed by Parliament, amendments proposed in the Bill will be ‘deemed to have come into operation on 1 March 2023’ and will apply to years of assessment ‘commencing on or after’ that date.
Published by SA Legal Academy Policy Watch