In forceAmended2020 Revised Edition

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Economic Expansion Incentives (Relief from Income Tax) Act 1967 · 2020 Revised Edition · Part 5 · Transfer of Awards

32. Certificate for transferred awards

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Amended

Last amended by an amending law of 2020.

(1)

A certificate issued to a transferee company under section 31(6)(f) must specify —

(a)

in the case of a pioneer industry award —

(i)

the subject product; and

(ii)

the production day mentioned in section 31(6)(c);

(b)

in the case of a pioneer service award —

(i)

the subject activity; and

(ii)

the Part 3 commencement day mentioned in section 31(6)(c); or

(c)

in the case of a development and expansion award —

(i)

the subject activity;

(ii)

the Part 4 commencement day mentioned in section 31(6)(c); and

(iii)

the concessionary rate of tax to be levied for the subject activity.

(2)

Where the Minister approves an application under section 31(1) involving 2 or more pioneer products, 2 or more Part 3 qualifying activities or 2 or more Part 4 qualifying activities (as the case may be), the Minister may issue a single certificate to the transferee company in respect of those pioneer products, Part 3 qualifying activities or Part 4 qualifying activities if —

(a)

the tax relief periods of the transferee company for all the pioneer products, Part 3 qualifying activities or Part 4 qualifying activities (as the case may be) expire on the same day; and

(b)

the Minister is satisfied that the transferee company is producing or will produce all the pioneer products, or is engaging in or will engage in all the Part 3 qualifying activities or Part 4 qualifying activities, as part of the same project.

(3)

A certificate issued to a transferee company under section 31(6)(f) is treated as a pioneer certificate, a certificate issued under section 17 or a certificate issued under section 21, as the case may be.[23

Terms defined in this Act

certificate
Defined · s 3
“certificate” includes a letter or other document issued by the Minister to a company pursuant to an application made by the company under a provision of this Act;
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company
Defined · s 3
“company” means any company incorporated or registered in accordance with the provisions of any written law relating to companies;
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development and expansion award
Defined · s 29
“development and expansion award” means an approval given by the Minister to a company under Part 4 to be a development and expansion company for a Part 4 qualifying activity;
Open s 29
Part 3 commencement day
Defined · s 29
“Part 3 commencement day”, in relation to a Part 3 qualifying activity, has the meaning given to “commencement day” in section 16;
Open s 29
Part 4 commencement day
Defined · s 29
“Part 4 commencement day”, in relation to a Part 4 qualifying activity, has the meaning given to “commencement day” in section 20;
Open s 29
pioneer certificate
Defined · s 3
“pioneer certificate” means a pioneer certificate issued under section 5;
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pioneer industry award
Defined · s 29
“pioneer industry award” means an approval given by the Minister to a company under Part 2 to be a pioneer enterprise for a pioneer product;
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pioneer service award
Defined · s 29
“pioneer service award” means an approval given by the Minister to a company under Part 3 to be a pioneer service company for a Part 3 qualifying activity;
Open s 29
production day
Defined · s 3
“production day”, in relation to a pioneer product that is approved under section 5(3) for a pioneer enterprise, means the date specified in the pioneer enterprise’s pioneer certificate under section 5(5)(b) or (7)(a) or (c) as the production day of that product;
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tax
Defined · s 3
“tax” means income tax imposed by the Income Tax Act 1947;
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