Income Tax Act, 1962 (Act No. 58 of 1962)

Department of Finance

Practice Note No. 22

Deduction of Recurrent Expenditure Incurred by Public Companies
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Date: 13 June 1994

 

1)The following expenditure incurred by public companies is allowable as a deduction for income tax purposes:
1.1Printing costs of annual reports.
1.2Publishing of annual financial reports.
1.3Johannesburg Stock Exchange—annual quotation fees.
1.4Transfer secretary fees.

 

2)However, where a public company is in receipt of both taxable income and exempt income, an equitable allocation of expenditure is to be made.