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Tax First Newsletter - October 2022
Can Taxpayers Carry Forward and Utilise Assessed Tax Losses Created by Their Trade?
In terms of Section 21(2) of the Income Tax Act (the “Act”): “assessed loss means any amount, as established to the satisfaction of the Minister, by which the deductions admissible under sections 17, 18 and 20, but excluding deductions admissible under Sections 17A, 17B, 17C and 17D, exceed the income in respect of which they are so admissible, or, if the context so requires, means an assessed tax loss as determined under Section 29”.
In terms of Section 21 of the Act, a taxpayer who does not carry on a trade during a year of assessment forfeits the right to carry forward the assessed tax loss from the immediately preceding year of assessment. The following two requirements must be met by a taxpayer to carry forward and set-off an assessed tax loss:
- The taxpayer must be carrying on a trade and
- The assessed tax loss should be set off against income derived from the carrying on of a trade.
Download the newsletter to read more.
Also in this issue:
- Assessed Tax Losses
- Setting up Business in Namibia
- Business School Calendar for October 2022
- New Tax Legislation Tracker
- Tax Calendar for October 2022
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