Annual report

(1) During the duty exemption period there shall be submitted to the Executive Chairperson of BELTRAIDE, within three months of the close of each financial year of the approved enterprise, a report in writing on the conduct and progress of the approved enterprise during the past financial year together with 15 the annual accounts for that year duly audited by a Chartered Accountant. (2) The accounts shall contain particulars– (a) as to capital expended on the enterprise and depreciation of the capital assets during the financial year in question; (b) relating to the enterprise which the Executive Chairperson of BELTRAIDE may require. Penalty. (3) An enterprise which fails to furnish the reports and annual accounts as required under this section shall be liable to pay to the Government a penalty of two thousand dollars (or such lesser figure as may be determined by the Minister on the facts of the particular case), and the failure to pay the amount so specified may result in the revocation of the concession.