During November 2023 National Treasury released additional information relating to the new enhanced renewable energy tax incentive which is available to businesses in certain circumstances. The incentive takes the form of an enhanced capital allowance under the newly inserted section 12BA of the Income Act No.58 of 1962. This article briefly examines the most important features of the new allowance.

From December 2021, in terms of the published rules, importers had an obligation to notify SARS of their intention to apply to an authorised dealer for an advance foreign exchange payment in respect of goods to be imported. From 1 December 2023 (two years later) an additional step has been added by SARS.