No. 21. Income Tax. 1967.


No. 1 of 1952.


trator in Council under the provisions of section 10 of the Aid
to Pioneer Industries Ordinance, No. 1 of 1952 (hereinafter
called the tax holiday period) shall be exempt from income tax:
Provided that if the end of the tax holiday period does not
coincide with the end of an accounting period of a pioneer
enterprise, the income for the accounting period in which the
last day of the tax holiday period falls shall be apportioned
between the parts of the said accounting period which respec-
tively precede and follow the end of the tax holiday period and
the income thus attributed to the part which precedes the end
of the tax holiday period shall be exempt from income tax.
 (5) A pioneer manufacturer, being a company limited
by shares within the meaning of the Companies Ordinance, shall
be entitled to distribute a sum equal to the income arising
during the tax holiday period from the pioneer enterprise in
relation to which the company is a pioneer manufacturer to
the members of the company and every such sum shall be
exempt from the payment of income tax in the hands of' such
members.
 (6) The grant of exemption from income tax to Hotels
and Development Companies shall not confer any exemption
from completion of returns under section 51 or section 54 or the
producing of accounts under section 54.

 (7) In this Ordinance-
 "construction day" means the day specified in any
 application under section 4 of the Aid to Pioneer
 Industries Ordinance, 1952, as being the day on
 or before which it is intended to commence to
 construct the factory to which the application re-
 lates, or in any case where the factory is in exist-
 ence before the date of such application, such day
 as may be specified as the construction day by the
 Administrator.in Council in the order made under
 section 4 of the Aid to Pioneer Industries Ordin-
 ance, 1952;
 "pioneer enterprise" means an industry declared un-
 der section 3 of the Aid to Pioneer Industries
 Ordinance, 1952, to be a pioneer industry;
 "production day" means the day specified in any
 application under section 4 of the Aid to Pioneer
 Industries Ordinance, 1952, as being the day on or


No. 5 of 1952.






No. 5 of 1952.


No. 5 of 1952.


No. 5 of 1952.


No. 21.


Income Tax.


1967.