“board” means the board established by section 2 of the Regional Industrial Development Act, 1993 (Act No. 187 of 1993);

“commencement date” means 1 October 1996;

“goods” means goods as defined in section 31 (1);

“project” means a project which in the opinion of the board –

 

(a)     represents the manufacturing of any products, goods, articles or any other things as classified in ‘Major Division 3: Manufacturing’ of the Standard Industrial Classification of all Economic Activities (Fifth Edition) issued by the Central Statistical Services in January 1993; and

 

(b)     meets the investment requirements prescribed by the regulations under subsection (14) (a);

“qualifying company” means any company which –

 

(a)     is incorporated on or after the commencement date;

 

(b)     commences the carrying on of one qualifying project for the first time on or after the commencement date; and

 

(c)     has the sole object of carrying on one qualifying project as from the date of such incorporation and which does not carry on any trade other than such qualifying project;

“qualifying project” means a project which has been approved by the board in terms of subsection (2) (a);

“services” means services as defined in section 31 (1);

“State” means the Departments and Administrations as listed in Column 1 of Schedule 1 to the Public Service Act, 1994 (Proclamation No. 103 of 1994);

“tax holiday scheme” means a scheme in terms of which qualifying companies enjoy tax holiday status;

“tax holiday status” means the status whereby in respect of a year of assessment ending –

 

(a)     during the period of six months ending 31 March 1997, the income of a qualifying company is reduced in accordance with subsection (12); or

 

(b)     after 31 March 1997, the rate of normal tax on each rand of the taxable income received by or accrued to or in favour of a qualifying company is fixed at a rate of zero per cent in terms of section 5.