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

Department of Finance

Practice Note No. 22

Deduction of Recurrent Expenditure Incurred by Public Companies


Date: 13 June 1994


1) The following expenditure incurred by public companies is allowable as a deduction for income tax purposes:
1.1 Printing costs of annual reports.
1.2 Publishing of annual financial reports.
1.3 Johannesburg Stock Exchange—annual quotation fees.
1.4 Transfer secretary fees.


2) However, where a public company is in receipt of both taxable income and exempt income, an equitable allocation of expenditure is to be made.