Investment Incentives Order, 2001 · As enacted · Part XIV
108. 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 106 ought not to have been given to an eligible holding company by reason of the revocation under section 114 of a certificate issued to a venture company, a technology investment company or an overseas investment company, the Collector may, subject to section 62 of the Income Tax
Collector
"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
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 (or any of its shareholders).
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;
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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;