Investment Incentives Order, 2001 · As enacted · Part IV
31. 11)
Official textFrom Attorney General's Chambers, unchanged
Any company intending to incur new capital expenditure for the purpose of the manufacture or increased manufacture of an approved product may
company
"company" means any company incorporated or registered in accordance with the provisions of any written law relating to companies; 1307 26th.
{a)
where the expenditure exceeds $1 million; or
where the expenditure is less than $1 million but exceeds
$500,000, and will result in an increase of not less than 30% in value at the original cost of all the productive equipment of the company, make an application in writing to the Minister to be approved as an expanding enterprise, in such form and with such particulars as may be prescribed.
productive equipment
"productive equipment" means machinery or plant which would normally qualify for deduction under sections 16, 17 and 18 of the Income Tax Act;
Where the Minister is satisfied that it is expedient in the public interest to do so, he may approve that company as an expanding enterprise and issue an expansion certificate to the company, subject to such terms and conditions as he
Minister
"Minister" means the Minister charged with the responsibility for industrial development;
"
thinks fit.
In this Part, "new capital expenditure" means expenditure incurred by a company in the purchase of productive equipment which is intended to increase its production or profitability.
Any expenditure incurred in the purchase of productive equipment which is not new shall be deemed not to be new capital expenditure unless it is proved to the satisfaction of the Minister that -
1325
{a)
the purchase of the productive equipment is economically justifiable; and
{b)
the purchase price represents a fair open market value of the productive equipment.
Every expansion certificate issued under this section shall specify the date on or before which the productive equipment shall be put into operation and that date shall be deemed to be the expansion day for the purpose of this Part.
expansion certificate
"expansion certificate" means an expansion certificate issued under section 31;
The Minister may, in his discretion, upon the application of any
"
expanding enterprise, amend its expansion certificate by substituting for the expansion day specified therein such earlier or later date as he thinks fit and thereupon the provisions of this Part shall have effect as if the date so substituted were the expansion day in relation to that expanding enterprise.
expanding enterprise
"expanding enterprise" means any company which has been approved by the Minister and to which an expansion certificate has been issued under section 31;
Tax relief period of expanding enterprise.
Terms defined in s 3
approved product
Defined · s 3"approved product" means a product declared under section 30 to be an approved product;
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.
expanding enterprise
Defined · s 3"expanding enterprise" means any company which has been approved by the Minister and to which an expansion certificate has been issued under section 31;
expansion certificate
Defined · s 3"expansion certificate" means an expansion certificate issued under section 31;
expansion day
Defined · s 3"expansion day", in relation to an expanding enterprise, means the date specified in its expansion certificate under subsection (4) or !5) of section 31;
manufacture
Defined · s 3"manufacture", in relation to a product, includes any process or method used in making or developing the product;
Minister
Defined · s 3"Minister" means the Minister charged with the responsibility for industrial development;
productive equipment
Defined · s 3"productive equipment" means machinery or plant which would normally qualify for deduction under sections 16, 17 and 18 of the Income Tax Act;
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