Tax holiday companies

(1) In the case of a company enjoying, as of 1st July, 1981 , an income tax concession (wholly or partially) under the Fiscal Incentives Act, the Minister may, on application made by the company and by Order published in the Gazette, grant a reduction not exceeding fifty percent of the business tax payable by such company for the remaining period of its tax concession CAP. 54. 96 Provided that the Minister may waive the whole or part of business tax payable by such company if he is satisfied that it is necessary to do so to alleviate hardship or financial difficulty. (2) The abolition of corporate income tax effected by the Income Tax (Amendment) Act, No. 19 of 1998, did not affect the liability of such company to pay the tax before the commencement of the Act, and any tax arrears or tax due or outstanding at the commencement may be collected, and assessments therefor may be issued, as if the amendment of corporate income tax had never been made. PART XI2