Section 49: Companies in the freeport zone

49. Companies in the freeport zone (1) Subject to this section, the income of a freeport operator or private freeport developer shall be exempt from income tax. (2) Where a freeport operator or private freeport developer is authorised to provide goods and services on the local market— (a) it shall be liable to income tax on its chargeable income, computed by reference to its income derived from the provision of those goods and services at the rate specified in the First Schedule; but (b) it shall be exempt from income tax in respect of its income other than income referred to in paragraph (a). (3) The chargeable income under subsection (2) shall be computed in accordance with regulation 16 of the Income Tax Regulations 1996. (4) In this section— “freeport operator” and “private freeport developer” have the same meaning as in the Freeport Act. [S. 49 amended by Act 18 of 1999; Act 25 of 2000; repealed and replaced by s. 14 (j) of Act 20 of 2002 w.e.f. the year of assessment commencing on 1 July 2002 and in respect of every subsequent income year; s. 9 (g) of Act 18 of 2003 w.e.f. the income year commencing on 1 July 2003; amended by s. 25 (1) of Act 43 of 2004 w.e.f. 1 January 2005; s. 19 (i) of Act 14 of 2005 w.e.f. 1 July 2005; repealed by s. 18 (r) of Act 15 of 2006 w.e.f. 1 July 2007; inserted by s. 8 (i) of Act 37 of 2011 w.e.f. 15 December 2011; amended by s. 12 (d) of Act 26 of 2012 w.e.f. 22 December 2012; s. 9 (f) of Act 26 of 2013 w.e.f. year of commencing on 1 January 2015.]