Clause 3

by deleting subsection (1) and substituting the following subsection:“(1) Where a pioneer enterprise has, during its tax relief period, incurred a loss for any year, that loss shall be deducted as provided for in section 37(2) of the Income Tax Act (Cap. 134) but only against the income of the pioneer enterprise as ascertained under section 10, except that the balance of any such loss which remains unabsorbed at the end of its tax relief period is available to the new trade or business in accordance with that Act.”; and

by inserting, immediately after the word “business” at the end of subsection (2), the words “in accordance with the Income Tax Act”.