High-tech companies are defined as companies engaged in promoted activities or in the production of promoted products in the areas of new and emerging technologies. High-tech companies are eligible for the following incentives:
• Pioneer Status with full tax exemption at statutory income for a period of five years or
• Investment Tax Allowance of 60% on qualifying capital expenditure incurred within a period of five years. The allowance can be offset against the statutory income for each assessment year without 100% of the high-tech company must meet the following criteria:
• Local research and development (R & D) expenditure to gross sales must be at least 1% on an annual basis. However, the companies will have a period of three years from the date of operation / of an activity to meet this requirement
• The percentage of graduates in science and technology to the total workforce should be at least 7%