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Updates Personal Income Tax Changes 2024

Filing Season, including changes to deductions for retirement fund contributions, tax-free investments, and urban development zones. They have also introduced a solar energy tax credit and redesigned deductions for machinery used in renewable energy production.

The ITR12 form has been updated to include changes for foreign employment income exemption and beneficial owner information. Filing Season, including changes to deductions for retirement fund contributions, tax-free investments, and urban development zones. They have also introduced a solar energy tax credit and redesigned deductions for machinery used in renewable energy production. The ITR12 form has been updated to include changes for foreign employment income exemption and beneficial owner information.

Summary:

  • ITR12 form changes — redesign sections 10(1)(o)(i) and 10(1)(o)(ii): foreign employment income exemption
  • ITR12 form changes – beneficial owner
  • Exemption of amounts received or accrued in respect of tax-free investments
  • Deductions in respect of the erection or improvement of buildings in urban development zones
  • Pro-rata deduction in respect of contributions to retirement funds
  • Solar energy tax credit
  • Redesigned deduction in respect of certain machinery, plant, implements, utensils and articles used in production of renewable energy

2024 Filing Season for individuals will open in July, as follows:

  • Auto Assessment: 1 to 14 July 2024
  • Individual taxpayers: 15 July 2024 to 21 October 2024
  • Provisional taxpayers: 15 July 2024 to 20 January 2025
  • Trusts: 16 September 2024 to 20 January 2025

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