South Africa's trade and industry ministry approves MHCV-Automotive Investment Scheme guidelines
Aim to stimulate investment in the production of medium and heavy commercial vehicles
South Africa's trade and industry minister, Rob Davies, has approved the new Medium and Heavy Commercial Vehicles- Automotive Investment Scheme (MHCV-AIS) guidelines in the country, reports South African Government News Agency. The MHCV-AIS provides a non-taxable cash grant of 20% of the value of a qualifying investment in productive assets by MHCV manufacturers and 25% of the value of a qualifying investment in productive assets by components manufacturers and tooling companies for MHCVs, as approved by the Department of Trade and Industry. An additional non-taxable cash grant of 5% of the value of an investment in productive assets may be available to projects that meet two of the following economic benefit criteria: tooling, research and development, employment creation, strengthening of the automotive supply chain and value addition and empowerment.
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