S.L. 325.6 Art. 18Maximum benefit for investment projects.

(1) The aggregate amount that a company may benefit from in respect of an investment project in terms of regulations 5,

8, and 9 and articles 6, 7, 24B and 24C of the Act shall not, where the company does not qualify as a small or medium-sized enterprise, exceed the higher of -

(a) 30% of the qualifying expenditure pertaining to that investment project; or

(b) 30% of the wage cost for the first twenty-four month period pertaining to individuals in respect of whom jobs were created as determined by regulation 5(7) to (11).

(2) The benefit referred to in sub-regulation (1) and in regulation 12 shall be the net benefit enjoyed by the company after deduction of any taxes payable by the company as a result of receiving any assistance under the said regulations and articles, and where the benefit is enjoyed by such company over a number of years the benefit shall be discounted to present value at a discount rate equivalent to the percentage referred to in regulation 5(12) and using such methods as shall be determined by the Corporation.

(3) In determining whether the provisions of this regulation and of regulation 12 are or have been satisfied, where the terms of any soft loan or interest rate subsidy granted in terms of regulations 8 or 9 are altered or an amount of any soft loan, or part thereof, is repaid before the due date (hereinafter collectively referred to as an "alteration"), if as a consequence of any such alteration -

(a) the amount which could have been claimed by a company in terms of article 7 of the Act or in terms of regulation 5 exceeds the amount actually claimed, the company shall be entitled to claim such additional amount, under that article or regulation, for the purpose of determining its chargeable income or tax payable, as the case may be, for the year of assessment, the tax return filing date of which next follows the date on which any such alteration is made;

(b) a company’s chargeable income or income tax payable for any year of assessment is in excess than that which it has declared in its income tax return or paid for that year of assessment, this fact shall not be considered as an omission for the purposes of the Income Tax Acts; and any tax which becomes payable as a consequence of any such alteration shall be deemed to be income tax payable for the year of assessment, the tax return filing date of which next follows the date on which any such alteration is made.