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South Africa Launches Investment Incentives,
by Robert Lee, Tax-News.com, London
Friday, July 11, 2008
South African Trade and Industry Minister, Mandisi Mpahlwa, has announced details
of new investment incentives at the launch of the Enterprise Investment Programme
(EIP) in Pretoria.
The new incentives, details of which were disclosed by Mpahlwa on 4th July,
are targeted at stimulating growth, employment and broadening participation,
and will be introduced later this month.
The EIP will initially comprise of the Manufacturing Investment Programme
and the Tourism Support Programme. The programme will be accessible to both
local and foreign owned entities wishing to locate their operations in South
Africa.
Speaking at the function, Mpahlwa explained that the EIP provides an investment
grant of between 15% and 30% towards qualifying investment in plant, machinery
and equipment and customised vehicles required for establishing new or expanding
existing production facilities or upgrading production capability in existing
clothing and textiles operations.
According to the minister, a separate selection criterion has been developed
to ensure that support for tourism projects achieves objectives for employment
creation and promotes tourism enterprise activities in new areas outside the
areas that already have an established tourism industry.
Cape Town, Johannesburg and Ethekwini metropolitan areas for example, are
not prioritised for tourism incentive support, as they already have a critical
mass of tourism product. However, projects locating in marginalised areas within
these metropolitan areas will be eligible to apply.
The introduction of the Enterprise Investment Programme (EIP) is part of an
implementation plan arising from the broader incentives review process, which
includes modifying certain incentives, benchmarking the incentive practices
in other economies, as well as the introduction of new incentives to promote investment,
growth and employment creation.
The EIP is aligned to the National Industrial Policy Framework (NIPF), which
was approved by Cabinet last year.
Consultation workshops on the EIP were also held to ensure policy coherence
with the activities of provincial economic development departments and their
investment agencies; the Industrial Development Corporation (IDC), National
Empowerment Fund (NEF), Khula; as well as commercial banks, entrepreneurs and
various industry associations and export councils.
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