Economic Expansion Incentives (Relief from Income Tax) Act(CHAPTER 86)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Act to be construed as one with Income Tax Act
3 Interpretation
Part II PIONEER INDUSTRIES
4 Power and procedure for declaring an industry and a product a pioneer industry and a pioneer product
5 Application for and issue and amendment of pioneer certificate
6 Tax relief period of pioneer enterprise
7 Provisions governing old and new trade or business
8 Restrictions on trading before end of tax relief period
9 Power to give directions
10 Ascertainment of income in respect of old trade or business
11 Application of Part XVI of Income Tax Act
12 Comptroller to issue statement of income
13 Exemption from income tax
14 Certain dividends exempted from income tax
15 Carry forward of loss and allowance
Part III PIONEER SERVICE COMPANIES
16 Interpretation of this Part
17 Application for and issue and amendment of certificate for pioneer service company
18 Tax relief period of pioneer service company
19 Application of sections 7 to 15 to pioneer service company
Part IIIA POST-PIONEER COMPANIES
19A Interpretation of this Part
19B Application for and issue of certificate to post-pioneer company
19C Tax relief period of post-pioneer company
19D Ascertainment of income in respect of other trade or business
19E Deduction of losses
19F Certain dividends exempted from income tax
19G Power to give directions
19H Ascertainment of income in respect of qualifying activities
Part IIIB DEVELOPMENT AND EXPANSION INCENTIVE
19I Interpretation of this Part
19J Application for and issue of certificate to development and expansion company
19K Tax relief period of development and expansion company
19L Certain dividends exempted from income tax
19M Application of sections 19D, 19E, 19 G and 19H to development and expansion company
Part IV EXPANSION OF ESTABLISHED ENTERPRISES
20 Power and procedure for declaring an industry and a product an approved industry and an approved product
21 Issue of expansion certificate and amendment thereof
22 Tax relief period of expanding enterprise
23 Application of section 9 to expanding enterprise
24 Tax relief
25 Exemption from income tax of dividends from expanding enterprise
Part V EXPANDING SERVICE COMPANIES
26 Application for and issue and amendment of certificate for expanding service company
27 Tax relief period of expanding service company
28 Application of certain sections to expanding service company
Part VI PRODUCTION FOR EXPORT
29 Power to approve a product or produce as an export product or export produce
30 Application for and issue of export enterprise certificate
31 Amendment of export enterprise certificate
32 Tax relief period
33 Power to give directions
34 Application of Part XVI of Income Tax Act
35 Cognizance of export
36 Export to be in accordance with regulations and conditions
37 Computation of export profits
38 Conditions for relief
39 Tax relief on export profits
40 Dividends exempted
41 Power of entry into premises and taking of samples
42 No relanding of export product or export produce
43 Powers of search, seizure and arrest by officers of customs
44 Offence under other laws deemed to be an offence under this Act
Part VIA EXPORT OF SERVICES
44A Interpretation of this Part
44B Application for and issue of certificate to export service company or export service firm
44C Tax relief period of export service company or firm
44D Application of certain sections to export service company or firm
44E Ascertainment of income of export service company or firm
44F Comptroller to issue statement of income
44G Certification by auditor
44H Application of this Part to partnership
44I Deduction of allowances and losses
Part VII INTERNATIONAL TRADE INCENTIVES
45 Interpretation of this Part
46 International trading company
47 Tax relief period of international trading company
48 Power to give directions
49 Application of Part XVI of Income Tax Act
50 Ascertainment of income in respect of other trade or business
51 Computation of export income and exemption from tax
52 Conditions for relief
53 Certain dividends exempted from income tax
54 Recovery of tax exempted
55 Application of Parts XVII and XVIII of Income Tax Act
56 Application of certain sections to international trading company
Part VIII FOREIGN LOANS FOR PRODUCTIVE EQUIPMENT
57 Application for and issue of approved foreign loan certificate
58 Restriction on disposal of specified productive equipment
59 Exemption of approved foreign loan interest from tax
60 Exemption of additional interest on approved foreign loan from tax
Part IX ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONS
61 Application for and issue of approved royalties, fees or contributions certificate
62 Notice of variation of terms of agreement or arrangement
63 (Repealed)
64 Reduction of tax for approved royalties, fees or contributions
65 Exemption from tax where investment made in approved enterprise
Part X INVESTMENT ALLOWANCES
66 Interpretation of this Part
67 Capital expenditure investment allowance
68 Investment allowance
69 Crediting of investment allowance
70 Prohibition to sell, lease out or dispose of assets
71 Exemption from income tax
72 Certain dividends exempted from income tax
73 Recovery of tax exempted
74 Application of Parts XVII and XVIII of Income Tax Act
Part XI WAREHOUSING AND SERVICING INCENTIVES
75 Interpretation of this Part
76 Approved warehousing company or servicing company
77 Tax relief period of warehousing company or servicing company
78 Prohibition of acquisition without approval
79 Application of certain sections to warehousing company or servicing company
80 Application of Part XVI of Income Tax Act
81 Computation of export earnings and exemption from tax
82 Certain dividends exempted from income tax
83 Recovery of tax exempted
84 Application of Parts XVII and XVIII of Income Tax Act
Part XII INTERNATIONAL CONSULTANCY SERVICES
85 Interpretation of this Part
86 Approved consultancy company or consultancy firm
87 Tax relief period of consultancy company or consultancy firm
88 Application of certain sections to consultancy company or consultancy firm
89 Computation of eligible consultancy revenue and exemption from tax
90 Certain dividends exempted from income tax
91 Recovery of tax exempted
92 Application of Parts XVII and XVIII of Income Tax Act
Part XIII INVESTMENTS IN NEW TECHNOLOGY COMPANIES
93 Interpretation of this Part
94 Application for and issue of certificate to technology company
95 Deductions allowable to eligible holding company
96 Prohibition of other trade or business
97 Recovery of tax
Part XIIIA OVERSEAS INVESTMENT AND VENTURE CAPITAL INCENTIVES
97A Interpretation of this Part
97B Application for and issue of certificate to venture company
97C Application for and issue of certificate to technology investment company or overseas investment company
97D Deduction of losses allowable to eligible holding company or eligible individual
97E Prohibition of other trade or business
97F Recovery of tax
97G Deduction of losses incurred overseas by eligible investment company
Part XIIIB OVERSEAS ENTERPRISE INCENTIVE
97H Interpretation of this Part
97I Application for and issue of certificate to overseas enterprise
97J Tax relief period of overseas enterprise
97K Separate accounts for qualifying activity
97L Power to give directions
97M Qualifying income
97N Application of Part XVI of Income Tax Act
97O Statement of qualifying income
97P Exemption from income tax
97Q Certain dividends exempted from income tax
97R Certification of income by auditor
Part XIV MISCELLANEOUS PROVISIONS
98 Prohibition of publication of application and certificate
99 Revocation of certificate
100 Provisions of Income Tax Act not affected
101 Offences and penalties
102 Attempts or abetments
103 Conduct of prosecution
104 Composition of offences
105 Jurisdiction of court
106 Offences by companies and by employees and agents
107 Action of officers no offence
108 Regulations
Legislative History
Comparative Table