Section 16A: Small enterprise qualified under an approved scheme

16A. Small enterprise qualified under an approved scheme (1) Notwithstanding the other provisions of this Act, but subject to this section, any individual who sets up a new small enterprise on or after 2 June 2015 shall, where the small enterprise— (a) is registered under the Small and Medium Enterprises Development Authority Act on or after 2 June 2015; and (b) qualifies under a scheme referred to in section 5A of the Small and Medium Enterprises Development Authority Act, be exempt from income tax in respect of the income derived from a project under the scheme. (2) The period of exemption under subsection (1) shall not exceed 8 succeeding income years from the income year— (a) starting on 1 July 2016, for an enterprise required to submit a CPS Statement under section 106; (b) starting on 1 July 2015, for an enterprise not required to submit a CPS Statement under section 106; or (c) in which the individual starts the activities relating to a project under the scheme referred to in section 5A of the Small and Medium Enterprises Development Authority Act. (3) Any unrelieved tax losses shall not be carried forward after the expiry of the period referred to in subsection (2). [S. 16A inserted by s. 9 (e) of Act 10 of 2010 w.e.f. 1 January 2011 the income year commencing 1 January 2011; repealed by s. 8 (e) of Act 37 of 2011 w.e.f. 1 January 2012; inserted by s. 27 (c) of Act 18 of 2016 w.e.f. 7 September 2016.] Sub-Part AA – Solidarity Income Tax [Heading inserted by s. 9(e) of Act 10 of 2010 w.e.f. 1 January 2011. Sub-part AA repealed by s. 8 (e) of Act 37 of 2011 w.e.f. 1 January 2012.] 16B. — [S. 16B inserted by s. 9 (e) of Act 10 of 2010 w.e.f. 1 January 2011 the income year commencing 1 January 2011; repealed by s. 8 (e) of Act 37 of 2011 w.e.f. 1 January 2012.] Sub-Part B – Allowable Deductions