Economic Expansion Incentives (Relief from Income Tax) Act 1967 · 2020 Revised Edition · Part 2 · Pioneer Industries
9. Power to give directions
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For the purposes of the Income Tax Act 1947 and this Act, the Comptroller may direct that —
any sums payable to a pioneer enterprise for a pioneer product in any accounting period which, but for the provisions of this Act, might reasonably and properly have been expected to be payable, in the normal course of business, after the end of that period, are to be treated as not having been payable in that period but as having been payable on such date, after that period, as the Comptroller thinks fit;
pioneer enterprise
“pioneer enterprise” means any company which has been approved by the Minister under section 5 for a pioneer product and to which a pioneer certificate is issued under that section;
where the date referred to in paragraph (a) is after the end of the tax relief period for that pioneer product, those sums are to be treated as having been so payable on that date, in relation to the new trade or business of the pioneer enterprise in respect of that product; and
pioneer product
“pioneer product” means a product approved under section 4 to be a pioneer product;
any expense incurred by a pioneer enterprise in respect of a pioneer product within one year after the end of the tax relief period for that pioneer product which, but for the provisions of this Act, might reasonably and properly have been expected to be incurred, in the normal course of business, during the tax relief period for that pioneer product, are to be treated —
as not having been incurred within that year; but (ii)as having been incurred for the purposes of its old trade or business in respect of that pioneer product and on such date, during the tax relief period for that pioneer product, as the Comptroller thinks fit.
old trade or business
“old trade or business” means the trade or business of a pioneer enterprise which satisfies all of the following conditions:(a)it is in respect of one or more pioneer products specified in a single pioneer certificate of the pioneer enterprise;(b)the part of the trade or business in respect of each pioneer product is carried on during the tax relief period for that product;(c)it either ceases before or is considered, under section 7, to have permanently ceased on the tax relief expiry date;