‘manufacturing asset’ means any building, plant or machinery acquired, contracted for or brought into use by a company, which –

 

(a)     will mainly be used by that company in the Republic for the purposes of carrying on an industrial project of that company within the Republic; and

 

(b)     will qualify for a deduction in terms of section 12C(1)(a), 13 or 13 quat;

 

and includes any improvement to such building, plant or machinery.