PETROLEUM REFINING INDUSTRY (ENCOURAGEMENT) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

 

PART I
General

   2   Interpretation

   3   Approval of company as recognised refiner of oil

   4   Application for approval

 

PART II
Concessions in respect of customs duty and general consumption tax

   5   Relief from customs and general consumption tax

   6   Relief from customs duty and general consumption tax in respect of specified raw material

   7   Special provisions relating to articles imported free

   8   Restriction upon disposition of articles imported free

 

PART III
Concessions in respect of income tax

   9   Definition and application

   10   Relief from income tax

   11   Dividends

   12   Commissioner of Income Tax empowered to issue certificates regarding concessions granted under the Act

 

PART IV
Other concessions

   13   Assistance to recognised refiner of oil

   14   Power of Minister to withhold assistance

 

PART V
Miscellaneous

   15   Savings

   16   Restriction on use of petroleum refinery

   17   Power to revoke order approving company as a recognised refiner of oil

   18   Regulations

   19   Power to add to or remove from Schedule

      SCHEDULE

 

THE PETROLEUM REFINING INDUSTRY (ENCOURAGEMENT) ACT

[Date of Commencement: 14th March, 1962]

Law 20 of 1961.

Acts
12 of 1985,
16 of 1991.

LN 165/1999.

1   Short title

   This Act may be cited as the Petroleum Refining Industry (Encouragement) Act.

PART I
General (sections 2-4)

2   Interpretation

   In this Act, unless the context otherwise requires-

   "annual allowances", "approved rate", "initial allowances", "investment allowances" and "year of assessment" shall have the same meaning respectively as in the Income Tax Act;

   "company" means-

   (a)   any company incorporated or registered under any law in force in the Island;

   (b)   any company which, though incorporated or registered outside the Island, carries on business or has an office or place of business therein;

   "construction day" means the day determined under section 4 as being the day on or before which it is intended to commence to construct the petroleum refinery to which the application relates;

   "customs laws" shall have the same meaning as in the Customs Act;

   "operational date" means the date declared pursuant to subsection (2) of section 3;

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