| (1) | Notwithstanding section 2(1), if during any assessment period— |
| (a) | the sum of the producer's gross sales to diamond beneficiators described in section 11(1)(a) for the assessment period and the immediately preceding assessment period equal at least 15 per cent of the sum of that producer's total gross sales described in section 11(1)(b) during the aggregate of those assessment periods; and |
| (b) | the sum of the producer's total gross sales described in section 11(1)(b) during those assessment periods described in paragraph (a) do not exceed USD 295 million, |
[Section 8(1)(b) substituted by section 93 of the Taxation Laws Amendment Act, 2018 (Act No. 23 of 2018), Notice No. 19, GG 42172, dated 17 January 2010]
that producer is exempt from the levy in respect of its unpolished diamonds under the cover of a bill of entry for export delivered during that assessment period to the extent those unpolished diamonds were previously offered but not sold at a diamond exchange and export centre.
| (2) | If during an assessment period a producer— |
| (a) | satisfies subsection (1)(b); |
| (b) | fails to satisfy the 15 per cent described in subsection (1)(a) by an amount up to 5 percentage points; and |
| (c) | in respect of that assessment period satisfied subsection (1) in the immediately preceding assessment period, |
the levy rate in subsection (3) applies to that producer in lieu of the levy rate applied in section 3.
| (3) | A producer described in subsection (2) will be subject to a levy that equals— |
| (a) | the percentage by which that producer failed to satisfy the 15 per cent as described in subsection (2)(b) during the assessment period described in subsection (2); multiplied by |
| (b) | the value of all of its unpolished diamonds that were under cover of a bill of entry for export delivered during the assessment period described in subsection (2); less |
| (c) | the value of all of its unpolished diamonds as released for import in terms of section 69B of the Diamonds Act during the assessment period described in subsection (2), but not exceeding the value described in paragraph (b). |
