Industrial Development (Income Tax Relief) Act

ARRANGEMENT OF SECTIONS

Pioneer conditions

SECTION

1.   Publication of list of pioneer industries and products and issuing of pioneer certificates.

1. Mode of application for pioneer certificate, etc., and fee payable.
2. Terms of pioneer certificate.
3. Amending of pioneer certiticate by adding additional pioneer product.
4. Provisions where pioneer certificate operates retrospectively.
5. Certifying the date of production day and the amount of qualifying capital expenditure, etc.
6. Cancellation of pioneer certificates.
7. Information.
8. Publication of pioneer certificate, etc.

Income tax relief

10.  Tax relief period.

11.     Provisions governing old and new trade or business.

1. Restrictions on trading prior to end of tax relief period, etc.
2. Power to direct in certain events.
3. Capital allowances and losses.
4. Returns of profits.
5. Profits exempted from income tax.
6. Exemption of certain dividends from income tax.
7. Restrictions on distribution of dividends and on the granting of loans.
8. Exclusion of small companies’ relief.
9. Provisions for plantation industry.

Miscellaneous and general

1. False information.
2. Offences by body corporate, etc.
3. Liability under undertaking enforceable notwithstanding proceedings.
4. Repeal, savings and transitional provisions.
5. Interpretation.
6. Short title.

INDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT

An Act to repeal and re-enact, with major changes, the Industrial Development (Income Tax Relief) Act and to make provision for tax relief for certain industries that may be issued with pioneer certificates by the Minister and other matters ancillary thereto.

[1971 No. 22.]

[1st April, 1970]

[Commencement.]

   Pioneer conditions

1. Publication of list of pioneer industries and products and issuing of pioneer cer- 
tificates