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Income Tax Act, 1962 (Act No. 58 of 1962)

Chapter II : The Taxes

Part I : Normal Tax

15A. Amounts to be taken into account in respect of trading stock derived from mining operations


For the purposes of section 22, trading stock related to mining operations

(a)        includes anything that is—

(i) won or in any other manner acquired during the course of mining operations by a taxpayer for the purposes of extraction, processing, separation, refining, beneficiation, manufacture, sale or exchange by the taxpayer or on the taxpayer’s behalf; and
(ii) taken into account as inventory in terms of South African Generally Accepted Accounting Practice; and
(b) must not be valued at an amount less than the amount so taken into account.


[Section 15A inserted by section 30 of the Taxation Laws Amendment Act, 2009 (Act No. 17 of 2009)]