DRAFT INTERPRETATION NOTE 59 (Issue 2)
DRAFT DRAFT INTERPRETATION NOTE 59 (Issue 2) DATE: ACT : INCOME TAX ACT 58 OF 1962 SECTIONS : SECTIONS 1(1) DEFINITION OF GROSS INCOME , 12P AND THE ELEVENTH SCHEDULE SUBJECT : TAX TREATMENT OF THE RECEIPT OR ACCRUAL OF GOVERNMENT GRANTS CONTENTS PAGE Preamble ........................................ ........................................ ........................................ ...... 2 1. Purpose ........................................ ........................................ ..................................... 3 2. Background ........................................ ........................................ ............................... 3 3. The law ........................................ ........................................ ...................................... 4 4. Application of the law.
DRAFT 3 All guides and interpretation notes referred to in this Note are available on the SARS website at. www.sars.gov.za. Unless indicated otherwise, the latest issue of these documents should be consulted. 1. Purpose . This Note deals with – • the tax consequences of the receipt or accrual of government grants ;
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