Income Tax Act, 1962 (Act No. 58 of 1962)RegulationsTax Holiday Regulations (Regulations under section 37H(14))8. Evaluation, approval and monitoring |
| (1) | Only applications from companies that have not yet commissioned machinery and plant at the time of receipt of the application will be considered for the tax holiday scheme. |
| (2) | A company that applies for tax holiday status shall provide the board, on application, with a pro forma income statement and pro forma balance sheet prepared in terms of GAAP, wherein all financial information is projected for three years. |
| (3) | A qualifying company must submit annually to the board— |
| (a) | audited financial statements; |
| (b) | a certificate, in accordance with Table 2, wherein the auditor certifies that the qualifying company is still carrying on the approved project at the approved locality and is manufacturing the approved products; and |
| (c) | written confirmation from the qualifying company's auditor that the human resource remuneration to value added ratio has been calculated in accordance with Table 1 as required in regulation 5(1)(b), (c) and (3). |
| (4) | The documents required in regulation 8(3) must be prepared in terms of GAAP and certified by the same auditor contemplated therein. |