PROCRASTINATION = TIME BOMB!

Procrastination can be a ticking time bomb!

What I mean is, if you do not get round to submitting your grant application, you will eventually find you have lost the opportunity to claim a grant just because you have not applied before the cut-off date.

This is especially true in respect of the grant on manufacturing, packhouses and tourism (EIP). The EIP stipulates that your application for a grant must be submitted at least three months before the start of commercial production.

If, for instance, you are currently busy building your new or expanded wine cellar and you plan to start pressing on about 20 February 2012, your application has to be submitted by not later than 20 November 2011. [Don't forget, it takes time to compile a grant application. Allow at least one month.].

Here are the cut-off dates for some of the more popular programs.

  • EIP (Manufacturing, pack houses and tourism) - 3 months ahead of start of production.
  • EMIA (export promotion, overseas exhibitions) - 2 months before date of departure.
  • FPI (Film production incentive) - Before the start of principle shooting.
  • PI (Textiles upgrade incentive) - not more than 15 months after the date of your annual financial statements.
  • BBSDP (Black owned businesses - to acquire assets and services) - Before you pay a deposit on items you require to be subsidised.
  • Section 12i (Tax allowance on investment in new or expansion projects) - Before you make any commitment whatsoever.
  • SPII (Incentive for development of new products) - Expenses incurred prior to application will not be subsidised.
  • (Incentive for Business Process Services) - Before the start of business.

How serious is DTI about these cut off dates?

Dead serious!

For example, in the case of the EIP, you might get approval by faking a production starting date, but when you submit your first claim, DTI requires your auditor to certify the date of start of production. Auditors take their work seriously. They will qualify their report and your promised DTI grant will stay just where it is: in the hands of the government treasury. Your dream of a grand bonus will be lost in the dust when your time bomb finally explodes.

So, take action before it's too late. Give us a call and we will break our necks to get your application in before the cut-off date.

Theo Meintjes

 

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