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Income Tax Act, 1962 (Act 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.