Section 13
Section 13
(2)
of this section and section 14, continue for a period of —
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(a)
2 years, where its fixed capital expenditure is less than $250,000;
(b)
3 years, where its fixed capital expenditure is not less than $250,000 but is less than $500,000;
(c)
4 years, where its fixed capital expenditure is not less than $500,000 but is less than $1 million;
(d)
5 years, where its fixed capital expenditure is not less than $1 million.
(2)
Subject to subsections (3) and (4), the Board shall direct the extension of the tax relief period of a pioneer company —
(a)
Where the tax relief period is 2 years and the
Board is satisfied that the company has incurred by the end of the year following the end of that period fixed capital expenditure of not less than $250,000, to 3 years from the production day;
(b)
where the tax relief period of 2 or 3 years and the Board is satisfied that the company has incurred by the end of the year following the end of that period fixed capital expenditure of not less than $500,000, to 4 years from the production day;
(c)
where the tax relief period is 2, 3 or 4 years and the Board is satisfied that the company has incurred by the end of the year following the end of that period fixed capital expenditure of not less than $1 million, to 5
years from the production day.
(3)
For the purpose of obtaining a direction under this section —
(a)
a pioneer company shall make an application in writing to the Board within 30 days (or such further period as the Board may allow) after the end of the year following the end of its tax relief period;
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(b)
the application shall contain particulars of the fixed capital expenditure incurred by the applicant, including where necessary particulars of any capital expenditure which the applicant wishes to have included in the amount of its fixed capital expenditure.
(4)
On receipt of an application under subsection (3)
the Board may call for any further particulars (or any proof of the correctness of the information given in the application)
which it considers necessary and —
(a)
if the Board is satisfied in accordance with subsection (2)(a), (b) or (c), as the case may require, shall give the direction f or which application has been made;
(b)
if the Board is not so satisfied, shall cause a notice of its refusal to make the direction to be sent to the applicant.
(5)
In this section, “fixed capital expenditure”, in relation to a pioneer company, means capital expenditure incurred by the company on its pioneer factory or on any plant, machinery or other apparatus used in Brunei Darussalam in connection with and for the purposes of that factory or its pioneer enterprise.
Further extension of tax relief period.