Investment Incentives Act · s 7

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7. (1)
To prevent hardship in the case of any company, an order or pioneer certificate made or given under section 3 or 5 or any amendment of a pioneer certificate under section 6 may provide that it shall be operative retrospectively from a date not earlier than 1st January 1974.
(2)
Where by virtue of this section a pioneer certificate is to be operative retrospectively from a date before it was given —
(a)
any act or thing which has been done or which has happened for the purposes of the Income Tax Act since that date and which would not have been done or happened if that certificate had been in force at that date shall whenever necessary for the purposes of this and the
Income Tax Act be treated as not having been done or not having happened;
(b)
if the act consists of the payment of any tax by a pioneer company, that tax shall be repaid in the manner provided in the Income Tax Act as soon as may be after the expiration of 90 days from the production day of that company.
Notification of commence-ment of construction of pioneer factory.

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s 7

(1)

To prevent hardship in the case of any company, an order or pioneer certificate made or given under section 3 or 5 or any amendment of a pioneer certificate under section 6 may provide that it shall be operative retrospectively from a date not earlier than 1st January 1974.

(2)

Where by virtue of this section a pioneer certificate is to be operative retrospectively from a date before it was given —

(a)

any act or thing which has been done or which has happened for the purposes of the Income Tax Act since that date and which would not have been done or happened if that certificate had been in force at that date shall whenever necessary for the purposes of this and the

Income Tax Act be treated as not having been done or not having happened;

(b)

if the act consists of the payment of any tax by a pioneer company, that tax shall be repaid in the manner provided in the Income Tax Act as soon as may be after the expiration of 90 days from the production day of that company.

Notification of commence-ment of construction of pioneer factory.