Page 24 - SAIT Compendium 2016 Volume2

Tax holiday INCOME TAX ACT: REGULATIONS ANd NOTICES Tax holiday (4) The documents required in regulation 8(3) must be prepared in terms of GMP and certi ed by the same auditor
contemplated therein.
9 Short title
These Regulations shall be called the Tax Holiday Regulations.
TABLE 1
CALCULATION OF HUMAN RESOURCE REMUNERATION TO VALUE ADDED RATION Value added = Gross Operation Surplus + Total Human Resource Remuneration
For purpose of this table all accounting terminology referred to shall bear the meaning as assigned thereto in terms of GAAP
Part A
Gross Operating Surplus from manufacturing, marketing and selling of the approved qualifying product: Net pro t/loss before tax
Plus: Interest paid
— Internal (Members’ /Directors’ loans, loans from related companies)
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— External
Net pro t/loss before interest and tax
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Plus: Plus:
— Rent
— Royalties
— Other (specify)
Plus: Net capital losses — Loss on sale of assets — Goodwill amortisation — Other (specify)
Plus: Other expenses as de ned and discussed in Accounting Statements AC 103 and AC 307 (As issued by SAICA) (Specify)
..................................................................................... ..................................................................................... ..................................................................................... ..................................................................................... Minus: Interest received
— External
Depreciation (on all assets not only plant and machinery) Expenses related to property
— Internal
Minus: Total government subsidies/concessions/incentives received
— Regional Industrial Development Board (RIDB) — General Export Incetive Scheme (GEIS)
— Motor Industry Development Programme
— Other (Specify)
Minus: Income received related to property — Rent
— Royalties
— Other (Specify)
..................................................................................... ..................................................................................... ..................................................................................... Minus: Other investment/Sundry income (Specify) Minus: Net capital gains
— Other (Specify) ..................................................................................... ..................................................................................... Minus: Other income as de ned and discussed in Accounting Statements AC 103 and AC 307
(As issued by SAICA) (Specify)
— Pro t on sale of assets
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SAIT CompendIum oF TAx LegISLATIon VoLume 2