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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part I: Normal Tax

24P. Allowance in respect of future repairs to certain ships

 

(1) Notwithstanding section 23(e) there must be allowed to be deducted from the income of any person an amount of expenditure on repairs to any ship in respect of each year of assessment if—
(a) that person is a resident;
(b) that person carries on any business as owner or charterer of any ship; and
(c) within five years of that year of assessment, that person is likely to incur an amount of expenditure on repairs to any ship used by that person for the purposes of that person’s trade.

[Subsection (1) amended by section 47 of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015]

 

(2) In determining the amount of the deduction under subsection (1) regard must be had to—
(a) the estimated cost of those repairs; and
(b) the date on which those costs are likely to be incurred.

[Subsection (2) amended by section 47 of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015]

 

(3) The amount of the deduction allowed to a person under subsection (1) in respect of any year of assessment must be included in the income of that person in the following year of assessment.

 

[Section 24P inserted by section 44 of Act No. 43 of 2014]