Investment Incentives Order, 2001 · s 42

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42.
( 1)
The tax relief period of an export enterprise shall -
[a} not being a pioneer enterprise, commence from its export year and shall continue for a period of 8 years inclusive of the export year;
or
[bJ being a pioneer enterprise, commence on the first day of its export year or, if the export year falls within the period of its old trade or business, on the date of the commencement of its new trade or business, and shall continue for a period of 6 years and shall not in the aggregate exceed 11 years.
(2)
Notwithstanding subsection (1), where an export enterprise has incurred or is intending to incur a fixed capital expenditure of -
[aj not less than $50 million; or
{bj not less than $500,000 but less than $50 million and-
(i)
more than 40% of the paid-up capital of the export enterprise is held by citizens and persons to whom a Resident Permit has been granted under regulations made under the Immigration
Act (Chapter 17); and
(ii)
in the opinion of the Minister the export enterprise will promote or enhance the economic or technological development of Brunei Darussalam, its tax relief period-
(A)
where the export enterprise is not a pioneer enterprise, shall commence from its export year and continue for a period of 15 ye'ars inclusive of the export year; or
(B)
where the export enterprise is a pioneer enterprise, shall commence from its export year or, if the export year falls within the period of its old trade or business, from the 1332
date of the commencement of its new trade or business, and continue for such period as together with its tax relief period as a pioneer enterprise will extend in the aggregate to 15 years.
(3)
The Minister may, where he is satisfied that it is expedient in the public interest to do so and subject to such terms and conditions as he may impose, extend the tax relief period of any export enterprise for such further period as he thinks fit.
(4)
In subsection (2), "fixed capital expenditure" means capital expenditure which has been or is intended to be incurred by the export enterprise, in connection with its export product, on its factory building (excluding land) in
Brunei Darussalam, and on any new plant or new machinery used in Brunei
Darussalam and, subject to the approval of the Minister, on any secondhand plant or secondhand machinery used in Brunei Darussalam.
Power to give directions.

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s 42( 1)

The tax relief period of an export enterprise shall -

[a} not being a pioneer enterprise, commence from its export year and shall continue for a period of 8 years inclusive of the export year;

[bJ being a pioneer enterprise, commence on the first day of its export year or, if the export year falls within the period of its old trade or business, on the date of the commencement of its new trade or business, and shall continue for a period of 6 years and shall not in the aggregate exceed 11 years.

(2)

Notwithstanding subsection (1), where an export enterprise has incurred or is intending to incur a fixed capital expenditure of -

[aj not less than $50 million; or

{bj not less than $500,000 but less than $50 million and-

(i)

more than 40% of the paid-up capital of the export enterprise is held by citizens and persons to whom a Resident Permit has been granted under regulations made under the Immigration

Act (Chapter 17); and

(ii)

in the opinion of the Minister the export enterprise will promote or enhance the economic or technological development of Brunei Darussalam, its tax relief period-

(A)

where the export enterprise is not a pioneer enterprise, shall commence from its export year and continue for a period of 15 ye'ars inclusive of the export year; or

(B)

where the export enterprise is a pioneer enterprise, shall commence from its export year or, if the export year falls within the period of its old trade or business, from the 1332

date of the commencement of its new trade or business, and continue for such period as together with its tax relief period as a pioneer enterprise will extend in the aggregate to 15 years.

(3)

The Minister may, where he is satisfied that it is expedient in the public interest to do so and subject to such terms and conditions as he may impose, extend the tax relief period of any export enterprise for such further period as he thinks fit.

(4)

In subsection (2), "fixed capital expenditure" means capital expenditure which has been or is intended to be incurred by the export enterprise, in connection with its export product, on its factory building (excluding land) in

Brunei Darussalam, and on any new plant or new machinery used in Brunei

Darussalam and, subject to the approval of the Minister, on any secondhand plant or secondhand machinery used in Brunei Darussalam.

Power to give directions.