Economic Expansion Incentives (Relief from Income Tax) Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Construction
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 Power to issue and amend a pioneer certificate
6 Tax relief period
7 Provisions governing old and new trade or business
8 Restrictions on trading prior to end of tax relief period
9 Power to give directions
10 Capital allowances
11 Application of Part X of the Income Tax Ordinance
12 Computation of income during tax relief period
13 Exemption from income tax
14 Certain dividends exempted from income tax
15 Carry forward of loss incurred in tax relief period
Part III EXPANSION OF ESTABLISHED ENTERPRISES
16 Power and procedure for declaring an industry and a product an approved industry and an approved product
17 Issue of expansion certificate and amendment thereof
18 Tax relief period
19 Tax relief
Part IV PRODUCTION FOR EXPORT
20 Power to approve a product or produce as an export product or export produce
21 Procedure and power for applying for and issuing an export enterprise certificate
22 Amendment of export enterprise certificate
23 Tax relief period
24 Power to give directions
25 Application of Part X of the Income Tax Ordinance
26 Cognizance of export
27 Export to be in accordance with regulations and conditions
28 Computation of export profits
29 Conditions for relief
30 Tax relief on export profits
31 Dividends exempted
32 Power of entry into premises and taking of samples
33 No re-landing of export product or export produce
34 Powers of search, seizure and arrest by officers of customs
35 Offence under other laws deemed to be an offence under this Act
Part V FOREIGN LOANS FOR PRODUCTIVE EQUIPMENT
36 Procedure and power for applying for and issuing an approved foreign loan certificate
37 Restriction on disposal of specified productive equipment
38 Exemption of approved foreign loan interest from tax
39 Exemption of additional interest on approved foreign loan from tax
Part VI ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONS
40 Procedure and power for applying for and issuing an approved royalties, fees or contributions certificate
41 Notice of variation of terms of agreement
42 Relief conditional on no increase in foreign tax
43 Reduction of, or exemption from, tax
44 Exemption from tax where investment made in approved enterprise
Part VII MISCELLANEOUS PROVISIONS
45 Prohibition of publication of application and certificate
46 Revocation of certificate
47 Provisions of Income Tax Ordinance not affected
48 Offences and penalties
49 Attempts or abetments
50 Conduct of prosecution
51 Compounding of offence
52 Jurisdiction
53 Offences by companies and by servants and agents
54 Action of officers no offence
55 Regulations
Part VIII REPEAL AND TRANSITIONAL
56 Repeal and transitional
Explanatory Statement
Expenditure of Public Money