Income Tax Act, 1962 (Act No. 58 of 1962)
Tax Holiday Regulations (Regulations under section 37H(14))
2. Investment requirements
|(1)||The amount of capital invested in—|
|(a)||land whereon and buildings wherein the process of manufacture is to be carried on; and|
|(b)||machinery and plant to be used directly in the process of manufacture,|
must exceed R3 million.
|(2)||The amount of capital invested in land and buildings is calculated by adding—|
|(a)||the cost of land and buildings owned or to be owned by a company; and|
|(b)||the capitalised value of land and buildings leased or to be leased, capitalised by that company at 15 per cent per annum.|
|(3)||The amount of capital invested in machinery and plant is calculated by adding—|
|(a)||the cost of machinery and plant owned or to be owned by a company; and|
|(b)||the capitalised value of machinery and plant leased or to be leased to be reflected in the balance sheet of that company.|
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