Special Economic Zone deduction regime: staged profit exemptions with a conditional re investment reserve and strict utilisation rules. The amendment establishes a staged sequence of export-linked profit deductions for Special Economic Zone undertakings and permits a portion of profits to ... Summary
Special Economic Zone deduction regime: staged profit exemptions with a conditional re investment reserve and strict utilisation rules.
The amendment establishes a staged sequence of export-linked profit deductions for Special Economic Zone undertakings and permits a portion of profits to be credited to a Special Economic Zone Re-investment Allowance Reserve Account, conditional on utilisation for new plant or machinery within a prescribed period, restricted interim business uses, required disclosure with the income-tax return, and deeming provisions that treat misuse or non-utilisation of reserve amounts as taxable profits.
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