CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(c) is not formed by the splitting or the reconstruction of a
company already in existence;
(d) employs more than ten persons;
(e) is engaged in an activity classified as an approved activity
under subsection (1) and the receipts from that activity exceed
seventy-five per cent of the gross receipts in a year of income; and
(f) operates a system of accounts approved by the Industrial
Development Corporation.
(3) Where the requirements of this section are not complied with, the
Minister may nevertheless issue a certificate of approval under subsection
(2) subject to such conditions as he considers necessary or expedient.
16D. Where a certificate of approval is issued to a company under section 16
A, 16 B or 16 C, the Industrial Development Corporation shall register the
company and issue to it a certificate of registration.
Registration of companies
16E. (1) Where the Minister is of the opinion that any company to which section
16 A(1) refers no longer meets the requirements for approval, the
Minister shall by notice in writing cancel that company's certificate of approval
and notify the Industrial Development Corporation. Cancellation of certificate
(2) Upon being notified by the Minister in accordance with subsection (1)
the Industrial Development Corporation shall cancel that company's
certificate of registration and notify the Board of that effect.
16F. A company entitled to a tax credit under section 16 A(1) shall not be
granted a credit unless the relevant certificate of registration is attached to
the return of income in which the claim for the tax credit is made.
Claim for credit
16G. (1) The Minister with responsibility for Finance may by Order vary the
rate of the tax credit.
Variation of rate of tax credit
(2) An Order made under this section shall have effect retroactively from
the commencement of the year of income in which the Order was made.
16H. For the purposes of sections 16 A to 16 E inclusive
"Minister" means the member of the Cabinet to whom responsibility for
Industry is assigned.
Definitions
16 I (1) Where, in a year of income, the profits of -
(a) an approved fund or scheme under section 27(1)(c) of the Income Tax Act;
(b) a sporting body or institution approved by the President under section 6(1)(e) or (g);
BIR Mac Edition 91/01 Page 212