In terms of South african taxation Section 13ter- does it have a significant meaning?
Section 13ter of the South African Income Tax Act provides for a deduction for research and development expenditure incurred by a taxpayer in the course of carrying on a trade. The purpose of this section is to encourage businesses to invest in research and development activities by providing a tax incentive.
The deduction allowed under Section 13ter can be significant for businesses, as it can reduce their taxable income and therefore their tax liability. This can help to encourage innovation and investment in new technologies, products, and processes, ultimately leading to economic growth and competitiveness.
In summary, Section 13ter of the South African Income Tax Act has a significant meaning in terms of providing a tax incentive for research and development activities, which can benefit businesses and the economy as a whole.