Clause 10

The income of a pioneer enterprise in respect of its old trade or business, falling to be ascertained in accordance with the provisions of the Income Tax Ordinance (Cap. 166) for any accounting period, shall be so ascertained (after making any necessary adjustments in consequence of a direction under section 9 of this Act) without making any deductions which might otherwise fall to be made under any of the provisions contained in sections 16, 17, 18, 19, 19A, 20, 21 and 22 of the Income Tax Ordinance.

Notwithstanding subsection (1) of this section, where an asset is used for the purposes of the new trade or business of a pioneer enterprise, any capital expenditure incurred by the pioneer enterprise in respect of such asset within its tax relief period shall, for the purposes of sections 16, 17, 18, 19, 19A, 20, 21 and 22 of the Income Tax Ordinance, be deemed to have been incurred on the day immediately following the last day of its tax relief period:Provided that where a pioneer enterprise is the holder of two pioneer certificates in respect of different periods of time and capital expenditure has been incurred in respect of any industrial building, plant or machinery which is jointly used in carrying on the trade or business of the two pioneer industries, no deduction shall be made in respect of such expenditure under any of the provisions contained in sections 16, 17, 18, 19, 19A, 20, 21 and 22 of the Income Tax Ordinance until after the expiration of the tax relief period which is later in time.