Tax First November Issue
Building allowance deduction for Income Tax purposes
If you own a building and use it for purposes of your trade, the Income Tax Act allows a capital deduction under section 17(1)(f).
Twenty percent (20%) of the cost of erection may be claimed in the year during which the building is taken into use. For the next 20 years, 4% (8% for registered manufacturers) of this cost may be claimed per tax year.
Also in this issue:
- The process of clearing consignments for home consumption and other Customs procedures codes
- PwC Business School Training Calendar
- New Legislation Tracker
- Tax Calendar - November 2017
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