Government Notice No. 2906 of 2022

Income Tax Act (58/1962), as amended » clover SA (Pty) Ltd

Title	Income Tax Act (58/1962), as amended » clover SA (Pty) Ltd
Department	Trade and Industry
Gazette	National Gazettes, No. 47789 of 23 December, 2022, 1 page(s), 43.5Kb

98   No. 47789              GOVERNMENT GAZETTE, 23 DEcEMbER 2022

DEPARTMENT OF TRADE, INDUSTRY AND COMPETITION

NO.  2906                                                                          23 December 2022

SECTION 12I TAX ALLOWANCE PROGRAMME

The Minister of Trade, Industry and Competition, Mr Ebrahim Patel - in terms of section 12I (19)d of the Income
                   Tax  Act,  1962  (Act  58  of  1962)  as  amended  (herein  after  referred  to  as  the  Act)  and  the  Regulations
                   promulgated in the Government Gazette No. 33385 of 23 July 2010 - hereby publishes the decision to approve
                   an application received for the 12I Tax Allowance Programme.

Particulars of applicant

Name of applicant: Clover SA (Pty) Ltd.

Clover SA (Pty) Ltd - Project Sencillo is a project to manufacture Dairy Products. The project will
                      invest a total of R1 160 940 087, with the value of qualifying manufacturing assets equal to R1 160 940
                      087. The project is classifiable under SIC 3020.

Description and costs of qualifying manufacturing assets:

Assets                       Value of Qualifying Assets (R)
                        Plant and Machinery                                            R1 025 346 320
                        Buildings                                                         135 593 767
                                                                                       R1 160 940 087

Date of approval: 31 March 2021.

Envisaged date of commercial production: 31 December 2021.

Additional investment allowance benefit period: 31 March 2021 to 31 March 2025.

Clover SA (Pty) Ltd - Project Sencillo is approved as a Brownfield project and awarded 8 points and
                      afforded Preferred Status.

The approved amount for the additional investment allowance in respect of manufacturing assets to be
                      brought into use by Clover SA (Pty) Ltd is R550 000 000 (five hundred and fifty million rand).

The approved amount for the additional training allowance is R19 642 000 (nineteen million six hundred
                      and forty-two thousand rand).

Total potential national revenue to be forgone by virtue of deduction of the approved allowances Clover
                      SA (Pty) Ltd will be R159 499 760.

Enquiries relating to this publication should be made to:

The Secretariat: 12I Tax Allowance Programme
                   Department of Trade and Industry
                   Private Bag X84
                   PRETORIA
                   0001

For attention:                  Mamaki Ngobeni
                   Telephone No.:                  012 394 1016
                   Fax No.:                    012 394 2016

Type your email for free alerts on latest Department of Trade, Industry and Competition notices as they are published

greengazette

Government Notice No. 2906 of 2022

Links

Publications

Insight