On 16 August 2023, the South African Revenue Service (SARS) released updated interpretation notes concerning deductions in respect of commercial buildings, lease premiums, and leasehold improvements under relevant sections of the Income Tax Act 58 of 1962. The interpretation notes and the conclusions of each are as follows:
Interpretation Note 107 (Issue 2) - Deduction in respect of commercial buildings
Conclusion
Section 13quin provides for an allowance on any new and unused building …