Section 15
Section 15
If the business of a pioneer company is carried on by it before and after the end of its tax relief period, then, for the purposes of the Income Tax Act —
(a)
that business shall be deemed to have permanently ceased at the end of the tax relief period of the pioneer company;
(b)
in respect of that business, the pioneer company shall be deemed to have set up and commenced a new business on the day following the end of its tax relief period;
Cap. 35.
Investment Incentives 23
(c)
the pioneer company shall make up accounts of its old business —
(i)
for a period not exceeding one year commencing at the date when that old business of the company commenced;
(ii)
for successive periods of one year thereafter;
(iii)
for the period not exceeding one year ending at the date when its tax relief period ends.
(d)
in making up the first accounts of its new business the pioneer company shall take as the opening figures for those accounts the closing figures in respect of its assets and liabilities as shown in its last accounts in respect of its tax relief period.
Restriction on business carried on before end of tax relief period.