The South African Revenue Service has issued an updated Interpretation Note 86 (Issue 3) regarding additional investment and training allowances for industrial policy projects. Interpretation Note 86 provides guidance on the interpretation and application of section 12I the Income Tax Act 1962, which provides for the deduction of additional investment and training allowances from the income of a company carrying on an industrial project which qualifies as an "industrial policy project". A company approved as an industrial policy project may, in addition to any other deductions that may be allowable under the Act, deduct an additional investment allowance equal to:...