Investment Incentives Order, 2001 · s 11

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

11.
jl) The income of a pioneer enterprise in respect of its old trade or business shall be ascertained in accordance with the provisions of the Income Tax Act after making such adjustments as may be necessary in consequence of any direction given under section 10.
(2)
In determining the income of a pioneer enterprise referred to in subsection jl), the allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax Act shall be taken into account.
(3)
Where the tax relief period of a pioneer enterprise referred to in subsection lll expires during the basis period for any year of assessment, for the purpose of determining the income in respect of its old trade or business and its new trade or business for ,that year of assessment, there shall be deducted allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax
Act; and for the purpose of computing such allowances -
(a} the allowances for that year of assessment shall be computed as if the old trade or business of the pioneer enterprise had not been deemed to have permanently ceased at the end of the tax relief period; and
'
(b) the allowances computed in accordance with paragraph (a} shall be apportioned between the old trade or business and the new tra.de or business of the pioneer enterprise in such manner as appears to the
Collector to be reasonable in the circumstances.
(4)
Where in any year of assessment full effect cannot, by reason of an insufficiency of profits for that year of assessment, be given to the allowances mentioned in subsection (2), then the balance of the allowances shall be added to,
1312

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 11

jl) The income of a pioneer enterprise in respect of its old trade or business shall be ascertained in accordance with the provisions of the Income Tax Act after making such adjustments as may be necessary in consequence of any direction given under section 10.

(2)

In determining the income of a pioneer enterprise referred to in subsection jl), the allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax Act shall be taken into account.

(3)

Where the tax relief period of a pioneer enterprise referred to in subsection lll expires during the basis period for any year of assessment, for the purpose of determining the income in respect of its old trade or business and its new trade or business for ,that year of assessment, there shall be deducted allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax

Act; and for the purpose of computing such allowances -

(a} the allowances for that year of assessment shall be computed as if the old trade or business of the pioneer enterprise had not been deemed to have permanently ceased at the end of the tax relief period; and

(b)

the allowances computed in accordance with paragraph (a} shall be apportioned between the old trade or business and the new tra.de or business of the pioneer enterprise in such manner as appears to the

Collector to be reasonable in the circumstances.

(4)

Where in any year of assessment full effect cannot, by reason of an insufficiency of profits for that year of assessment, be given to the allowances mentioned in subsection (2), then the balance of the allowances shall be added to,

1312