Investment Incentives Order, 2001 · As enacted · Part VII
42. (1)
Official textFrom Attorney General's Chambers, unchanged
The tax relief period of an export enterprise shall -
[a} not being a pioneer enterprise, commence from its export year and shall continue for a period of 8 years inclusive of the export year;
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;
or
[bJ being a pioneer enterprise, commence on the first day of its export year or, if the export year falls within the period of its old trade or business, on the date of the commencement of its new trade or business, and shall continue for a period of 6 years and shall not in the aggregate exceed 11 years.
export year
"export year" means the year specified in the export enterprise certificate under subsection (2) of section 40 or section 41;
Notwithstanding subsection (1), where an export enterprise has incurred or is intending to incur a fixed capital expenditure of -
export enterprise
"export enterprise" means any company which has been approved by the Minister and to which an export certificate has been issued under section 40;
[aj not less than $50 million; or
{bj not less than $500,000 but less than $50 million and-
more than 40% of the paid-up capital of the export enterprise is held by citizens and persons to whom a Resident Permit has been granted under regulations made under the Immigration
Act (Chapter 17); and
in the opinion of the Minister the export enterprise will promote or enhance the economic or technological development of Brunei Darussalam, its tax relief period-
where the export enterprise is not a pioneer enterprise, shall commence from its export year and continue for a period of 15 ye'ars inclusive of the export year; or
where the export enterprise is a pioneer enterprise, shall commence from its export year or, if the export year falls within the period of its old trade or business, from the 1332
date of the commencement of its new trade or business, and continue for such period as together with its tax relief period as a pioneer enterprise will extend in the aggregate to 15 years.
The Minister may, where he is satisfied that it is expedient in the public interest to do so and subject to such terms and conditions as he may impose, extend the tax relief period of any export enterprise for such further period as he thinks fit.
Minister
"Minister" means the Minister charged with the responsibility for industrial development;
In subsection (2), "fixed capital expenditure" means capital expenditure which has been or is intended to be incurred by the export enterprise, in connection with its export product, on its factory building (excluding land) in
fixed capital expenditure
"fixed capital expenditure" means capital expenditure to be incurred on any building (excluding land) and on any new productive equipment (and, subject to the approval of the Minister, on any secondhand productive equipment) to be used in Brunei Darussalam;
Brunei Darussalam, and on any new plant or new machinery used in Brunei
Darussalam and, subject to the approval of the Minister, on any secondhand plant or secondhand machinery used in Brunei Darussalam.
Power to give directions.
Terms defined in this Act
export enterprise
Defined · s 3"export enterprise" means any company which has been approved by the Minister and to which an export certificate has been issued under section 40;
export product
Defined · s 3"export product" means a product approved under section 39 as export product;
export year
Defined · s 3"export year" means the year specified in the export enterprise certificate under subsection (2) of section 40 or section 41;
fixed capital expenditure
Defined · s 88"fixed capital expenditure" means capital expenditure to be incurred on any building (excluding land) and on any new productive equipment (and, subject to the approval of the Minister, on any secondhand productive equipment) to be used in Brunei Darussalam;
Minister
Defined · s 3"Minister" means the Minister charged with the responsibility for industrial development;
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 VIII
Part IX
International Trade Incentives
Part X
Foreign Loans for Productive Equipment
Part XI
Investment Allowances
Part XII
Part XIII