Section 84
of Investment Incentives Order, 2001
Section 84
(1)
Where for any year of assessment the investment allowance account of a company is in credit and the company has for that year of assessment any chargeable income –
(a)
an amount of the chargeable income, not exceeding the credit in the investment allowance account, shall be exempt from tax and the investment allowance account shall be debited with such amount; and
(b)
any remaining balance in the investment allowance account shall be carried forward to be used by the company in the first subsequent year of assessment when the company has chargeable income, and so on for subsequent year of assessment until the credit in the investment allowance account has been fully used.
(2)
Any amount of chargeable income of a company debited from the investment allowance account shall be exempt from tax.
Incorporating amendments until S 5/2011
(Cleancopy) NANI/H.AFIF/fiqah _ as of 11th March 2020
57
BLUV as at 16th February 2011
Certain dividends exempted from income tax.