Question

What is Section 12B of the south african taxation

Answer 1

Section 12B of the South African Income Tax Act deals with the deduction of research and development (R&D) expenses incurred by a taxpayer in the course of their trade. This section allows for the deduction of expenditure incurred on qualifying R&D activities, subject to certain conditions and limitations outlined in the legislation. The aim of this provision is to incentivize and promote investment in R&D activities to encourage innovation and technological advancement in South Africa.