Energy efficiency tax rebate increased to 95c/kWh
An amendment to Section 12L of the recently promulgated Taxation Laws Amendment Act, which deals with the energy-efficiency tax incentive, has increased the amount of the deduction from 45c/kWh to 95c/kWh or kilowatt-hour-equivalent of energy saved.
The South African National Energy Development Institute noted on Monday that the increased rate was deemed to have come into effect on March 1, 2015, and would apply in respect of years of assessment starting on or after that date.
The tax incentive was available to any business, industry or mining entity that achieved measured and verified energy savings over a 12-month period. The allowance was deducted directly from the company or entity’s tax submission to the South African Revenue Service.
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