Eversheds Sutherland team hosts Hamish Erskine, CEO of Dube TradePort in discussion with clients and large tech companies in Durban
27 May 2019
The Eversheds Sutherland team had the pleasure of hosting Hamish Erskine, CEO of Dube TradePort, in a discussion with various clients and large tech companies operating in the Durban area. The dialogue centred around the Dube TradePort Special Economic Zone becoming the next generation business hub, by creating a new urban industrial workspace. Dube TradePort exists to accommodate a wide range of tenants from various economic sectors, including logistics, warehousing, manufacturing and distribution, freight forwarding, consolidators, integrators, high-tech industries, textiles, pharmaceuticals, electronics, exporters and the like.
The Dube TradePort Special Economic Zone is a creature of statute with its implementation geared towards providing a support measure to accelerate growth, revenue generation, job creation, the attraction of foreign direct investment and international competitiveness of the South African economy. Qualifying companies located within the Dube TradePort Special Economic Zone are eligible to access preferential benefits which include –
- reduced corporate income tax at the rate of 15% instead of the current 28% rate;
- an accelerated depreciation allowance of 10% on the cost of any new and unused buildings or improvement owned by the qualifying company;
- employment tax incentives for low salary workers;
- Customs Controlled Area (CCA): import duty rebates for production-related and exported products, and VAT exemptions under specific conditions for supplies procured in South Africa;
- enhanced 12i Tax Incentive: designed to support greenfield investments, as well as brownfield investments; and
- other Government tax incentives.
The discussion was insightful and fruitful, especially for businesses that are intent on capitalising on the various tax incentives provided when it meets the criteria and operates within the Dube TradePort Special Economic Zone.
If you require a more in-depth analysis or legal advice on the legal framework behind the eligibility to join Dube TradePort Special Economic Zone and the preferential benefits deriving from operating within the Special Economic Zone, please do not hesitate to contact us.
Contact: Mavi Maphumulo – Candidate Attorney, Corporate and Commercial, [email protected], +27(0)31 940 0501(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)