Transitional provisions
These are set out in subsections (2) to (4) of section 42 of the Finance Act, page 30. They provide for:
• Continuation of certain tax incentives enjoyed before 14th March 2018]; and
• An opportunity for businesses to revise indigenisation implementation plans already approved under SI 21/2010.
Existing Regulations and General Notices
It is not clear to what extent the Indigenisation and Economic Empowerment (General) Regulations, 2010, remain in force. The same goes for the plethora of general notices made under the Act. The responsible Minister should clarify this by amending or repealing the regulations and notices as soon as possible.
Who is the Responsible Minister?
It is also not clear which Minister will be responsible for the Act. No current Minister has the word “Indigenisation” in his or her title, and the new definition of “Minister” in the Act does not point to any particular Minister. The President should clarify the position as soon as possible by assigning the Act to one of his Ministers and publishing notice of the assignment.
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