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.
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 ; • the exemptions from normal tax applicable to government grants; and • anti-double-dipping rules applicable to expenditure funded by such grants. 2.
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