Investment Incentives Order, 2001 · As enacted · Part XIV
106. J
Official textFrom Attorney General's Chambers, unchanged
Where any eligible holding company has incurred any loss arising from-
eligible holding company
"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;
(a} the sale of shares held by it in a venture company; or
company
"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
the liquidation of a venture company, the loss shall be allowed as a deduction against the statutory income of the company in accordance with subsection 2 of section 30 of the Income Tax Act as if the loss were incurred from a trade or business carried on by it.
l2l Where any eligible holding company has incurred any loss arising from-
(a} the sale of shares held by it in a technology investment company or
technology investment company
"technology investment company" means a company approved as a technology investment company under subsection !2) of section 105; 11Venture company" means a company approved as a venture company under subsection (2) of section 104;
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an overseas mvestment company; or
the liquidation of a technology investment company or an overseas investment company, the loss shall be allowed as a deduction against its statutory income in accordance with subsection (2) of section 30 of the Income Tax Act as if the loss were incurred from a trade or business carried on by it.
overseas investment company
"overseas investment company" means a company approved as an overseas investment company under subsection j4} of section 105;
Notwithstanding subsections Ill and (2), no deduction shall be allowed in respect of any loss referred to in those subsection if -
(a} the shares in respect of which the loss was incurred were held by an eligible holding company in a venture company, or by an eligible holding company in a technology investment company or in an overseas investment company, for a period of less than 1366
3 years from the date of issue of the shares, unless the loss was incurred as a result of the liquidation of the venture company, technology investment company or overseas investment company;
or
{b) the sale of shares or liquidation occurred after 8 years from the date of approval under this Part of the venture company, technology investment company or overseas investment company.
For the purposes of subsections (1) and (2), the loss shall be the excess of the purchase price of the shares -
over the proceeds from the sale; and where the open market value at the date of the sale (or the value of net asset backing as determined by the Collector in the case of a company not quoted on any stock exchange) of the shares is greater than the sale proceeds, that value shall be deemed to be the proceeds from the sale; or
.~
over the proceeds from the liquidation, as the case may be.
Terms defined in this Act
Collector
Defined · s 3"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
company
Defined · s 3"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
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;
overseas investment company
Defined · s 103"overseas investment company" means a company approved as an overseas investment company under subsection j4} of section 105;
technology investment company
Defined · s 103"technology investment company" means a company approved as a technology investment company under subsection !2) of section 105; 11Venture company" means a company approved as a venture company under subsection (2) of section 104;