Investment Incentives Order, 2001 · s 22

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22. ! 1)
Any company which is -
fa} a pioneer company on or after 1st. May, 1975;
(b) a pioneer enterprise or a pioneer service company;
(c) an export enterprise which had been a pioneer enterprise immediately before its tax relief period as an export enterprise, may apply in the prescribed form to the Minister for approval as a post-pioneer company.
!2)
The Minister may, if he considers it expedient in the public interest to do so, approve the application and issue the company with a certificate subject to such terms and conditions as he may impose.
!3)
Every certificate issued to a post-pioneer company under this section shall specify -
fa} a date as the commencement day from which the company shall be entitled to tax relief under this Part;
(b) its qualifying activities; and
(c) the concessionary rate. of tax to be levied for the purposes of this
Part.
(4)
The Minister may, in his discretion, upon an application of a post-pioneer company, amend its certificate by substituting for the commencement day specified therein such other date as he thinks fit and thereupon the provisions of this Part shall have effect as if that date were the commencement day in relation to that certificate.
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(5)
Notwithstanding section 35 of the Income Tax Act, tax at such concessionary rate, not being less than 10% as the Minister may specify, shall be levied and paid for each year of assessment upon the income derived by a post-pioneer company during its tax relief period from its qualifying activities.
Tax relief period of post-pioneer company.

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s 22! 1)

Any company which is -

fa} a pioneer company on or after 1st. May, 1975;

(b)

a pioneer enterprise or a pioneer service company;

(c)

an export enterprise which had been a pioneer enterprise immediately before its tax relief period as an export enterprise, may apply in the prescribed form to the Minister for approval as a post-pioneer company.

!2)

The Minister may, if he considers it expedient in the public interest to do so, approve the application and issue the company with a certificate subject to such terms and conditions as he may impose.

!3)

Every certificate issued to a post-pioneer company under this section shall specify -

fa} a date as the commencement day from which the company shall be entitled to tax relief under this Part;

(b)

its qualifying activities; and

(c)

the concessionary rate. of tax to be levied for the purposes of this

Part.

(4)

The Minister may, in his discretion, upon an application of a post-pioneer company, amend its certificate by substituting for the commencement day specified therein such other date as he thinks fit and thereupon the provisions of this Part shall have effect as if that date were the commencement day in relation to that certificate.

1318

(5)

Notwithstanding section 35 of the Income Tax Act, tax at such concessionary rate, not being less than 10% as the Minister may specify, shall be levied and paid for each year of assessment upon the income derived by a post-pioneer company during its tax relief period from its qualifying activities.

Tax relief period of post-pioneer company.