S.L. 123.205 Art. 2Interpretation. Cap. 123.

In these rules, unless the context otherwise requires:

"Act" means the Income Tax Act;

"allowable deductions" means capital allowances allowable as a deduction under article 14(1)(f) and (j) of the Act to the extent that such deduction cannot be given effect to in full because there are no profits or gains chargeable for the year of assessment 2022 from the source of income in respect of which they are allowable or because the profits or gains chargeable from that source are less than the deduction:

Provided that unabsorbed capital allowances carried forward from the year of assessment 2020 shall not be considered to be allowable deductions for the purposes of these rules:

Provided further that a balancing allowance in terms of article 24 of the Act resulting in respect of the years of assessment 2021 and 2022 shall be treated in the same manner as capital allowances for the purposes of these rules;

"beneficiary" means a company which has been granted a benefit under the COVID-19 Fiscal Assistance - Postponement of Payment of Certain Taxes Tax Deferral Scheme;

"total income" shall have the same meaning as assigned to it by article 2(1) of the Act but shall be computed before any deduction is made in terms of these rules.