Rooftop Solar Panel Tax Incentive – Individuals

1. A rebate of 25% of the cost of new and unused solar panels (excluding inverters and batteries), limited to R15 000 per individual, will be allowed
   for panels brought into use for the first time in the period 1 March 2023 to 29 February 2024.
2. Expansion to Solar Tax Incentive – Companies
   Between 1 March 2023 and 28 February 2025, businesses will be able to claim a deduction of 125% in the year in which a renewable energy project is brought into use. There is no limitation on generation capacity.
3. Taxation of Non-resident Beneficiaries of a South African Trust
   Capital gains distributed to non-resident beneficiaries are currently taxed
   in the trust. A similar rule is being considered for income distributions.
4. Delay in the Withdrawal of Practice Notes 31 and 37
   The notes which allow the deduction of certain fees and interest paid
   against interest received, were intended to be withdrawn as from
   1 March 2023. This implementation date has been delayed.
5. Expansion of the Diesel Rebate
   In light of the current electricity crisis, the diesel rebate will be extended
   to food manufactures from 1 April 2023 until 31 March 2025.
6. Oil and Gas Company Royalty
   The minimum royalty rate will be increased from 0,5% to 2%, with the
   maximum remaining at 5%.