Investment Incentives Order, 2001 · As enacted · Part II
Section 11
Official textFrom Attorney General's Chambers, unchanged
jl) The income of a pioneer enterprise in respect of its old trade or business shall be ascertained in accordance with the provisions of the Income Tax Act after making such adjustments as may be necessary in consequence of any direction given under section 10.
pioneer enterprise
"pioneer enterprise" means any company which has been approved by the Minister and to which a pioneer certificate has been issued under section 5;
In determining the income of a pioneer enterprise referred to in subsection jl), the allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax Act shall be taken into account.
Where the tax relief period of a pioneer enterprise referred to in subsection lll expires during the basis period for any year of assessment, for the purpose of determining the income in respect of its old trade or business and its new trade or business for ,that year of assessment, there shall be deducted allowances provided for in sections 13, 14, 15, 16, 17 and 18 of the Income Tax
old trade or business
"old trade or business" means the trade or business of a pioneer enterprise carried on by it during its tax relief period in accordance with section 8, and which either ceases within or is deemed, under that section, to cease at the end of that period;
Act; and for the purpose of computing such allowances -
(a} the allowances for that year of assessment shall be computed as if the old trade or business of the pioneer enterprise had not been deemed to have permanently ceased at the end of the tax relief period; and
'
the allowances computed in accordance with paragraph (a} shall be apportioned between the old trade or business and the new tra.de or business of the pioneer enterprise in such manner as appears to the
Collector to be reasonable in the circumstances.
Where in any year of assessment full effect cannot, by reason of an insufficiency of profits for that year of assessment, be given to the allowances mentioned in subsection (2), then the balance of the allowances shall be added to,
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Terms defined in s 3
Collector
Defined · s 3"Collector" means the Collector of Income Tax appointed under the Income Tax Act;
new trade or business
Defined · s 3"new trade or business" means the trade or business of a pioneer enterprise deemed under section 8 to have been set up and commenced on the day following the end of its tax relief period;
old trade or business
Defined · s 3"old trade or business" means the trade or business of a pioneer enterprise carried on by it during its tax relief period in accordance with section 8, and which either ceases within or is deemed, under that section, to cease at the end of that period;
pioneer enterprise
Defined · s 3"pioneer enterprise" means any company which has been approved by the Minister and to which a pioneer certificate has been issued under section 5;
Part III
Part IV
Part VI
Part VII
Part VIII
Part IX
International Trade Incentives
Part X
Foreign Loans for Productive Equipment
Part XI
Investment Allowances
Part XII
Part XIII