Table of Contents (Display details)

• Industrial Incentives 
• 1 Short title
• PART I General
  • 2 Interpretation
  • 3 Declaration of approved product
  • 4 Declaration of approved enterprises
  • 5 Applications for approval
  • 6 Objections to proposals to approve a product or an enterprise
  • 7 Limitation on power of Minister to approve a company
  • 8 Absolute discretion of Minister to refuse approval
  • 9 Power of Minister to revoke order under section 3
  • 10 Power of Minister to revoke order under section 4
• PART II Provisions relating to Income Tax
  • 11 Alternative income tax benefits
  • 12 First option: ten year tax holiday
  • 13 Notional depreciation of machinery and plant
  • 14 Second option: seven year tax holiday followed by gradual transition to full liability for income tax
  • 15 Restriction on setting off losses
  • 16 Initial allowances under Income Tax Act not to be granted in respect of certain machinery or plant
  • 17 Maintenance of separate account for income tax free profits and gains and charging thereto of certain dividends free of income tax
  • 18 Exemption from income tax on interest paid on certain debenture stock
  • 19 Application of Income Tax Act
• PART III Provisions relating to Trade Tax and Interim Traders’ Licence Fees
  • 20 Relief from trade tax
  • 21 Initial allowances under the Local Government Act not to be granted in respect of certain machinery and plant
  • 22 Relief from interim traders’ licence fees
  • 23 Application of Local Government Act and Interim Traders Act
• PART IV Provisions relating to Customs Duty
  • 24 Relief from customs duty
  • 25 Refund of customs duty on certain imported articles
  • 26 Payment to approved enterprise of customs duty on articles purchased within the Island
  • 27 Special provisions relating to articles relieved of customs duty or in respect of which customs duty was refunded or paid to an approved enterprise
  • 28 Restriction on disposition of articles relieved of customs duty or in respect of which customs duty was refunded or paid to an approved enterprise
  • 29 Payment of customs duty in certain cases
  • 30 Restriction on use of certain factories and equipment
• PART V Miscellaneous
  • 31 Relief from company registration fees
  • 32 Duties of Commissioner
  • 33 Regulations