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Industrial Development Incentives (Amendment) Act 1990

TONGA

INDUSTRIAL INCENTIVES (AMENDMENT) ACT 1990

Act 8 of 1990

AN ACT TO AMEND THE INDUSTRIAL DEVELOPMENT INCENTIVES ACT

I assent,

TAUFA'AHAU TUPOU IV,
12th July, 1990

[13th June, 1990]

BE IT ENACTED by the King and the Legislative Assembly of Tonga in the Legislature of the Kingdom as follows:

1. (1) This Act may be cited as the Industrial Incentives (Amendment) Act 1990.

(2) The Industrial Development Incentives Act 1978 is in this Act referred to as the Principal Act.

2. Sub-section (1) of Section 3 of the Principal Act is amended by inserting after the words "processing industry" the following: "export farming industry, export fishing industry."

3. Section 7 is amended by:

(a) deleting sub-section (1) and replacing it with the following:

"(1) An approved industrial enterprise may be granted exemption from payment of any income tax in respect of any assessable income earned by the said enterprise derived from the approved product or approved prime facility from the date of the commencement of production or operation up to fifteen consecutive years as regulated by the Minister."

(b) inserting the following new sub-section (5):

"(5) Any exemption from income tax under this section shall be conditional upon the proceeds of any exports being brought into the Kingdom within 12 months of shipment."

Passed in the Legislative Assembly this 13 day of June. 1990.

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