Government Notice No. 2905 of 2022

Income Tax Act (58/1962), as amended » Nautic Africa (Pty) Ltd

Title	Income Tax Act (58/1962), as amended » Nautic Africa (Pty) Ltd
Department	Trade and Industry
Gazette	National Gazettes, No. 47789 of 23 December, 2022, 1 page(s), 47.1Kb

STAATSKOERANT, 23 DESEMbER 2022                       No. 47789    97

DEPARTMENT OF TRADE, INDUSTRY AND COMPETITION

NO.  2905                                                                          23 December 2022

SECTION 12I TAX ALLOWANCE PROGRAMME

The Minister of Trade, Industry and Competition, Mr Ebrahim Patel - in terms of section
                   12I (12)(a)(i)(b)(c) and (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  withdraw  the
                   approval of an application received for the 12I Tax Allowance Programme.

Particulars of applicant

Name of applicant: Nautic Africa (Pty) Ltd

Nautic Africa (Pty) Ltd-Flagship Vessel Production Facility was approved as a
                      Greenfield project and awarded 6 points and afforded Qualifying Status.

The project would have invested a total of R99 464 000, with the value of qualifying
                      manufacturing assets equal to R63 464 000.

The  approved  amount  for  the  additional  investment  allowance  in  respect  of
                      manufacturing assets brought into use by Nautic Africa (Pty) Ltd - Flagship Vessel
                      Production  Facility  was  R22  212 400  and  additional  training  allowance  of
                      R7 704 000, totalling R29 916 400.

On  19  March  2021 the  Minister  of  Trade,  Industry  and  Competition  endorsed the
                      recommendation  of  the 12I  Adjudication  Committee  meeting  of  4  August  2020  to
                      withdraw  the  approval  of  Nautic  Africa  (Pty)  Ltd  -  Flagship  Vessel  Production
                      Facility as an  Industrial  Policy  Project  in  terms of  Section  12I  of  the Act  and  the
                      relevant Regulations.

Enquiries relating to this publication should be made to:

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

For attention:       Ms M Ngobeni
                   Telephone No.:       012 394 1016
                   E-mail:              Mamaki.Ngobeni@thedtic.gov.za

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Government Notice No. 2905 of 2022

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