Investment Incentives Order, 2001 · As enacted · Part XIII · Investments in New Technology Companies
102. Recovery of tax
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding anything in this Part, where it appears to the Collector that any deduction under section 100 ought not to have been given to an eligible holding company by reason of any direction under subsection (8) of section 100 or the revocation under section 114 of a certificate issued to a technology company, the Collector may, subject to section 62 of the Income Tax Act, make such assessment or additional assessment upon the eligible holding company or any of its shareholders as may be necessary in order to recover any tax which should have been payable by the eligible holding company.
Collector
"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
Terms defined in this Act
Collector
Defined · s 3"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
eligible holding company
Defined · s 98"eligible holding company", in relation to a technology company, means a company incorporated in Brunei Darussalam - {a} which is resident in Brunei Darussalam; {b} which holds shares in the technology company; and {c} in respect of which not less than 30o/o of the paid-up capital is beneficially owned by citizens or person~ to whom a Resident Permit has been granted under regulations made under the Immigration Act throughout the whole of the qualifying period of the technology company, unless the Minister otherwise decides;
technology company
Defined · s 98"technology company" means a company approved as a technology company under subsection (2) of section 99. Application for and issue of certificate to technology company.