Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Special Economic Zones Act, 2014 (Act No. 16 of 2014)Chapter 5 : Designation of Special Economic Zones28. Reporting and financial statements of Special Economic Zone |
| (1) | A Special Economic Zone Board must— |
| (a) | keep full and proper records of the financial affairs of the Special Economic Zone entity contemplated in section 25; |
| (b) | prepare financial statements for each financial year in accordance with generally accepted accounting practice; |
| (c) | submit those financial statements within three months after the end of the financial year to the Auditor-General for auditing; and |
| (d) | submit within five months of the end of the financial year to the Minister— |
| (i) | an annual report on the activities of that Special Economic Zone entity during that financial year; |
| (ii) | audited financial statements of that Special Economic Zone entity for the previous financial year; and |
| (iii) | the report of the Auditor-General on those statements. |
| (2) | The annual report and financial statements referred to in subsection (1) must— |
| (a) | fairly present the state of affairs of that Special Economic Zone entity and its performance against predetermined objectives for the financial year concerned; and |
| (b) | include particulars of— |
| (i) | any material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the financial year concerned; |
| (ii) | any criminal or disciplinary steps taken as a consequence of such losses or irregular expenditure or fruitless and wasteful expenditure; |
| (iii) | any losses recovered or written off; and |
| (iv) | any other matter that may be prescribed. |
