Aug 27, 2012
Key manufacturing incentive deadline draws nearBack
Components|Cova Advisory|Cova Advisory & Associates|Industrial|MCEP|Green Technology|Manufacturing|Duane Newman|Green Technology
© Reuse this
The incentive scheme, which was unveiled in the February Budget, was officially launched in May and the Department of Trade and Industry (DTI) began accepting applications from June 4.
The objective of the incentive is to promote enterprise competitiveness and job retention through a ‘production incentive’ and ‘industrial financing loan facilities’, both of which have various subcomponents.
Under the scheme, investments are generally only considered if applicants complete their submissions at least 60 calendar days prior to commencement, or commercial use, of the qualifying assets.
But the DTI has moved to accommodate capital investments and green technology upgrading initiatives that began producing between May 30, 2012 and July 30, 2012 – both components fall under transitional provisions established for the production incentive aspect of the scheme.
In these instances, the 60-day rule has been waived, but applicants need to make their submission before the end of the month, as from September 1, the MCEP will revert to its normal timeline for submission.
Through the capital investment component, the incentive offers a cost-sharing grant of between 30% and 50% of the investment value, up to a maximum of R50-million.
Under the green technology and resource efficiency incentive a cost-sharing grant of between 30% and 50% of the investment is available, payable on production up to a maximum of R50-million.
Newman suggests that those companies that believe they stand a chance of qualifying should either contact the DTI directly, or contact a consultant associated with the Incentives Consultants Association.
Edited by: Creamer Media Reporter© Reuse this Comment Guidelines (150 word limit)
Other Manufacturing News
Article contains comments
Engineering software specialist company Autodesk has implemented special prices, including rental options, to make its widely used engineering design and manufacturing software programs available to small business in Africa. The most significant reason why companies...
Evraz Group SA, a unit of Russia's largest steelmaker, Evraz, said on Monday it would repurchase up to $750-million of its notes due in 2015 to reduce its US dollar debt exposure. The early tender purchase price was set at $1 005 per $1 000 in principal amount of...
The month-long strike in the metal sector knocked back the third-quarter growth rate of the South African economy by more than half of what it could have been, the SA Reserve Bank (SARB) said on Monday. In its latest Quarterly Bulletin, the bank said the annualised...
Updated 3 hours ago The Labour Court in Johannesburg has set aside the 2011-2014 metal sector wage agreement, the National Employers' Association of SA (Neasa) said on Thursday. The 2011-2014 wage deal was the result of an agreement between the Steel and Engineering Industries...
Recent Research Reports
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
This Week's Magazine
South Africa remains an important manufacturing and export platform for Ford Motor Company, says executive chairperson Bill Ford. However, he adds that other countries on the continent are “becoming interesting”, and that the US carmaker is casting its net wider for...
Germany’s Max-Planck-Society (MPG) and the Max-Planck-Institute for Radio Astronomy (MPlfR) are investing €11-million (about R150-million) into South Africa’s MeerKAT radio telescope array programme. The money will be used to design, build and install S-band radio...
Infrastructure spend in sub-Saharan Africa will grow from $70-billion in 2013 to $180-billion by 2025, says PwC capital projects and infrastructure Africa leader Jonathan Cawood. This is one of the findings of PwC’s Capital Projects & Infrastructure report on East...
Private-owned defence and aerospace manufacturer Paramount Group and the Ichikowitz Family Foundation unveiled its Anti-Poaching Skills and K9 Training Academy in Magaliesburg last month.
The inclusion of Bluetooth to provide sub-three meter accuracy and heightened functionality for users is one of the ways to change existing wireless networks into engagement networks. An engagement network differs from common wireless networks in that it enables the...