Diamond Export Levy Act, 2007 (Act No. 15 of 2007)Part IV : Producer and diamond beneficiator relief measures9. Exemption for small producers |
Notwithstanding section 2(1), if during any assessment period—
| (a) | the sum of a producer's total gross sales described in section 11(1)(b) during the assessment period and the immediately preceding assessment period do not exceed USD 2.2 million; |
[Section 9(a) substituted by section 94 of the Taxation Laws Amendment Act, 2018 (Act No. 23 of 2018), Notice No. 19, GG 42172, dated 17 January 2010]
| (b) | the producer described in paragraph (a) does not at any time during that period hold more than a 50 per cent ownership interest (directly or indirectly) in another producer; |
| (c) | the ownership interest in a producer described in paragraph (a) is not at any time during that period held more than 50 per cent (directly or indirectly) by another producer; and |
| (d) | the ownership interest in a producer described in paragraph (a) is not at any time during that period held more than 50 per cent (directly or indirectly) by any person that during that period holds more than a 50 ownership interest (directly or indirectly) in any other producer, |
the 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.