20. Computation of income during tax relief period

(1)

The income of a pioneer company for each accounting period of its old business shall be computed in accordance with the Income Tax Act by —

(a)

treating each such accounting period as the basis period for the year of assessment which includes the last day of the accounting period in question;

(b)

ascertaining the income in question as if it were the adjusted income from the old business for that basis period.

(2)

The amount of the income of a company ascertained under subsection (1) shall be subject to any condition which may be specified in the company's pioneer certificate under section 5(2).

(3)

Where an amount is found under subsection (1) or, as the case may be, under subsections (1) and (2) in relation to a pioneer company, the Collector shall cause to be served on the company a statement showing the amount in question.

(4)

For the purposes of sections 65 and 68 of the

Income Tax Act, a statement served under subsection (3) shall be deemed to be a notice of assessment served under the Income

Tax Act.

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Part III

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Part IV

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Part V

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Part VI

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