Section 10
Section 10
(a)
to commence or cause to be commenced the construction of the proposed factory in relation to which that company was given a pioneer certificate on or before the construction day or such later day as the
Board may have allowed;
(b)
to obtain a production certificate under section 9(2), the Board shall by notice in writing require the company, within 30 days from the date of service of the notice, to remedy the failure or to establish to the satisfaction of the Board that the failure was due to some cause beyond the control of the company and that there is a reasonable prospect of the failure being remedied by a day to be specified in the notice.
(2)
Where a pioneer company has complied with a notice served on it under subsection(1) by remedying the failure or by satisfying the Board in accordance with the terms of the notice, the Board shall amend its pioneer certificate by substituting for the construction day or production day specified in the certificate either —
(a)
the day on which the failure was remedied;
(b)
the day specified in the notice in accordance with subsection (1), and thereupon this Act shall have effect as if the day as substituted was the construction day or the production day, as the case may be, in relation to the company.
(3)
The Board may cancel a pioneer company’s pioneer certificate —
(a)
where the company has failed to comply with a notice served on it under subsection (1);
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(b)
where it is satisfied that the company has contravened any provision of this Act or any condition imposed under section 5(2) or (3) and that in all the circumstances it is expedient to do so.
(4)
Where a pioneer company’s pioneer certificate is cancelled under this section, the cancellation shall be declared to be effective —
(a)
from the date when the certificate first become operative;
(b)
if the Board thinks fit, from such date after the date when the certificate first became operative as the
Board may appoint.
(5)
Where subsection (4)(a) applies in relation to the cancellation of a pioneer company’s pioneer certificate —
(a)
section 7(2) and sections 13 to 25 shall be deemed never to have had effect in relation to the company;
(b)
any tax repaid to the company by virtue of section 7(2) shall be due and payable by the company on the date of cancellation and shall be recoverable in the manner provided by the Income Tax Act;
(c)
where section 7(2) had effect before the date of cancellation, any time running under the Income Tax Act at the date when section 7(2) first had effect in relation to the company shall be deemed to have commenced to run from the date of cancellation.
(6)
Where subsection 4(b) applies in relation to the cancellation of a pioneer company’s pioneer certificate —
(a)
the tax relief period of the company shall be treated for the purposes of sections 13 to 25 as having ended on the date from which the cancellation is declared to be effective;
Cap. 35.
Cap. 35.
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(b)
where no accounts of the company’s old business have been made up to that date, the figures in the first accounts of the company made up after that date, being accounts —
(i)
made up for the purpose of preparing the last accounts of the old business and the first accounts of the new business of the company;
(ii)
relating to an accounting period which includes the date of cancellation, shall for the purposes of sections 13 to 25 be apportioned by reference to the number of days of that period which fall before that date.
(7)
This section shall apply notwithstanding any other provision of this Act.