Due to a special tax allowance of R458m, equating to a tax saving of R128m over a period of four years.

(Reuters) - South Africa's No.2 drug maker, Adcock Ingram, expects to save about 128 million rand on tax over four years owing to a special tax allowance, it said on Friday.

Adcock, which sells painkillers such as Panado and flu remedy Corenza Para-C, said in a statement it would qualify for a special tax allowance of 458 million rand, equating to a tax saving, at current tax rates, of 128 million rand over a period of four years.

The company said it has embarked on an approved capital expenditure for its pharmaceuticals division and would make its first claim under the special dispensation for the tax year to end September 2009.

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