Investment Incentives Order, 2001 · s 8

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8.
Provisions governing old and new trade or business
For the purposes of the Income Tax Act (Chapter 35) and this Order -
(a) the old trade or business of a pioneer enterprise shall be deemed to have permanently ceased at the end of its tax relief period;
(b)
the pioneer enterprise shall be deemed to have set up and commenced a new trade or business on the day immediately following the end of its tax relief period;
(c) the pioneer enterprise shall make up accounts of its old trade or business for a period not exceeding one year, commencing on its production day, for .successive periods of one year thereafter and for the period not exceed(ng one year ending at the date when its tax relief period ends; and
(d)
in making up the fi.rst accounts of its new trade or business the pioneer enterprise shall take as the opening fi.gures for those accounts the closing fi.gures in respect of its assets and liabilities as shown in its last accounts in respect of its tax relief period, and its next accounts of its new trade or business shall be made up by reference to the closing fi.gures in such fi.rst accounts an any subsequent accounts shall be similarly made up by reference to the closing fi.gures of the preceding accounts of its new trade or business.
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s 8Provisions governing old and new trade or business

For the purposes of the Income Tax Act (Chapter 35) and this Order -

(a)

the old trade or business of a pioneer enterprise shall be deemed to have permanently ceased at the end of its tax relief period;

(b)

the pioneer enterprise shall be deemed to have set up and commenced a new trade or business on the day immediately following the end of its tax relief period;

(c)

the pioneer enterprise shall make up accounts of its old trade or business for a period not exceeding one year, commencing on its production day, for .successive periods of one year thereafter and for the period not exceed(ng one year ending at the date when its tax relief period ends; and

(d)

in making up the fi.rst accounts of its new trade or business the pioneer enterprise shall take as the opening fi.gures for those accounts the closing fi.gures in respect of its assets and liabilities as shown in its last accounts in respect of its tax relief period, and its next accounts of its new trade or business shall be made up by reference to the closing fi.gures in such fi.rst accounts an any subsequent accounts shall be similarly made up by reference to the closing fi.gures of the preceding accounts of its new trade or business.

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