This summary looks at some of the more important recent changes in South African tax law contained in: Capital allowances The key amendments are: (a) Tax amortization of rail locomotives and wagons ("rolling stock") The tax depreciation periods for new rail locomotives and wagons are to be changed from 14 years to 5 years. Currently these assets do not qualify for the scrapping allowance as the current legislation prohibits scrapping allowances for assets that are written off over 10 years. With this amendment, these assets will also qualify for scrapping allowances. (b) Tax amortization of commercial buildings There is currently...