‘qualifying company’ means a company-

(a)

(i)      incorporated by or under any law in force in the Republic or in any part thereof; or

(ii)     that has its place of effective management in the Republic;

(b)     that carries on a trade in a special economic zone designated by the Minister of Trade and Industry in terms of the Special Economic Zones Act and approved by the Minister of Finance after consultation with the Minister of Trade and Industry for the purposes of this section by notice in the Gazette;

[Paragraph (b) substituted by section 26 of Act 43 of 2014 effective on the date on which the Special Economic Zones Act comes into operation, 9 February 2016 and by section 30 of Act 17 of 2017 effective on 9 February 2016]

(c)     if the trade contemplated in paragraph (b) is carried on from a fixed place of business situated within a special economic zone;

[Paragraph (c) substituted by section 30(1)(a) of Act 17 of 2017 and amended by section 20(1) of Act 34 of 2019 deemed effective on 1 January, 2019 and applicable in respect of years of assessment ending on or after that date]

(d)     if not less than 90 per cent of the income of that company is derived from the carrying on of a trade within one or more special economic zones; and

[Paragraph (d) substituted by section 26(1)(c) of Act 43 of 2014 and by section 30(1)(a) of Act 17 of 2017 and amended by section 20(1) of Act 34 of 2019 deemed effective on 1 January, 2019 and applicable in respect of years of assessment ending on or after that date]

(e)      that—

(i)      was carrying on any trade before 1 January 2013 in a location that is subsequently approved for the purpose of this section as a zone in terms of subsection (3);

(ii)     commenced, on or after 1 January 2013 the carrying on, in a location that is approved or subsequently approved for the purpose of this section as a zone in terms of subsection (3), of any trade not previously carried on by that company or any connected person in relation to that company in the Republic; or

(iii)    commenced, on or after 1 January 2013 the carrying on, in a location that is approved or subsequently approved for the purpose of this section as a zone in terms of subsection (3), of any trade and that trade-

(aa)   comprises of the production of goods not previously produced by that company or any connected person in relation to that company in the Republic;

(bb)   utilises the use of new technology in that company’s production processes; or

(cc)   represents an increase in the production capacity of that company in the Republic.

[Paragraph (e) added by section 20(1) of Act 34 of 2019 deemed effective on 1 January, 2019 and applicable in respect of years of assessment ending on or after that date]