ARRANGEMENT OF SECTIONS
1 Short title
3 Approval of company as recognised refiner of oil
4 Application for approval
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
Concessions in respect of income tax
9 Definition and application
10 Relief from income tax
12 Commissioner of Income Tax empowered to issue certificates regarding concessions granted under the Act
13 Assistance to recognised refiner of oil
14 Power of Minister to withhold assistance
16 Restriction on use of petroleum refinery
17 Power to revoke order approving company as a recognised refiner of oil
19 Power to add to or remove from Schedule
THE PETROLEUM REFINING INDUSTRY (ENCOURAGEMENT) ACT
[Date of Commencement: 14th March, 1962]
Law 20 of 1961.
12 of 1985,
16 of 1991.
This Act may be cited as the Petroleum Refining Industry (Encouragement) Act.
General (sections 2-4)
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;
(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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