Section 58
Recovery of IIA
of Economic Expansion Incentives (Relief from Income Tax) Act 1967
(1)
Where a company has contravened section 57(1) or failed to comply with any term or condition specified in the approval letter issued to the company, an amount equal to the whole of the IIA given in respect of a qualifying equipment must be recovered in the following manner:
where the IIA given had been credited to the normal IIA account —
the amount of the IIA must be deducted from that account; and
where the credit in that account is insufficient to enable full recovery of the IIA, an assessment or additional assessment in respect of the shortfall must, subject to section 74 of the Income Tax Act 1947, be made upon the company;
where the IIA given had been credited to the concessionary IIA account —
the amount of the IIA must be deducted from that account; and
where the credit in that account is insufficient to enable full recovery of the IIA, an assessment or additional assessment in respect of the shortfall must, subject to section 74 of the Income Tax Act 1947, be made upon the company.
(2)
The Minister may waive, wholly or partly, the recovery of the IIA under subsection (1).[97ZHA