Investment Incentives Act · s 32

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s 32Exemption of additional interest on approved foreign loan from tax

(1)

Subject to subsection (2), section 31 shall apply to any additional interest payable on an approved foreign loan by reason of any arrangement whereby the period within which such loan must be repaid in full has been extended:

Provided that the rate of interest payable in respect of any such extended period shall not, without the prior sanction of the

Board, be higher than the rate of interest specified in the certificate relating to the approved foreign loan.

(2)

Any company making any such arrangement shall give notice thereof in writing to the Board within 30 days from the date on which such arrangement has been made.