A new R20bn tax incentive to encourage investment in new manufacturing assets and employee training was formally launched by Trade and Industry Minister Rob Davies yesterday.
The government’s industrial policy action plan and its new economic growth strategy are also aimed at helping the manufacturing industry create jobs for the millions of unemployed in the country.
The new scheme provides for an additional R20bn in allowances that can be deducted from taxable income, which will represent a loss to the fiscus of R5,6bn in revenue forgone over its life-span until 2015.
The new scheme will consist of an investment allowance of up to R900m for greenfields projects and a maximum of R550m for expansions and upgrades.
http://www.businessday.co.za/articles/Content.aspx?id=126207
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