High Tech Industry
High tech related business are characterised as engaging in promoted operations or in the manufacture of promoted goods.
High technology businesses can apply for the following incentives:
- Pioneer Status with full tax exemption at statutory income level for a period of five years
- Investment Tax Allowance of 60% on qualifying capital expenditure incurred within a period of five years
A high tech firm is required to meet the following criteria:
- Local research and development expenditure to gross sales should be at least 1% on a yearly basis. Businesses are allowed, however, a time of three years from the start-date of operation to oblige this necessity
- The amount of science and technical graduates to the labour force should be at least 7%