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South Africa

Taxation Laws Amendment Act, 2009 - Sections 12K and 12L inserted in Act 58

Legislative
Law
Passed in 2009
Amends the 1962 Income Tax Act. Section 12K - 'Exemption of certified emission reductions' - grants income tax exemption to the sale of certified emission reductions derived from Clean Development Mechanism (CDM) projects in the context of the Kyoto Protocol. The measure has been applied since February 2009 and has been extended until December 2020.
Section 12L grants income tax reductions for energy efficiency savings from certified baselines based on 'energy efficiency savings certificates' issued by an organ determined by Regulations from the Ministry of Energy. These regulations are in tune with the National Energy Act, 2008. The measure applies to the taxable income of any persons in any year of assessment until 1 January 2020.
Documents
from the Grantham Research Institute
from the Grantham Research Institute
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