Transcription of DRAFT INTERPRETATION NOTE 59 (Issue 2)
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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 .. 4 Section 1(1) Definitions of gross income and income .. 4 Total amount in cash or otherwise .. 5 Received 6 Accrued to .. 7 Specific inclusions in the definition of gross income .. 8 Farming subsidies [definition of gross income in section 1(1) paragraph (l)].
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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