“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.